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Demand more from the credit bureaus. Work with authorities to chase down fraud instead of punishing the consumer. If the incentive (or consequences) were signif
by rapind 7y ago
Demand more from the credit bureaus. Work with authorities to chase down fraud instead of punishing the consumer. If the incentive (or consequences) were significant enough they'd already be doing this. The current situation is most likely caused by it being easier for the bank to punish the consumer, at least in the short term.
It's just a pita and an interesting story for Micheal Lewis, but this can have a pretty extreme impact on completely innocent law abiding working class families who depend on their credit for housing, groceries, etc. There's a real infuriating injustice to it.
- ryanlol 7y ago> being easier for the bank to punish the consumer The bank isn't trying to punish the consumer. This is just an unfortunate consequence of fraud that the bank is often entirely unaware of. And big bad banks aren't the only victims of "identity theft", local small businesses are just as capable of messing up your credit. If the regulators wanted to stop this they'd create a better ID system, but they don't want to do that.
- rapind 7y agoI really don't think the banks who participate in this system are "unaware" of the consequences. Again it's really just that the incentives aren't there or aren't sufficient to make them care. I also don't really like the language "big bad banks". I believe you have a bunch of self-interested people (aren't we all?) and a corrupt system. People who go home and kiss their kids. If regulators aren't doing something that's in societies best interest, we should be figuring out why (corporate capture perhaps?).