31–34 of 34 posts
Not to detract from their incompetence, but still: never answer a security question with a true answer. That's what password managers are for.
I have no business dealing with "credit bureaus". I did not give them my information or consenting for them to store my information on their system. So, I have been told constantly to "correct" my information with them - FUCK THEM! They bought/stole my personal information - I have no business with them. Call me naive, but I wish more people would not give a damn about them either. When I needed a loan to buy my hous…
Thanks for your comment, my sentiment exactly. Opting out of the entire thing is the best way to eliminate this scam. It is absolutely stupid that in the US your financial life is dictated by an opaque algorithm and an entrenched bureaucracy. If you live carefully you don't need credit at all, ever, except for possibly buying a house as you said. All other purchases... car, food, etc are easy enough to save up for...…
It's not 'an opaque algorithm'. I'm assuming the US is similar to the UK, in that banks/lenders use credit bureaus for access to data. That data is then fed to the lenders' own systems for processing (to create a score, check against certain criteria etc.).
If banks did not have such reliable access to your credit status and history, they'd be less likely to give you a loan, and offer credit on worse (for the borrower) terms.
Anybody want to tackle this (seemingly large) problem that we have with credit bureaus? I'd be more than happy to try and dethrone the credit bureau beasts with a new, helpful, transparent service that folks actually enjoy.
The best way to do this is to create a more accurate credit prediction system. Underwriters rely on credit scores because they’re cheap, quick, and easy way to triage risk. Credit scores are riddled with inaccuracies, but because risk is difficult to model precisely to begin with, these companies are still in business because they work decently well even despite the many errors. If you could create a system using pub…
Are you mixing up credit scores and credit histories?
"If you could create a system using publicly available data that is a statistically and meaningfully superior way of predicting risk"
That's what underwriters at banks and other lenders try to do, albeit with not just publicly available data.
Earlier quoted context omitted.
Thanks for your comment, my sentiment exactly. Opting out of the entire thing is the best way to eliminate this scam. It is absolutely stupid that in the US your financial life is dictated by an opaque algorithm and an entrenched bureaucracy. If you live carefully you don't need credit at all, ever, except for possibly buying a house as you said. All other purchases... car, food, etc are easy enough to save up for...…
"It is absolutely stupid that in the US your financial life is dictated by an opaque algorithm" It's not 'an opaque algorithm'. I'm assuming the US is similar to the UK, in that banks/lenders use credit bureaus for access to data. That data is then fed to the lenders' own systems for processing (to create a score, check against certain criteria etc.). If banks did not have such reliable access to your credit status a…
Also even if you don't want to borrow money here is a list of things in the US that are increasingly based off of FICO:
1) car insurance 2) employment 3) wireless phone contracts 4) copper phone lines
I'm sure there are more... but you get the point I hope