Sanders wants to replace credit reporting companies with public credit registry
1–10 of 205 posts
Re: Sanders wants to replace credit reporting companies with public credit registry
#2If they do this, it has to be like the FED. Absolutely independent from any political interference. Not allowed to sell data and be rigorous about user data. Also, find an alternative to SSNs for base ID for people.
On the other hand, it must not transform into what the CCP is doing. It has to stay true to being a proxy for credit worthiness —that is all. No handicapping either or dings for "unapproved" ideas, behavior, purchases, etc.
Re: Sanders wants to replace credit reporting companies with public credit registry
#3I'm not sure that this is wholly superior, but given the apparent need for credit agencies and the zero liability for them misreporting information, the extortion, and the functionally zero cost to them when they leak information on more or less every American maybe this is the best option?
OTOH Governments have a tendency to pass laws the make suing them very hard even when they do screw up, so who knows what the ideal solution is?
Re: Sanders wants to replace credit reporting companies with public credit registry
#4[deleted]
Re: Sanders wants to replace credit reporting companies with public credit registry
#5Awful idea. Having the government giving you a rating, even just for loans is way too far. Politics shouldn't impact my ability to pay but it certainly will. Look at the games Republicans play to suppress minority voters. You want to give those same people power over your credit scores?
This is just trying to solve a symptom with a deeper problem. The real problem is that our judicial system is absolutely cowardly towards corporation prosecution. If you actually just sent the responsible people to jail or actually bankrupted the worst actors, the situation would improve. This impacts everything from the financial industry to oil & gas to credit to privacy rights on the internet.
All of these companies get away with anything they want because we don't send the execs to jail and we rarely fine them more than the profits they made from doing the bad thing.
Re: Sanders wants to replace credit reporting companies with public credit registry
#6Thanks, but I'd rather the government not collect all this sensitive, personal information. In fact, I'd rather nobody collect it. It's kind of shocking in the first place that our banks and lenders are allowed to release such personal information to a credit bureau without our opt-in. I'd rather Sanders focus on legislating a right to privacy, rather than for the government to take over a role that shouldn't exist.
Re: Sanders wants to replace credit reporting companies with public credit registry
#7Awful idea. Having the government giving you a rating, even just for loans is way too far. Politics shouldn't impact my ability to pay but it certainly will. Look at the games Republicans play to suppress minority voters. You want to give those same people power over your credit scores? This is just trying to solve a symptom with a deeper problem. The real problem is that our judicial system is absolutely cowardly to…
Credit reporting agencies don’t give a “rating”. They keep a record of whether or not you pay debts in a timely manner or not.
Re: Sanders wants to replace credit reporting companies with public credit registry
#8How long until they also replace background check agencies with a public social credit registry :-)
Re: Sanders wants to replace credit reporting companies with public credit registry
#9Thanks, but I'd rather the government not collect all this sensitive, personal information. In fact, I'd rather nobody collect it. It's kind of shocking in the first place that our banks and lenders are allowed to release such personal information to a credit bureau without our opt-in. I'd rather Sanders focus on legislating a right to privacy, rather than for the government to take over a role that shouldn't exist.
The system firs lubricate money. Otherwise things would be like medical records where you have ask for a transfer, but it’d be worse. Unless you didn’t need credit (loans of any type).
Re: Sanders wants to replace credit reporting companies with public credit registry
#10Awful idea. Having the government giving you a rating, even just for loans is way too far. Politics shouldn't impact my ability to pay but it certainly will. Look at the games Republicans play to suppress minority voters. You want to give those same people power over your credit scores? This is just trying to solve a symptom with a deeper problem. The real problem is that our judicial system is absolutely cowardly to…
> Republicans play to suppress minority voters.
What are they doing to suppress minorities?