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.
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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.
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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?
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