3 ms·
When you say "credit rating", are you talking about companies like Moody's? Or is there yet another layer of companies processing individual consumers' data beh
by nerdponx 4y ago
When you say "credit rating", are you talking about companies like Moody's? Or is there yet another layer of companies processing individual consumers' data behind the scenes?
I definitely meant to write "credit reporting" in my original comment, but I never considered how credit rating and credit reporting companies might interact. Glad I made that mistake because I learned something from your comments.
- judge2020 4y agoYes, Moody's and the like that caused the 2008 financial crisis. It was indeed a mostly pedantic point, but even the OP there (cwkoss) said 'rating' when they meant 'reporting' since it wouldn't be hard for the government to run a data aggregation platform with a few backends dedicated to calculating FICO or Vantage scores. (Technically the Government already backs the entire credit rating agency and their loan ratings, since they gave out billions in bailout money in the 2008 crisis :P)