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Speaking of regulation, Biden apparently expressed interest in a federal credit bureau under the CFPB https://finance.yahoo.com/news/biden-wants-shut-down-credi

• toomuchtodo 5y ago
  Cautiously optimistic. Having had to advocate for folks who were flagged by CAIVRS [1] (from an FHA mortgage foreclosure), I would support such a mechanism if it had robust transparency around its operation and exception handling mechanisms for those caught at the edges of the gears (which CAIRVRS, an existing federal credit and debt default data system, does not). Any solution must suck less than current government and private credit reporting agency systems. [1] https://www.hud.gov/program_offices/housing/sfh/caivrs https://www.hud.gov/program_offices/housing/sfh/caivrs ("The Credit Alert Verification Reporting System (CAIVRS) is a Federal interagency database that contains the following: Delinquent debt information from the Departments of Housing and Urban Development, Agriculture, Education, and Veterans Affairs and the Small Business Administration.") Sidenote: The above systems is ripe for overhaul by the US Digital Service. It is a pathetically old mainframe system with limited operational hours (and takes federal holidays off), when it could be a PostgreSQL database (or similar relational db) with an API.
• chrischen 5y ago
  While I'm neither opposed nor in favor, a federal credit system is very similar in concept to China's social credit system.