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My hope is that this opens a larger discussion on the business practices of these credit bureaus, the kind of data they collect, and ultimately their harm to th
by rangersanger 9y ago
My hope is that this opens a larger discussion on the business practices of these credit bureaus, the kind of data they collect, and ultimately their harm to the public good.
As far as I'm concerned, they stole my data first, then they packaged it up neatly and gave it to shady persons.
Yes, I'm aware that I "consented" to their collection of my data when I signed up for a credit card, or a car loan, but it's not a system you can realistically opt out of. If I want to rent an apartment or, sometimes, even get a job, I need to consent to a credit pull, so I need to have a positive credit history.
So, we have a private sector monopoly that I am coerced to give my data to, for free, to function in society. Seems like a good business to be in, but as an outsider I'd like to see something drastic happen. Perhaps nationalization, or breaking up of the big three with deep regulation.
*edited to add omitted "three" in last sentence.
- mbillie1 9y agoNationalization of credit agencies - or even regulation governing exactly how credit scores are computed, and making that information transparent to the public - would be a huge step forward. Credit-determining algorithms are presently a black box to the public.
- ajoy 9y agoIs it not possible to write to our legislative representatives about this about how we think?
- zanny 9y agoYou can absolutely write them, you just might find you have a hard time making them care over the sound of campaign donations from the credit oligopoly.
- mbillie1 9y agoI call my both my senators and my congressional representative almost daily. It's important to do, I think more people need to be active in that sense.