Originally published at: https://boingboing.net/2019/02/27/mark-begor-slayer.html
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Also notable:
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It’s nice to finally have a Dem who’s willing to ask financial services executives these questions. I can’t wait until she gets to question someone from one of the bond rating agencies.
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I can’t wait until Congress actually acts on the answers they received to those questions. I’m glad she’s doing it–she’s a hero to all of us. But unless and until Congress does something, it’s just feel-good noise that lulls people into thinking something is actually happening. Hopefully her questions provoke people to make something happen. But I won’t hold my breath.
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Please god, protect this woman. Send out a whole squad of guardian angels if you have to.
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Never happen. Congresswhores get too much money from them.
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Learning about the insanity of the credit-rating system and how vital my credit score number is to virtually every aspect of my life was one of the most surreal realizations when becoming an adult.
Many years ago, I closed a bank account when I moved, withdrew all the money, and thought nothing about it. About five years later I was looking into taking out a mortgage to get a condo, and was told that my credit rating wouldn’t allow it. A little investigation turned up why: the bank had accidentally left about two cents in my account and hadn’t actually closed it, and had been fining me ever since then, sending letters to the wrong address. Equifax told me I should pay all the fines and send the bank a heartfelt apology letter (copied to Equifax) and that if it was a good enough apology, they’d give me a better credit rating after a five year probation period. In the meantime they would be sharing all of my personal data with the bank (which screwed up) as well as the mortgage company.
I think at this point I noped out of basing my life on my credit rating.
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Give 'em hell.
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I’m convinced more each day that the people who are going to have to make something happen are not the people in our government, even AOC, although I appreciate what she’s doing. It’s everyone who put them there. And “everybody knows” it can’t be done with half measures.
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I recently closed a credit account I didn’t need or want anymore. It was a $600 store line of credit.
My score went down because I closed an account in good standing. Explain that! So when I as the consumer willingly choose to close an account that is in good standing and had zero blemishes on it, I just didn’t need it or want it…I get penalized for that?
I’m glad she’s asking the questions it I have zero expectations anything will change in my lifetime. I do hope though this will lead to others asking the questions too and eventually things will change when more voices are asking.
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I actually had a face to face meeting with an Equifax credit advisor after my bank incident in which they gave me advice on a few ways to ‘fix’ my credit score: open credit accounts, leave them alone for six months, and then close them without incident (which, as you point out, is a bad idea) and to take out a bunch of mortgages but not actually use them. I left thinking even more strongly that I cannot believe that people are okay with these private companies using our private info to decide what we’re allowed to buy.
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A friend of mine with a bad credit rating recently asked me to co-sign a lease for him as guarantor. I told him I was cool with that, as long as potential landlords wouldn’t ping my credit report, because these agencies seem to penalise you for everything: too few inquiries, you’re obviously not participating in the debt economy as befits a proper American consumer; too many inquiries and you’re obviously untrustworthy.
It’s a rigged game, and until we change things the only way to opt out is to be very wealthy or very poor.
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Back in 2010 when AHC/Obamacare was being voted and conservatives were all pissed off about being forced to buy something by the government. Mofos, you’re forced to do business with these 3 credit reporting agencies whether you realize it or not.
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Funny, I wasn’t holding my breath that we would ever hear feel good noise, so…good luck, but I’m intrigued
I’m right there with you, not holding my breath.
I’m waiting for someone to crowdsource buying AOC a popcorn machine. A lot of her inquiries seem to merit the use of one.
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We have to get it down on record. Thank you, Congresswoman AOC.
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Or bring back Luther, the Anger Translator.
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You know what really annoys me?
Equifax: There is no way that we could possibly protect all that information or guarantee the results! We just can’t prevent identity theft! That would just be impossible.
Also Equifax: Pay us $20 a month and we will protect your information and guarantee the results! We can prevent you from ever having identity theft!
Seriously, the existence of the Identity Protection and Monitoring services from Equifax means that Equifax is not doing enough. They should be busted under RICO. “Nice credit score you have there. Would be a shame if something happened to it…”
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I don’t have bad credit. I have no credit record at all. Never had a credit card until this year. Never been in debt or defaulted. To the credit rating companies this means I am a bad risk.
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