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When a company "pulls" your credit they are not given the report for free. Equifax and the like sell a credit reporting service to banks and other companies who
by chrsstrm 9y ago
When a company "pulls" your credit they are not given the report for free. Equifax and the like sell a credit reporting service to banks and other companies who would want to see your credit history. When you freeze your report, reporting agencies are not allowed to sell your report to anyone, at your request, meaning they are losing revenue. The freeze fee makes sense when you realize your report is the product they are selling. "You're not allowing us to make money? Fine, then you need to help make up the difference with a fee." Just like stockbrokers, they are intent on making money both coming and going.
- woogiewonka 9y agoThat doesn't justify it.
- chrsstrm 9y agoI'm not arguing the merits of a policy or defending the CRAs, I'm shedding light on some of the reasons why it exists.
- stretchwithme 9y agoMaybe what we need is an open source blockchain application that keeps track of every event in your credit history, with YOU authorizing every view. Every time you use credit, you'd be authorizing that creditor to add events to the records for that use, until they mark it paid off. Otherwise, nothing else gets into your history. And you'd be able to comment on any of those events, of course.
- stretchwithme 9y agoOf course, it would also need to support multi factor authentication and keep all data related to that secure. Might be hard to do that, but seems pretty hard in the existing industry.