topic Re: Where is the permission for credit bureaus to share our information? in General Credit Topics

Where is the permission for credit bureaus to share our information?

Anonymous — Thu, 07 Mar 2019 07:08:23 GMT

At what point do we give credit bureaus permission to keep a file on us? The answer is never. Shouldn't we be able to opt out? No one seems to be screaming about the privacy issues of credit bureaus and those that report to them. I am concerned.

I'd like to get myself completely out of the system, but there doesn't seem to do that without paying off everything and then waiting 7 years and of course, if I do that I will have to be homeless because no one will rent to me and I won't be able to buy a home.

I have been a victim of identity theft. My credit reports are frozen, but information is still being exchanged by both the bureaus and my creditors. . I get reports from my credit cards that something on my credit report has changed which means the credit bureaus and my creditors are still exchanging information.

We need a delete option for the credit bureaus.

Re: Where is the permission for credit bureaus to share our information?

RobertEG — Thu, 07 Mar 2019 07:22:58 GMT

You need to write your congressman.

Denying credit bureaus the right to collect information furnished to them, or denying others access to your credit report/files who currently have permissible purpose under FCRA 604, would require statutory revision of the Fair Credit Reporting Act.

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Thu, 07 Mar 2019 10:04:13 GMT

You have credit cards. That means you have chosen to participate in the credit system. How exactly do you suggest banks decide wether to give you credit without some way of checking payment history from other banks? You could tell them which banks gave you have credit with, and they could check one by one but that’s extremely time consuming and inefficient. Also high chance of fraud as people would no doubt neglect to inform banks about spotty or delinquent accounts.

While I agree we need more control, they do serve a legitimate business need. I’m more concerned about places like “Early Warning” and “Lexis Nexis” and a bunch If other companies popping who claim not to be CRA’s so the laws don’t apply to them. Regulations are still many years away from even thinking about these companies.

btw if you want to further limit who can see your file make sure you “opt out”. Otherwise the CRA are constantly selling your data to companies for marketing.

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Thu, 07 Mar 2019 10:36:00 GMT

I hope you didn't use google to find this site...

Re: Where is the permission for credit bureaus to share our information?

iced — Thu, 07 Mar 2019 12:27:35 GMT

You’ll have to do a lot more than just not open any accounts for seven years to get out of the system entirely. You cannot use the Internet, visit a doctor, attend school, have a job, or any of a number of other activities that ask for any personal information.

Most people are happy/ignorant/both to pay the price of admission to have such services and conveniences. Almost everything we do today requires we share some information about us, and when we do, we also give permission for them to have reasonable and appropriate use of our information, including sharing that information with third parties for some defined acceptable reasons.

You might not haven given a credit bureau direct permission to collect your data, but they didn’t need it in the first place. They get their information from sources you did give permission to, knowingly or not.

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Thu, 07 Mar 2019 12:55:33 GMT

@Anonymous wrote:
At what point do we give credit bureaus permission to keep a file on us? The answer is never. Shouldn't we be able to opt out? No one seems to be screaming about the privacy issues of credit bureaus and those that report to them. I am concerned.

I'd like to get myself completely out of the system, but there doesn't seem to do that without paying off everything and then waiting 7 years and of course, if I do that I will have to be homeless because no one will rent to me and I won't be able to buy a home.

I have been a victim of identity theft. My credit reports are frozen, but information is still being exchanged by both the bureaus and my creditors. . I get reports from my credit cards that something on my credit report has changed which means the credit bureaus and my creditors are still exchanging information.

We need a delete option for the credit bureaus.

Credit bureaus don't share "your information" they share information about you. A subtle, but important distinction since its not '"our information" as we don't own any of it. In other words they collect information about consumers and share it with lenders/creditors.

Read your credit card agreements; when you apply for credit you agree for the creditors to share information about you with the credit bureaus.

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Thu, 07 Mar 2019 17:36:01 GMT

@iced wrote:
You might not haven given a credit bureau direct permission to collect your data, but they didn’t need it in the first place. They get their information from sources you did give permission to, knowingly or not.

That's the biggest problem right there. The fine print in every "I agree" to terms gives permission to share your info with their third parties so that they can make a dime off of you. Unfortunately if you want their srvice, you haev to agree. Otherwise no iTunes, etc. Not to metnion any cell phone you use, collect data on you and shares it with their Master Control.

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Thu, 07 Mar 2019 23:10:08 GMT

The permission we give seems to be for the potential credit company to check with the credit bureau. However, it is obvious that everything you put on an application ends up in the system. I have no concerns about them reporting of whether or not you paid a debt except when it is wrong. You should have to opt in and perhaps you should be able to choose which of the three agencies you want to keep your data. You won't get credit these days without a credit report and we have no control over what they have, what they collect, and what they give out. So there is no harm to any potental creditor by not having a credit report. The problem is all the other information and what they do with it. I've also been told that just by stepping in a business you give them permission to check your credit. I have a car dealer do that when it was going to be a cash purchase. While we were on the test drive they checked out credit without permission.

