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Thread: House Democrats propose government-run credit reporting system

  1. #1

    Default House Democrats propose government-run credit reporting system

    House Democrats propose government-run credit reporting system

    House lawmakers on Tuesday called for sweeping reforms to the credit reporting industry — with some Democrats going so far as proposing a nationally run system, saying the three major bureaus are failing Americans.

    Three pieces of legislation were put forth for discussion, including the National Credit Reporting Agency Act that “would establish the Public Credit Registry (PCR) within the Consumer Financial Protection Bureau, creating a public option for consumers who choose to utilize it.”

    “This is a system that fails people with perfect credit that may be victims of identity theft,” Chairwoman Maxine Waters said at the Financial Services Committee hearing. “This is a system that fails people who get caught in a debt trap because of predatory lending, and this is a system that fails people who don't have the means to dispute errors that reporting agencies make.”

    The three major credit bureaus — Equifax, TransUnion, and Experian — compile and store financial data about a person's debt obligations submitted by creditors into a credit report. That report can be used to determine if that person qualifies for a loan and at what terms. Landlords, employers, utilities, cell phone companies, and insurers also can use this information.


    https://www.yahoo.com/money/house-de...194943545.html
    What's the Frequency, Kenneth?

    432Hz

  2. #2

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    Quote Originally Posted by redraspberry View Post
    to dispute errors that reporting agencies make
    I a not a huge fan of the 3 credit bureaus having the power that they have. One thing if you think
    dealing with these agencys to dispute errors as mentioned was cumbersome, try dealing with the
    Federal Government agency who may get this power....OH MY!
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  3. #3

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    Quote Originally Posted by vertical1 View Post
    I a not a huge fan of the 3 credit bureaus having the power that they have. One thing if you think
    dealing with these agencys to dispute errors as mentioned was cumbersome, try dealing with the
    Federal Government agency who may get this power....OH MY!
    I'm sure it will lead to a full blown government run social score record keeping. China has the model with GooGs help.
    What's the Frequency, Kenneth?

    432Hz

  4. #4

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    Quote Originally Posted by redraspberry View Post
    I'm sure it will lead to a full blown government run social score record keeping. China has the model with GooGs help.
    Dems are very jealous of china, so is our prime minister

  5. #5

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    IMHO, the distrust is between the intelligence agency and the paymaster. Paymaster always focus on potential threat within or outside in a warlike mindset. It is the distrust between the paymaster and the employee of intelligence agency that result in a new trust on the computing system that eliminate the needs of jobs of massaging data in the report to show the decision makers. Decision makers are not all-seeing Gods or Saints or Superman vision that can see anywhere and anytime. So the fake God want to be an artificial god to be an All-Seeing intelligence to collect the information and in the end fabricate data to comfort/reinforce their closed mind.

    Credit report always exist to judge against the credibility of person/companies integrity of status of loan against infinity. The is no credit report needed for the one that can create infinite credits. People are fighting over debt and credits as players like soccer match players who can earn more but they do not know that the rulers can always change the rules of game with enough players participate. The monopoly of power is derived from majority participation by force/conquest/threat.

    All this idea are created by the power broker to secure its greed on parasites on the power to dictate and control all for self benefits.
    Last edited by SnakeEater; 06-30-2021 at 10:16 PM.
    He who knows nothing is closer to the truth than he whose mind is filled with falsehoods and errors. ~ Thomas Jefferson

  6. #6

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    “The most terrifying words in the English language are: I'm from the government and I'm here to help.”

    ― Ronald Reagan
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  7. #7

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    Quote Originally Posted by yellowsnow View Post
    Dems are very jealous of china, so is our prime minister
    Perhaps the rest of us should help them to move to their chosen utopia.

  8. #8

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    If you want some credit card offers just run one up near the limit and stand back.

    I put some gold eagles on my paypal 6 months same as cash card. My credit score took a 30 point hit as I was at 85% of the credit limit on that card. Then I closed another account, another hit. Then opened another that offered 0% for 20 months from the same bank that I closed the other card. I put my car and house insurance on 0% cards. House insurance went up nearly 13% this year.

    PS I'm not worried about my credit score. The credit agencies only see partially one side of the story. And the Credit Karmas of the world are only their to push your credit use contrary to how they talk.
    What's the Frequency, Kenneth?

    432Hz

  9. #9

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    All of our problems will disappear like fog on a sunny day if we can just make it easier for people to borrow more money.

    "“This is a system that fails people who get caught in a debt trap because of predatory lending" rephrased in common-sense english: "This will make it easier for foolish people to continue to be foolish" . . . ranks right up there with the pronouncement made during the Clinton Administration that "No one should be denied the ability to obtain a home loan soley based on their inability to repay." Lunatics in high places.
    Last edited by LeadHead; 05-13-2022 at 12:42 PM.
    "It's the lure of easy money - It's got a very strong appeal." - Glenn Frey (The Smuggler's Blues)

    "A wise and frugal government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned." - Thomas Jefferson

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