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link:
http://online.wsj.com/article/SB20001424052748704825504574579793850175348.html
Ron.
There's no way people will get out their pay stubs and tax returns at a store checkout. I don't know what they'll to to change the instant credit rules, but I know that won't be happening.
I've never understood why income is not part of a credit report. I'm not saying it should be, but I'm wondering what kind of law prevents its inclusion. You know that CRA customers would love to have that information.
@MMart078 wrote:
This rasises a couple of interesting questions. One should fico start obtaining income information from the IRS (like AMEX does sometimes)? Because this is indeed part of ones credit worthiness. I mean they already score our credit files with no regard to income. The thing it does not take into account is income, the primary factor in paying any debt. Any thoughts anyone else?
Income information can be obtained from Social Security Administration. Either way, income info need to remain off credit reports.
More and more meddling...
So, where does it go after that? It can't just stop there. We're talking big government, folks!
Will the Feds mandate what income level is needed before credit is issued (of any kind, of any amount, from any lender, for any purpose) ? Seems like they'd have to come up with an acceptable, federally approved magic number...otherwise, why ask about income?
And will the source of that income be a factor? IMO, it will be. I won't discuss who will be the preferred credit risk, or why.
I extend credit to my customers (not via private label credit cards, but there's no practical difference), and it will be a cold day in hell before the government tells me who I can or cannot extend credit to on my own hook. It is an integral part of my business model, I take all the risk, and it is none of the government's business, period.
I guess at some point I'll get a visit from enforcers sent by the credit czar...
Thanks for contributing positively to the FICO Forums. Have fun!
@MMart078 wrote:
This rasises a couple of interesting questions. One should fico start obtaining income information from the IRS (like AMEX does sometimes)? Because this is indeed part of ones credit worthiness. I mean they already score our credit files with no regard to income. The thing it does not take into account is income, the primary factor in paying any debt. Any thoughts anyone else?
To a point, I would agree. On the other hand, you have millions of older, retired credit consumers with NO income at all! This doesn't mean they aren't able to pay their credit card bills. If that were a required basis for giving out credit, you can forget seniors. Additionally, there are many people out there with no "reported" income that still have plenty of money to spend (myself included). I guess my point is... You don't need an income to have money which is probably why it isn't a standing requirement already.
fused, with all due respect, it is difficult to comment on proposed government regulations without mentioning the government.
There is no partisan stance here, I believe my comments are on topic and comply with TOS, and no offense is meant to any group or any individuals. If my disagreement with these proposed regs is political, then anyone agreeing with these proposed regs is being political, too...so why offer this thread to comment at all?
I won't be offended if you go ahead and delete my previous post in the interests of friendly, supportive and respectful, but I just don't see where my comments are so off-base as to be publicly warned about them.