Frequent Contributor
wreith
Posts: 460
Registered: ‎06-13-2012
Credit Bureaus to get federal oversight for the first time
[ Edited ]

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...

 

03/10/2014 Walmart TU 724
09/07/2013 MyFico EQ 684
03/10/2014 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 $1900, 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 $5300
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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
wreith
Posts: 460
Registered: ‎06-13-2012
Re: Credit Bureaus to get federal oversight for the first time
Ok wasn't sure where the best place to post it :smileyhappy:
03/10/2014 Walmart TU 724
09/07/2013 MyFico EQ 684
03/10/2014 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 $1900, 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 $5300
Senior Contributor
drkaje
Posts: 3,491
Registered: ‎07-25-2008
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?


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


Take the FICO Fitness Challenge
Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
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.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Senior Contributor
drkaje
Posts: 3,491
Registered: ‎07-25-2008
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. :smileyhappy:


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


Take the FICO Fitness Challenge
Valued Member
algorithmslave
Posts: 68
Registered: ‎09-10-2012
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. :smileywink:

You can wrap me in your flag, make me say a praise to your creator and make me spend your currency, but remember this, I am a loyal servant to Justice and a Patriot to none. I am free...
Valued Contributor
Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
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. :smileywink:


^^^This

 

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!