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Credit Bureaus to get federal oversight for the first time

Frequent Contributor

Credit Bureaus to get federal oversight for the first time

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-fo...

 

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7 REPLIES
Moderator Emeritus

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

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.

Frequent Contributor

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

Ok wasn't sure where the best place to post it Smiley Happy
01/06/2015 Walmart TU 726
01/06/2015MyFico EQ 705
01/10/2014 USAA FAKO EX 728, EQ 728, TU 728
Discover It $1700, USAA Cash Rewards AMEX $11K, USAA Rewards Platinum MC $12K, CareCredit $13.2K, Chase Freedom $5000, Walmart $4500, Lowes $9800, QVC $1200, HSN $2350, Macys Red Star Store $2900, Paypal smart connect $4022, VS Angelcard $1200, Amazon Store $2500, BCE $4K, Sam's Club Discover $8500, Home Depot $7200, FNBO AMEX $7800
Senior Contributor

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

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


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Current Score: EX 753 FICO, EQ 737FICO, TU 738
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Super Contributor

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

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.

10/17/2017 FICO: EQ 829 TU 830 EX 826
Senior Contributor

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

@ 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. Smiley Happy


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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New Contributor

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


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. Smiley Wink

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Valued Contributor

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


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. Smiley Wink


^^^This

 

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