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Thu, 07 Mar 2019 23:11:50 GMT

They share information that is not necessary for credit decisions. I'm just asking for an opt out. Why shouldn't that be available?

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Fri, 08 Mar 2019 00:45:53 GMT

@Anonymous wrote:
They share information that is not necessary for credit decisions. I'm just asking for an opt out. Why shouldn't that be available?

Like what? What information is being shared by your creditors with the credit bureaus that is not necessary for making lending decisions?

Re: Where is the permission for credit bureaus to share our information?

Anonymous — Fri, 08 Mar 2019 01:55:52 GMT

@Anonymous wrote:
They share information that is not necessary for credit decisions. I'm just asking for an opt out. Why shouldn't that be available?

You don’t really know what goes into their credit decisions, you’re hazarding a guess but you don’t know.

Re: Where is the permission for credit bureaus to share our information?

stw715 — Fri, 08 Mar 2019 02:26:03 GMT

@Anonymous wrote:
The permission we give seems to be for the potential credit company to check with the credit bureau. However, it is obvious that everything you put on an application ends up in the system. I have no concerns about them reporting of whether or not you paid a debt except when it is wrong. You should have to opt in and perhaps you should be able to choose which of the three agencies you want to keep your data. You won't get credit these days without a credit report and we have no control over what they have, what they collect, and what they give out. So there is no harm to any potental creditor by not having a credit report. The problem is all the other information and what they do with it. I've also been told that just by stepping in a business you give them permission to check your credit. I have a car dealer do that when it was going to be a cash purchase. While we were on the test drive they checked out credit without permission.

Freezing all three credit reports would prevent that from happening.

Re: Where is the permission for credit bureaus to share our information?

MakingProgress — Fri, 08 Mar 2019 19:34:55 GMT

@Anonymous wrote:
The permission we give seems to be for the potential credit company to check with the credit bureau. However, it is obvious that everything you put on an application ends up in the system. I have no concerns about them reporting of whether or not you paid a debt except when it is wrong. You should have to opt in and perhaps you should be able to choose which of the three agencies you want to keep your data. You won't get credit these days without a credit report and we have no control over what they have, what they collect, and what they give out. So there is no harm to any potental creditor by not having a credit report. The problem is all the other information and what they do with it. I've also been told that just by stepping in a business you give them permission to check your credit. I have a car dealer do that when it was going to be a cash purchase. While we were on the test drive they checked out credit without permission.

They may have done it without permission, but you would have had to provide them with enough information to do it. Possibly taken off DL, but SSN is normally required to pull your credit and there is no reason to provide that for a test drive.

Re: Where is the permission for credit bureaus to share our information?

RobertEG — Sun, 10 Mar 2019 21:33:41 GMT

A car dealer only obtains permissible purpose to pull your credit report if you are initiating a request for credit thru them, or if the business transaction has a clear legitimate business need for them to review your credit as part of the transaction.

If you are paying cash, they would have no permissible purpose under and section of FCRA 604 upon which to base an inquiry.

If that has occured and you did not either initiate a request for credit or in some way your transaction involved some legitmate business need for them to review your credit, such as you were paying with a personal check, then you can dispute the inquiry as lacking any permissbile purpose, and/or you can file formal complaint with the CFPB or bring civil action for lack of compliance with the FCRA.

The FTC has published an advisory opinion detailing when a car dealer can pull a credit report.

If you wish to see a copy, let me know and I will post in full......

Re: Where is the permission for credit bureaus to share our information?

800FICOGoal — Sun, 10 Mar 2019 22:48:00 GMT

@Anonymous wrote:

Credit bureaus don't share "your information" they share information about you. A subtle, but important distinction since its not '"our information" as we don't own any of it. In other words they collect information about consumers and share it with lenders/creditors.

Read your credit card agreements; when you apply for credit you agree for the creditors to share information about you with the credit bureaus.

When that information can affect me legally and financially, it becomes my information.

Re: Where is the permission for credit bureaus to share our information?

RobertEG — Mon, 11 Mar 2019 21:10:09 GMT

The FCRA grants statutory authority for a CRA to provide others with a report showing a consumer's credit history under the conditions specified in section 604.

"FCRA 604 Permissible purposes of consumer reports

[15 U.S.C. § 1681b]

In general. Subject to subsection (c), any consumer reporting agency may furnish a consumer report under the following circumstances ... "