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A dumb question


wiser_now
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Is it not possible to "opt-out" completely from the Big Three? I mean, is it not possible to have no credit report whatsoever? Besides never ever having used any kind of credit (which should be called by its real name: DEBT!) I dunno, it just kind of seems like if you can "opt out" of having the Big Three spread your info around, why can't you just "opt out" of them having any of your info at all.

I told you it was a dumb question! LOL!

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I thank you for all that info. It's also possible to opt out of email--via DMA. I am opted out of everything they will aloow me to opt out of!

But why, what law is there, where is it written, that once you obtain credit (remember, it's really debt! LOL) you are forever in the files of the credit reporting agencies? Did you ASK, did you REQUEST, did you INSIST, did you DEMAND to be in their files?? If they didn't have your explicit permission in the first place to track your credit history, then why are they doing so? IS there a law somewhere that says they have to do this, and you have to submit to it? Who wrote such a law, and where is it??? I would like to see it. I would also like to know who legislated it!

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Hey, thank you again! I'm slowly slogging thru that--it's a lot of reading! I think maybe tho, I found the answer, or part of the answer, here--

http://www.ftc.gov/privacy/glbact/index.html

Gramm-Leach-Bliley Act

Financial Privacy and Pretexting

and more specifically here--

http://www.ftc.gov/bcp/conline/pubs/credit/privchoices.htm

Privacy Choices for Your Personal Financial Information-Produced in cooperation with the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, Securities and Exchange Commission.

What Can You Stop--and What Can't You Stop?

"But you cannot opt out and completely stop the flow of all your personal financial information. The law permits your financial companies to share certain information about you without giving you the right to opt out."

So basically, consumers only have what rights as companies allow them? The law here favors companies over consumers? Am I reading that right? :confused:

And why does it all make me think about Enron. LOL. :upsidown:

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Have done a little more reading, and found this very interesting--

http://www.cdt.org/privacy/financial/000330mulligan.shtml

Gramm-Leach-Bliley Act Privacy Rule, 16 CFR Part 313 Ð Comment

--lengthy, but in plain-enough English and well worth a read!

In light of your comments about the credit bureaus, I don't see any reason why a consumer could not compile their own accurate, correct, and verifiable credit information into a credit report, have it notarized, and present such to institutions who have a legitimate need for it.

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<blockquote>Originally posted by wiser_now

Have done a little more reading, and found this very interesting--

http://www.cdt.org/privacy/financial/000330mulligan.shtml

Gramm-Leach-Bliley Act Privacy Rule, 16 CFR Part 313 Ð Comment

--lengthy, but in plain-enough English and well worth a read!

In light of your comments about the credit bureaus, I don't see any reason why a consumer could not compile their own accurate, correct, and verifiable credit information into a credit report, have it notarized, and present such to institutions who have a legitimate need for it.

</blockquote>

Don't mean to knock your research and the "technically" correct info, but the compilation of the credit report by the consumer, notarized or not, will not work in the real world. That's why we're all here.

If anyone is successful at it I'd love to hear about it, but I doubt any entity would accept this as a basis for granting credit over the the big three reports.

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CRA's .. FAIR ?? That's becoming more and more of an oxymoron as far as I'm concerned. What is FAIR about FICO ?? There seems to be little rhyme or reason why a person's scores would fluctuate from day to day when there are NO changes in a person's use of credit. The scoring system is discriminatory and, as shown in the news recently, CR's are far too inaccurate and the scoring system can't possibly be consistent. FICO is this super-secret grossly complicated mathematical formula that NO ONE could understand even if it were published for the world to see ! FICO doesn't help, it hinders in most cases.

I, for one, see absolutley NO reason why I should have to be rejected by an apt complex on the basis of my credit history ! I have never, not once, defaulted on my rent, even when I had to live on unemployment alone and let all the other non-necessary bills go by the wayside. My rent has ALWAYS been paid. BUT, today I can't get an apt in a decent place or neighborhood becuase in order to be 'accepted' to live in one of them, you have to have AAA credit :(. To me it would make a WHOLE lot more sense if ONLY my rent-paying history was a factor, the hell with the rest of my credit history. These apt complexes are not EXTENDING me credit, they are NOT credit grantors. They look at that damned FICO score and if you're not in a certain range you have to go live in the 'hood or some barely tolerable neighborhood because, gee.. I was laid off and couldn't pay BestBuy for 9 months BUT.. I PAID my rent EVERY month and ON TIME to boot.

This is only ONE example where I think the whole credit and scoring system is over-used and unfair, especially in today's crappy economy where thousands of people are out of work.. the worst employment rate in 60 years !!!

The whole credit system is basically anti-consumer and sorely in need of repair. Only in this system are consumers guilty until you prove YOURSELF innocent, and no one EVER educates the consumer (should be mandatory education in high school !) that we even have rights to fight the system with. We get penalized by this 'wonderful' system over and over, until you're in your grave - and even then it doesn't stop for some people !! When you die, your creditors will try to hound your family and children for debts that THEY ARE NOT RESPONSIBLE FOR.. what's wrong with this picture ????

</end of rant>

[Edit by LadynRed on Thursday, January 2, 2003 @ 07:50 AM]

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I have to agree--I too don't see what your credit report has to do with your ability to pay the rent because what do you always pay for first and foremost?--right, housing, food, and clothing. Those are the essentials. If I was a landlord, I would be more interested in checking with your former landlords, not a credit bureau!

