Frequent Contributor
wreith
Posts: 441
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...

 

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llecs
Posts: 32,880
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: 441
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 $11K, CareCredit $3K, Chase Freedom $1900, Walmart $4500, Lowes $9800, QVC $1200, HSN $2050, Macys Red Star Store $2900, Paypal smart connect $4022, VS Angelcard $1200, Amazon Store $2500, BCE $1K, Sam's Club Discover $8500, Home Depot $7200, FNBO AMEX $2800.
Senior Contributor
drkaje
Posts: 3,482
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?


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Super Contributor
marty56
Posts: 5,679
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.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Senior Contributor
drkaje
Posts: 3,482
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:


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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:

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Valued Contributor
Repo-ed
Posts: 2,949
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