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America’s credit bureaus are about to get some new scrutiny. .....
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.
No one's concerned federal oversight will result in further legitimizing of CRAs and add more value to the data they collect on us?
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.
@ 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.
@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.
@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.
^^^This