Quote :

"Whether someone gives you a loan is between you and them. "

So once they give you the loan what happens should be between you and them (unless you just don't pay them back). two way street

Quote :

" So you're saying that the guy who defaults on every loan he takes out and the guy who's never missed a payment in 40 years should both pay the same interest rate on a loan"

this is not about default. you don't need credit reports and scores to keep track of defaults. missed payments are not the only things that keep your credit from being perfect. Thats the problem.

2/3/2012 12:14:56 AM

Credit scores are complete BS. It will be affected if you do any of these things:

-Check your credit score more than twice in a given month
-Refrain from financing your vehicle
-Allow more than one person to check your credit score in a month (e.g. loan provider, potential employer, home rental application, insurance application, savings account application, etc)
-Close a line of credit, such as a credit card
-Ever, at any point, be without some amount of debt
-Receive finance charges on any line of credit, even if they're fraudulent or retracted
-Change jobs more than twice in a year
-Change homes more than twice in a year
-Get a divorce
-Use food stamps
-Receive workers compensation income
-Are targeted wrongfully by a debt-retrieval company
-Change your surname without getting married

Of course, it's important to have a record of people's credit-worthiness, but the current system is full of loopholes that can hurt people who are entirely responsible with their money.

2/3/2012 12:43:13 AM

Stopped reading when it was clear you didn't understand the difference between hard and soft checks.. So one line in..

[Edited on February 3, 2012 at 8:58 AM. Reason : lol where is that awful list from? Wtf?]

2/3/2012 8:57:13 AM

^ Not only that, but also a lack of understanding about how credit checks are bunched when you do things like shop around for a better rate. Or that by law fraudulent and incorrect information must be removed from your record and therefore wouldn't effect your score (of course, you need to actually check your records, luckily, you can and should do just that).

2/3/2012 1:06:28 PM

Quote :

"I don't know the details, but it isn't my business either. Whether someone gives you a loan is between you and them. Why do you think we should have forced them to give you a loan against their will with threats of fines and arrest? If your only point is that they are being irrational, so be it, move this discussion to Chit Chat. To be a soap box issue you must be suggesting we deprive either you or them of free agency, but I think most here are against violation of their human rights."

I really wish you would stop assuming to know some concealed meaning in my words and take them at face value. It's totally irrational to be denied credit for something I can buy straight cash. As stated, I don't think a credit system is bad or unfair. Just that in its current implementation is severely flawed and used to extract as much money from responsible consumers as possible. Don't forget that this is the same credit system that brought us subprime mortgages and the housing meltdown.

2/3/2012 1:49:53 PM

^ We have no choice but to try and read between the lines to find meaning, because you insist on not explaining your meaning. Assume we accept as true everything you have said, it is "severely flawed" and all that. What do you want to do about it? Anything?

[Edited on February 3, 2012 at 2:39 PM. Reason : .,.]

2/3/2012 2:39:20 PM

I already said that I don't think a bad credit rating should prevent you from renting an apartment or getting a job.

There are deep flaws in the system and since I have just recently been introduced to how big of a deal the credit system really is, I refuse to make bad recommendations based on my limited knowledge of the issue. If I think of anything, I'll be sure to let you know. But until then please stop putting words in my mouth.

2/3/2012 2:57:59 PM

Quote :

"Don't forget that this is the same credit system that brought us subprime mortgages and the housing meltdown."

Not really. The credit score/report system is simply in place to allow vendors to easily access information to better guide them in making decisions on when to extend credit.

The housing bubble was created not by this system but by the instituitions allowing subprimes and by the individuals who were too stupid to realize they couldn't afford a $3,000 mortgage on a $40,000 salary..

2/3/2012 3:58:06 PM

I was just illustrating that ones credit rating doesn't necessarily reflect ones actual ability to pay. Mortgage lenders and consumers had at least as large a role to pay. It's all part of the same system though and complicit fuck ups in one deal can affect every other deal you make in the future.

2/3/2012 4:14:28 PM

Quote :

"I was just illustrating that ones credit rating doesn't necessarily reflect ones actual ability to pay."

Well no fucking shit. You do realize these companies are maintaining info for tens of millions of people dont you? Do you honestly expect them to keep a super accurate accounting of everything about you? Who do you think they are, google or Facebook?

2/3/2012 5:22:54 PM

Well I would hope that a system that can prevent from getting a job or rent an apartment would be accurate.

2/3/2012 5:40:02 PM

The system is. Your credit score is just a number. It's up to you to educate whoever is on the receiving end of that number why it is low.

2/3/2012 6:05:10 PM

Quote :

"I refuse to make bad recommendations based on my limited knowledge of the issue."

Rogger wilco. No legal changes needed, merely complaining about your personal life. Move to Chit Chat.

2/3/2012 6:10:48 PM

This thread was only five years ahead of its time

10/11/2017 12:01:40 AM