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Government To Supervise Credit Score Firms

From an overjoyed Associated Press:

Consumer bureau to police credit reporting bureau

Jul 16, 2012

NEW YORK (AP) — The companies that determine Americans’ credit scores are about to come under scrutiny by the country’s new consumer watchdog.

The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.

This marks the first time that a single government agency will take an active role in policing credit bureaus, according to industry experts

So how long will it be before these credit rating companies start doing affirmative action credit ratings to fulfill quota requirements? After all, there can’t be any more of a civil right than the right to a good credit score.

If banks can be forced to give mortgages to people with bad credit, why can’t credit companies be forced to give good credit ratings to people with bad credit? In the name of ‘fairness,’ of course.

Jon Ulzheimer, president of consumer education at SmartCredit.com and a former Equifax employee, said the CFPB may soon clarify what the Fair Credit Reporting Act requires of credit bureaus, a constant source of debate in the consumer credit world. When people challenge what’s in their credit report, the Fair Credit Reporting Act requires the bureaus to investigate.

"But what exactly constitutes a reasonable investigation?" Ulzheimer asks. "The act doesn’t say."

Naturally. That is left to the discretion of the bureaucrats. And if you are of the right political persuasion, a favored political group, you will be specially protected.

Banks and other lenders use credit scores to measure eligibility for mortgages, credit cards and a wide variety of other consumer loans. Some landlords check them to screen prospective renters, and some companies check credit reports – but not scores- before hiring a new employee. Low scores or problematic credit histories can mean higher interest rates or rejected applications.

Credit ratings are so important to our day to day life, we all have a right to a good credit score.

There have been thousands of complaints about credit reports from consumers who claim they are unsuccessful getting credit reporting agencies to correct inaccurate information…

Undoubtedly, due to racism and a general hatred of the poor.

But don’t worry. We can’t let people be discriminated against because of their low credit scores.

This article was posted by Steve on Tuesday, July 17th, 2012. Comments are currently closed.

3 Responses to “Government To Supervise Credit Score Firms”

  1. GetBackJack says:

    (rubbing hands in glee)

    “Yippee! Even more stuff to screw up!!”

  2. Petronius says:

    Trickle-down government seeps into every nook and cranny of our lives.

    There are no free markets anywhere anymore. There are only controls and interventions by government bureaucrats, regulatory agencies, the IRS, central banks, treasuries, and the like.

    They can never leave well enough alone. Instead, they seize every opportunity to disrupt, regulate, control, and “improve” our lives.

    Of course these “improvements” are always taken for our own good, in order to do us some good, or to make us good as they see the good. Or so they say.

    Our masters in Washington know what is best for us.

    And so the Liberal will devote his life to uprooting the social order, making mistakes, and causing dislocations, disruptions, and crises. He calls these changes “improvements,” “reforms,” or “fairness,” which are Liberal euphemisms for “making things worse.”

    He then blames other people (corrupt businesses, the evil rich, bankers, Wall Street fat cats, greedy oil speculators, racists, et al.) or social conditions for the dislocations and crises that result from his policies. Next he uses those new crises as excuses to grab additional power over things, so as to implement further “reforms” (more crises).

    Of course perfect social justice can never be achieved. But, as he will always tell you, it is the trying that counts … the good intentions. Or so he says.

    By this method the Liberal will without compunction destroy all the healthier segments of society, inflict enormous economic damage, erode the social fabric, and suppress freedom. That is what he calls “progress.”

    From the Soviet gulags to the killing fields of South Africa, we have seen it all before. The end result is either some form of despotism or semi-anarchy.

    Every Liberal’s ideal of civilization : blood on the cobblestones.

  3. mr_bill says:

    Add 25 points to your credit score for each applicable item:

    Overdue bill
    Illegal immigrant
    Single parent
    High school dropout
    Receiving welfare

    Subtract 25 points from your credit score for each applicable item:

    College graduate
    gainfully employed
    History of paying bills on time
    Own a savings account
    Own assets
    Income exceeds poverty level

    These new guidelines should make credit reporting more fair and eliminate the bias against those who use credit poorly.

    I think life was more fair before liberals made it so “fair.”

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