I don't understand why your credit report should be released to an employer, either. Why is it their business how much you owe to whom? If you have a garnishment, they are gonna find out soon enough anyway, and, if you filed bankruptcy, same deal. Neither of those necessarily make you a less valuable employee, IMO.

Any more, I feel like if they want to see my credit report, then I want to see theirs! You know exactly what I mean if you've ever had a company fold and leave you high and dry!!

(that's my rant for the day LOL.)

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<blockquote>Originally posted by kb9tbq

The employers are looking for any negative financial problems - these employers mostly needing this service are the municipalities & police departments. We hear all the time of city clerks getting caught stealing thousand of dollars from the city funds. We definatly want the towns to show some type of effort to protect city funds.

</blockquote>

So, what they are saying is "we have looked at your credit history and believe you will steal from us."

I've looked at tons of job ads in the last couple years and not one of them indicated a good credit report was a job requirement. Sure, I can see where you wouldn't want to hire a staff accountant if their credit history is entirely wrecked. But they should know up front that this is a requirement.

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I have to disagree on the landlords only looking for delinquencies to utilities and judgments from previous landlords.

On the wall outside of virtually every single apt complex leasing office in my area (Nashville, TN), there is a sign that states that if you have any credit delinquencies, charge-offs, collections or civil judgements (of ANY kind), then you will NOT qualify and be 'allowed' to rent their apartments !! Talk about discrimination ! They even have the nerve to state in these notices that if you have a bankruptcy on your CR that is less than 2 years old, they will NOT rent to you !! So much for Fair Housing and the idea that they are only looking for specific types of delinquencies or judgments. You are being punished from the get-go, regardless of whether or not you have a spotless history of paying your rent and utilities.

[Edit by LadynRed on Thursday, January 2, 2003 @ 10:24 AM]

[Edit by LadynRed on Thursday, January 2, 2003 @ 10:25 AM]

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<blockquote>Originally posted by LadynRed

I have to disagree on the landlords only looking for delinquencies to utilities and judgments from previous landlords.

On the wall outside of virtually every single apt complex leasing office in my area (Nashville, TN), there is a sign that states that if you have any credit delinquencies, charge-offs, collections or civil judgements (of ANY kind), then you will NOT qualify and be 'allowed' to rent their apartments !! Talk about discrimination ! They even have the nerve to state in these notices that if you have a bankruptcy on your CR that is less than 2 years old, they will NOT rent to you !! So much for Fair Housing and the idea that they are only looking for specific types of delinquencies or judgments. You are being punished from the get-go, regardless of whether or not you have a spotless history of paying your rent and utilities.

[Edit by LadynRed on Thursday, January 2, 2003 @ 10:24 AM]

[Edit by LadynRed on Thursday, January 2, 2003 @ 10:25 AM]

</blockquote>

Yup, we were rented to, but had to pay a higher deposit because of our credit reports - no utility or landlord related delinquencies on either of them.

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<blockquote>Originally posted by kb9tbq

Would not put is so harshly, working for a credit bureau myself, I see a need on a daily basis for businesses to use credit reports. The system is for them to make fast & fair choices when extending credit. Collection agencies are another matter all together vultures that they are.

Think the problem with credit reporting - is education, neither side knows enough about the other side to care about what affect they make on each other.

The credit reporting agencies responsible for the information is not taking a personal investment to fix the gap between businesses & consumers - they just keep profiting off both sides.

Can go on forever about credit reporting - I know there are problems. I see them on a regular basis - even have some of my own ideas how to fix some of the problems. But that is the same way with the FTC (it is a work in progress).

More than happy to debate the various differances anytime.

</blockquote>

Pammila, you are right - part of the problem is education. DH and I were just discussing that very thing. If I had my way, every CRA employee would have to have extensive training in FCRA!

:cool: And, yes, the CRAs do profit from both sides. But, where is their loyalty? Well, where does most of their money come from? The consumer? No way! It comes from the creditors who can charge you higher interest if you don't have perfect credit. :rolleyes: :ooh: :( Why else would they make it so difficult to CORRECT inaccurate information on your consumer report?

:confused: :notsure:

[Edit by creditfix on Friday, January 3, 2003 @ 05:44 PM]

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I dont know about opting out, but I know I read somewhere that your ssn is to be used only for Taxpayer Identification Number and Employer Identification Number and I dont remember it saying anything about it being used for anything else including credit or identity. If that is true then I guess you can opt out of them even having your ssn. But I dont know I'm going to do some studying up on that.

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123rich, I have heard the same thing about the SSN. However, it is used for EVERYTHING now. It is used for identification purposes. There are some "extremists" who refuse to use a SSN and have dropped out of even having a DL because of that. That may be a bit like cutting off your nose to spite your face. :D If people want this practice changed they should challenge it in a court of law. :p

Now, for opting out. This is also completely backward. Even though creditors are not allowed to check our credit without our permission, it is done everyday of the year. The CRAs sell our info for promotional purposes (the PRM beside the inquiry on the credit report). If you call the opt-out number you can opt-out for a maximum of 2 years. If you want to opt-out permanently you have to get the phone number from the CRAs. Each inquiry will potentially lower your credit score whether you granted permission or not. Personally, I think the CRAs should pay me commission for selling my info. :upsidown:

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