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mrreynolds
Posts: 3
Registered: ‎11-09-2008
SmartMoney: Why the Credit Bureaus Can't Get It Right
[ Edited ]

I don't know if this in circulation. I just wanted to share an interesting article that I found on the procedures of the CRA's.

 

SmartMoney Article 

 

New York Times Article

 

How NYC handles CA debt validation: 

 

NYC Dept of Consumer Affairs Pages 3 & 5


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my-own-fico
Posts: 1,175
Registered: ‎01-05-2010
Re: SmartMoney: Why the Credit Bureaus Can't Get It Right

You have to wonder if one regulated public non-profit agency wouldn't be better than several unpredictable private for-profit agencies.

 

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Revelate
Posts: 8,897
Registered: ‎12-30-2011
Re: SmartMoney: Why the Credit Bureaus Can't Get It Right
[ Edited ]

my-own-fico wrote:

You have to wonder if one regulated public non-profit agency wouldn't be better than several unpredictable private for-profit agencies.

 


I'd give it a 7% chance of being successful within a decade, and maybe 19% of being successful within two decades of the project start.   That's after tremendous cost overruns too; infrastructure historically is just not something the government does well and it's likely to get worse before it gets better as well.  Forking over a bunch of tax dollars to Deloitte, Ernst, Accenture et al for yet another suboptimal system, pass.

 

Open market almost always does better: I'd rather have the banks and CRA's competing to get it right rather than take it out of their hands.  It's not ideal now, but I just don't think the government would get it right either.  Lessons learned private sector takes eons to be learned in the public one.

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