Zelph

Now if you don't think big brother is watching.

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A whole bunch of nothing, imo. 

 

 

Article says "credit score" but doesn't even bother explaining until towards the end that it's in no way relevant to your FICO. 

 

Besides, it's not even in the USA.  Also, it's a program that the borrowers wilingly get into...and the only "score" aspectis your internal score with whatever company it is. 

 

 

 

Lame.

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Big Brother is watching us. I do know as an absolute fact that the Consumer Finance Protection Bureau trolls here on a regular basis. It's a good thing actually, as they look for posts that may yield clues to violations of consumer protections laws.

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Big Brother is watching us. I do know as an absolute fact that the Consumer Finance Protection Bureau trolls here on a regular basis. It's a good thing actually, as they look for posts that may yield clues to violations of consumer protections laws.

 

That's the good kind of big brother to have :)

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Well true is that overseas credit scores do not exist in most countries, and if they do is something really new, so these guys are trying to do some sort of credit score of their own, that's it. I got 2 credit cards in Europe that I used for 10 years, never did I heard of something called credit score, or credit worthiness etc., over there you go to your bank with your pay stab and the title of your house, and they will handle you an application and give you a credit card, no credit check, etc. it's the bank decision, that's it. Also I moved in 2000 so not sure how it works now, maybe things changed. Also I never got a pre approved thing in the mail, nor did I get any of the hundreds of junk mail you get here, at the most you get a couple flyers a week. Over there is a whole different world. Also there are some agencies that collect non payment data, like if you don't pay your utilities they can report your non payment there, but not as here that a credit card reports monthly, etc. As for mortgages they won't give you one unless you pay at least 51% of the house as down payment, that way te bank is guarantee to recover the house on foreclosure if you default.

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As for mortgages they won't give you one unless you pay at least 51% of the house as down payment, that way te bank is guarantee to recover the house on foreclosure if you default.

You know, that's not a bad idea....at least 20 percent of the house as a down payment.  51% is a bit extreme imo but...

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What it is, is they assests the house, then they will say it's worth 100k for example. So they will lend you up to 49k, you pay the 51k plus any taxes etc. Then if you default in the loan they will foreclose it, and it will go to public auction, in a public auction resellers will pay up to 50% of the value, so if you made some payments etc, they will recoup the expenses. Now on a house loan what you owe is the house value if the bank get's say 25k on the auction, you don't owe nothing to the bank, the 25k that are missing go missing. There other ways like putting bounds as security or another house etc, but general rule is that, at least in Italy and Spain back in 1993 when I bought a house, but learning that instead of doing the 51% down payment I bought a house in a public auction for 24k worth 100k, fix it and sold it in 2000 when I moved to the states.

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