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Yowza - I have several friends who were affected by this :( As a reminder, if you have kids - freeze their credit! https://www.nerdwallet.com/article/finance/

by EricE 6y ago

Yowza - I have several friends who were affected by this :( As a reminder, if you have kids - freeze their credit! https://www.nerdwallet.com/article/finance/child-identity-theft https://www.nerdwallet.com/article/finance/child-identity-th...

jedberg 6y ago
At this point, I feel like frozen credit should be the default.
- jacobwilliamroy 6y ago
  I agree. Any kind of borrowing nowadays seems ill advised, what with the economy crashing and everything. What's with the downvotes? How is the economy doing fine when the fed spends 6 trillion dollars in 3 months? Are you people seriously so delusional that you think everything is fine? Just because amazon and target are okay? A healthy national economy of 141 million people would have more than 12 businesses in it.
  - Red_Leaves_Flyy 6y ago
    It's absolutely ludicrous. However, as a consumer, I'm leveraging up because I expect my dollars today to be worth less when the bills are due. I didn't choose, support, or ask for these measures but I'll make the best legal financial decisions for myself without effecting my ability to sleep at night.
    - jacobwilliamroy 6y ago
      This is a harvest year for the banks. The time when we all turn in our property in exchange for chuck-e-cheese tickets. So hold on to your shit no matter how bad it gets. Once it's gone, it probably won't come back. I don't expect the country to recover at all.
- Nextgrid 6y ago
  There's an entire industry out there which benefits from the fact that credit is easy to access, even if it exposes people to risks of fraud & identity theft. If banks' interests were aligned with their users (or legislation forced them to) the whole credit history system would be replaced by something more secure & less prone to fraud.
- sofixa 6y ago
  At this point, as a non-American, i feel like you people accepting to have a credit rating system is ludicrous. It's fundamentally broken, has been exposed multiple times, requires gaming to work in yiur favour ("open a credit card as soon as you can, pay little things with it and pay it off immediately to beef up a good score") and brings nothing to you, the people. For comparison, in France, the national bank keeps a record of all loans anyone has taken. When you apply for a new loan, the bank will check with the national one your history, and decide based on that to lend or not, and inform the national bank of their decision. I suppose Americans can be afraid that "the government" will know their loan history in such a system, but it's not like they can't currently ask and het that information, and they're still more trustworthy than commercial companies that don't care about you ( their clients being banks and companies) or your data beyond their sales. But it's not like anyone on the US would dare to destroy a profitable industry.

by EricE 6y ago

jedberg 6y ago

At this point, I feel like frozen credit should be the default.

jacobwilliamroy 6y ago
I agree. Any kind of borrowing nowadays seems ill advised, what with the economy crashing and everything. What's with the downvotes? How is the economy doing fine when the fed spends 6 trillion dollars in 3 months? Are you people seriously so delusional that you think everything is fine? Just because amazon and target are okay? A healthy national economy of 141 million people would have more than 12 businesses in it.
- Red_Leaves_Flyy 6y ago
  It's absolutely ludicrous. However, as a consumer, I'm leveraging up because I expect my dollars today to be worth less when the bills are due. I didn't choose, support, or ask for these measures but I'll make the best legal financial decisions for myself without effecting my ability to sleep at night.
  - jacobwilliamroy 6y ago
    This is a harvest year for the banks. The time when we all turn in our property in exchange for chuck-e-cheese tickets. So hold on to your shit no matter how bad it gets. Once it's gone, it probably won't come back. I don't expect the country to recover at all.
Nextgrid 6y ago
There's an entire industry out there which benefits from the fact that credit is easy to access, even if it exposes people to risks of fraud & identity theft. If banks' interests were aligned with their users (or legislation forced them to) the whole credit history system would be replaced by something more secure & less prone to fraud.
sofixa 6y ago
At this point, as a non-American, i feel like you people accepting to have a credit rating system is ludicrous. It's fundamentally broken, has been exposed multiple times, requires gaming to work in yiur favour ("open a credit card as soon as you can, pay little things with it and pay it off immediately to beef up a good score") and brings nothing to you, the people. For comparison, in France, the national bank keeps a record of all loans anyone has taken. When you apply for a new loan, the bank will check with the national one your history, and decide based on that to lend or not, and inform the national bank of their decision. I suppose Americans can be afraid that "the government" will know their loan history in such a system, but it's not like they can't currently ask and het that information, and they're still more trustworthy than commercial companies that don't care about you ( their clients being banks and companies) or your data beyond their sales. But it's not like anyone on the US would dare to destroy a profitable industry.