23 November 2009 at 9:51:19 AM
Time to Quell Excessive Power of Credit Bureaus
Sometimes Ruling Life or Death
by Peter Stern
During the past several decades in the U.S. there are 3 credit bureaus that have become so powerful that they can make or break American lives.
They are Equifax, Experian and Trans Union. Any one of them have the capability to cause many sleepless nights of worry for American citizens and on many levels rival the power & control efforts of the dreaded IRS.
While within minutes any credit company may provide the bureaus with negative financial information or comments on a person that can stay on an individual's credit report for up to 10 years, it may take years for an individual to get an incorrect negative documentation corrected and/or removed.
The godly power wielded by "the big 3" recently caused a woman to be determined unacceptable for a residential mortgage because the bureaus recognized her as being dead. Based on the misinformation provided by the credit bureaus, she was refused a mortgage.
The current power exhibited by the credit bureaus also may determine whether a prospective employer will hire you based on your financial credit report. Why should a person's financial status determine whether he or she is eligible to be hired for a job? Financial hardship should not be the reason for hiring a prospective employee.
It is absurd and unconscionable that entities with such little oversight have such immense power over the financial lives of American citizens and it is time to diminish the extent of that power in the best interests and personal rights of American citizens.
Latest Blog Post by pstern -Who funds ISIS?
You! Leave a Comment! You Know you Want To!
1 - salon
24 Nov 2009 @ 1:38:05 PM
So with you on this, Peter. The credit industry needs more oversight for certain. In fact, any time there is any agency that holds that much power over someone and is consolidated into monopolies, we need to insist on real oversight and governance.
Latest Blog Post by salon -Last Show Tonight on SLAPP Suits
2 - humanbeing
24 Nov 2009 @ 10:01:04 PM
I agree that the credit industry is like a piranha and needs regulation, but I also believe that American consumers have lost their minds when it comes to their use of credit. Not paying attention to what they are doing is no one's fault but their own. Borrowing money on a credit card is NOT intelligent finance and borrowing money for what you cannot afford is suicidal. Expecting government protection from ignorance and poor management is ridiculous. It's not just Wall Street that has taken our country to the ditch. How about classes in financial management starting in first grade?
Latest Blog Post by humanbeing -State Department Admits It Doesn't Know Keystone XL's Exact Route
You must be a registered member to comment on the blog.
Your first post is held pending approval to make sure you're not
a spammer bot
Or you can login!
New poster comments are moderated,
meaning they won't show up until approved... or not. Be patient-we
have lives outside this blog, so it might take awhile You want to be rude?
totally stupid? inappropriate? Racist? Bigoted? Flame war baiter? Your
post may be deleted. Spammers or people posting pretend interest comments
but really wanting to hawk their latest book or sell stuff or govt
propaganda flacks won't see their posts published. Comments do not
necessarily reflect the viewpoint of the site owner(salon).
If you have a problem with logging in or registering, please speak up
right away. Love your comments. Oh, except spammers
More on commenting