topic Re: Credit Bureaus to get federal oversight for the first time in Credit in the News

Credit Bureaus to get federal oversight for the first time

wreith — Mon, 16 Jul 2012 15:54:12 GMT

America’s credit bureaus are about to get some new scrutiny. .....

http://bottomline.msnbc.msn.com/_news/2012/07/16/12758288-credit-bureaus-to-get-federal-oversight-for-first-time

Re: Credit Bureaus to get federal oversight for the first time

llecs — Mon, 16 Jul 2012 15:55:39 GMT

OP, I had to edit it because of copyright issues, but included a link for others to read. Also zapped it from CCs to here.

Re: Credit Bureaus to get federal oversight for the first time

wreith — Mon, 16 Jul 2012 16:11:49 GMT

Ok wasn't sure where the best place to post it :)

Re: Credit Bureaus to get federal oversight for the first time

drkaje — Mon, 16 Jul 2012 20:35:27 GMT

No one's concerned federal oversight will result in further legitimizing of CRAs and add more value to the data they collect on us?

Re: Credit Bureaus to get federal oversight for the first time

marty56 — Tue, 17 Jul 2012 08:40:28 GMT

I see the Community Reinvestment Act fiasco down the road again for our FICO scores.

Something about people who live in glass houses comes to mind here.

Re: Credit Bureaus to get federal oversight for the first time

drkaje — Tue, 17 Jul 2012 10:55:58 GMT

@ marty,

This could also severely impact aspects of credit repair like GW, PFD, disputes, monitoring, BBB/FTC complaints, etc... and level the playing field for consumers and lenders. Right now; people with credit repair knowledge can be positioned for a mortgage years before others with identical credit histories.

Ultimately, I'm pretty cynical about stuff and can't imagine any set of circumstances where this would be done for our good. :)

Re: Credit Bureaus to get federal oversight for the first time

algorithmslave — Wed, 19 Sep 2012 07:38:16 GMT

drkaje wrote:
No one's concerned federal oversight will result in further legitimizing of CRAs and add more value to the data they collect on us?

Well said....nothing comes of this but more rules, further personal infromation collection of individuals and more mathematical equations that would make an Astrologer jealous. I shall consult the Tarot on this matter. :smileywink:

Re: Credit Bureaus to get federal oversight for the first time

Repo-ed — Wed, 26 Sep 2012 21:21:04 GMT

algorithmslave wrote:
drkaje wrote:
No one's concerned federal oversight will result in further legitimizing of CRAs and add more value to the data they collect on us?
Well said....nothing comes of this but more rules, further personal infromation collection of individuals and more mathematical equations that would make an Astrologer jealous. I shall consult the Tarot on this matter. :smileywink:

^^^This