4 ms·

credit reporting agencies != credit reporting itself. An unaccountable private enterprise should not have access to my financial information, let alone three o

by 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

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