Lol! Yep everyone gets great scores, free college, free healthcare, a house and a 50k salary and working is optional.......More complaining in DC.
Isn't it only natural that when the National Deficit rises, that consumer debt also rises?
I'm would like to see what congress is proposing. From the sounds of it any detalied information won't be available for some time.
The CRAs need to be held accountable for the security of our information, but as to the the accuracy of the information itself that is the responsibility of whoever supplies it. The CRA have to take either the our word or the creditors word for the accuracery. If they simply took the consumers word that an item was inaccurate then a lot of accurate negitive information would dissapear from CRs because the consumer wanted it gone.
If too much accurate negitive information dissapears from consumer's CRs then the risk will increase for the creditors and the cost of credit to the consumer would increase.
IMO instead of looking to the CRAs to insure it is accurate congress should be looking at the creditors to provide accurate information.
Not that they are tied together. It just might be a mindset for some that if it's okay for govt. to be in debt, then it's okay for consumers.
Not much a of a role model there. For all the preaching that goes into responsible spending, and based on recent statistics it seems left by the wayside for most parties. Only a certain/small group truly adheres to the debt free lifestyle.
Besides, if everyone actually lived debt free. What would it really mean for Financial institutions, or whoever is making a living selling credit products? CC were invented for a reason, so someone could make Money off of people. Even debit cards were eventually assigned Visa/MC logo so that people could use them everywhwere. Sure it's a convenience factor for just about everyone, instead of using/carrying large amounts of cash. Or having to link your Bank account to everything and risk having it drained.
At the end of the day, it's almost impossibe not to use a CC today. At least if you travel and stay a Hotels. So i don't see it going away in favor of another system to easier allow people to stay debt free. Rather than it being too easy to rack up debt.
Not that any of this has to do with the actual topic.
I agree with congress. It is broken. I have helped many clients, and I just do not understand why someone that pays off the loan, and may have had a late payment or two within the loan is still given such a low score. Banks are not looking into the files anymore. All they see is the FICO, and go approve or deny. Its a click of a button.