7 ms·

More specifically here the humans in the process are the credit reporting agencies, which shouldn't exist at all and neither should systems to keep them up to d

by qppo 6y ago

More specifically here the humans in the process are the credit reporting agencies, which shouldn't exist at all and neither should systems to keep them up to date. I've also seen automation fail spectacularly because of inconceivable edge cases during design. Almost universally it's because the process being automated was originally human, and the conceptual model of an automated process is as a human that doesn't sleep. If there's friction to structurally altering the process so it can be automated - including restricting the input data and output conditions - then you're going to see spectacular failures. Automation isn't perfect but it really falls over when the stakeholders don't understand that it isn't perfect and the process needs to be altered for the project to succeed.

jimmaswell 6y ago
Why should there be no credit reporting agencies? Should everyone get the same mediocre credit limits/interest rates/etc instead of responsible borrowers being rewarded?
- qppo 6y ago
  credit reporting agencies != credit reporting itself. An unaccountable private enterprise should not have access to my financial information, let alone three of them. I feel that's the domain of a governmental agency with far less access to information and is or far more regulated than the existing bureaus. > Should everyone get the same mediocre credit limits/interest rates/etc instead of responsible borrowers being rewarded No, but non-borrowers or low borrowers shouldn't be penalized when they do need credit. I'm not against credit reporting, I'm against the usage of my data against me by people that don't have an incentive to make sure its accurate and keep it secure.
  - syshum 6y ago
    Well you can accomplish you goal with out having the government service as a credit reporting agency. Which I absolutely do not trust the government to do. What you really need is data ownership rights, this would allow you to tell a credit reporting agency to forget you, the consequence of that of course would be that you likely would have a hard time getting credit at all but it would be your choice. Even today, for most data, you have given permission for the data to be shared with the credit reporting agencies, it is in the contract or agreement you sign when you open an account, take out a loan or consume other financial services. >>I'm against the usage of my data against me by people that don't have an incentive to make sure its accurate and keep it secure. I find it odd that you believe government would have incentive to make sure it is accurate and secure.
    - hyperman1 6y ago
      As most countries have a working person registry and identity theft is one of these problems rampant in the US and rare in other country's : Why not trust the governement? While they are far from perfect, this article discusses the worst case behaviour of your governement, except it is unfixable. In another country, you go to the central registry to fix the root of the problem, and every other entity reads the fix. The question is not if they are secure etc... The question is if they are worse than a cluster of unaccountable megacorps.
      - syshum 6y ago
        Financial Fraud in the US is not because we lack a national database, the US is a federalist society and I will resist any action to undo that federalism Financial Fraud in the US is directly because of 2 things, first and foremost the backdoor use of SocSec as a national ID, something ti was never intended to be, and it not suited for. This is largely due to taxation, and the IRS being lazy by adopting a persons SocSec number as their Tax identification number as well. Once that happened, every one jumped on board The second fact is treating Financial Fraud as ID Theft, no one steals a persons ID, If someone fraudulently represents themselves to a bank as me and the bank falls for that well that should be on the bank, it should not be on me to prove my "identity was stolen", this reversal of liability is what prevent the problem of Financial Fraud from being fixed

by qppo 6y ago

jimmaswell 6y ago

Why should there be no credit reporting agencies? Should everyone get the same mediocre credit limits/interest rates/etc instead of responsible borrowers being rewarded?

qppo 6y ago
credit reporting agencies != credit reporting itself. An unaccountable private enterprise should not have access to my financial information, let alone three of them. I feel that's the domain of a governmental agency with far less access to information and is or far more regulated than the existing bureaus. > Should everyone get the same mediocre credit limits/interest rates/etc instead of responsible borrowers being rewarded No, but non-borrowers or low borrowers shouldn't be penalized when they do need credit. I'm not against credit reporting, I'm against the usage of my data against me by people that don't have an incentive to make sure its accurate and keep it secure.
- syshum 6y ago
  Well you can accomplish you goal with out having the government service as a credit reporting agency. Which I absolutely do not trust the government to do. What you really need is data ownership rights, this would allow you to tell a credit reporting agency to forget you, the consequence of that of course would be that you likely would have a hard time getting credit at all but it would be your choice. Even today, for most data, you have given permission for the data to be shared with the credit reporting agencies, it is in the contract or agreement you sign when you open an account, take out a loan or consume other financial services. >>I'm against the usage of my data against me by people that don't have an incentive to make sure its accurate and keep it secure. I find it odd that you believe government would have incentive to make sure it is accurate and secure.
  - hyperman1 6y ago
    As most countries have a working person registry and identity theft is one of these problems rampant in the US and rare in other country's : Why not trust the governement? While they are far from perfect, this article discusses the worst case behaviour of your governement, except it is unfixable. In another country, you go to the central registry to fix the root of the problem, and every other entity reads the fix. The question is not if they are secure etc... The question is if they are worse than a cluster of unaccountable megacorps.
    - syshum 6y ago
      Financial Fraud in the US is not because we lack a national database, the US is a federalist society and I will resist any action to undo that federalism Financial Fraud in the US is directly because of 2 things, first and foremost the backdoor use of SocSec as a national ID, something ti was never intended to be, and it not suited for. This is largely due to taxation, and the IRS being lazy by adopting a persons SocSec number as their Tax identification number as well. Once that happened, every one jumped on board The second fact is treating Financial Fraud as ID Theft, no one steals a persons ID, If someone fraudulently represents themselves to a bank as me and the bank falls for that well that should be on the bank, it should not be on me to prove my "identity was stolen", this reversal of liability is what prevent the problem of Financial Fraud from being fixed