The government taking over your life

[blues bondsman]

Still waiting for the one who will come like a thief in the night.
All this swirling trouble and hate, all the calling good evil and evil good.
I'm just waiting on the return of the King of Kings !

 

[Route 45]

How did they evaluate creditworthiness before Experian and Equifax existed?

Besides, the loan is secured because the lender holds the deed or the repossession rights on whatever you bought. Debt to income ratio, interest, and threat of repossession are sufficient, we don't need credit scores and we certainly don't need government-controlled social credit scores. If the consequence of that is some irresponsible people have to go without home ownership or access to a fire hose of Visa Platinum credit, so be it. They should earn more, borrow less, and spend less. Credit is not a human right.

You obviously have no understanding of how credit markets work. Credit scores and credit history are good indicators of whether someone will repay money borrowed, regardless of collateral. Lenders are not in the business of selling reposessed cars, houses and goods. They are in the business of lending money. Debt to income ratio combined with credit history/scores are better than debt to income ratio alone. The threat of repossession is irrelevant, nobody takes out a loan thinking that their house, car, etc will eventually be repossesed.

Equifax was founded in 1899, and before that merchants were sharing information about bad credit risks in their locality.

In the 1800's.

So this isn't exactly something new.

The History Behind Credit Bureaus, And The Founding Of The Big Three

Where did the credit bureaus come from, and how long have they been around?

www.biblemoneymatters.com

And what exactly does "credit is not a human right" mean? In a free society, anything that is not disallowed by law is a right.
Why do you hate capitalism and freedom?

 

[Jaybird1980]

My goal is to have a credit score of zero.

Do businesses have credit scores when they get a loan?

This^^^^

I couldn't tell you what my credit score is because I don't care. I haven't had a debt in over 3 years. Period. If I can't buy it I don't get it.

 

[Route 45]

This^^^^

I couldn't tell you what my credit score is because I don't care. I haven't had a debt in over 3 years. Period. If I can't buy it I don't get it.

Not sure what that has to do with this thread, but...

 

[foszoe]

Not sure what that has to do with this thread, but...

View attachment 146840

Hey it's page 3......

I thought we stayed on track pretty well!

 

[Route 45]

Do businesses have credit scores when they get a loan?

That's an interesting question. I would guess that they have some kind of credit rating.

Or maybe not?

 

[rhamersley]

That's an interesting question. I would guess that they have some kind of credit rating.

Or maybe not?

View attachment 146842

I think one of the companies used for business creditworthiness is the Dun and Bradstreet ratings. May be others (AM Best for insurance companies I know of).

 

[Ark]

And what exactly does "credit is not a human right" mean? In a free society, anything that is not disallowed by law is a right.
Why do you hate capitalism and freedom?

So it's all good if private industry creates tools of monitoring and control, and just leaves them laying there for the government to seize and use against the citizenry? Better those tools don't exist at all than to risk the government taking control of them. Lenders can innovate and do without, or simply charge higher rates to cover the risk. Society doesn't hinge on having credit scores.

 

[phylodog]

This from the piece:
"Yet, for far too long, our credit reporting system has kept people of color and low-income persons from access to capital to start a small business; access to mortgage loans to become homeowners; and access to credit to meet financial emergencies."

Huh? In order to have a good credit score to be able to take advantage of all those things, it takes time. Time to work, save, and generate a HISTORY of good credit, being faithful and responsible in paying your DEBT. These people are quite literally out of their freaking minds and delusional. And NO, I`m NOT painting with too broad a brush. Liberals are ALL delusional and mentally disturbed.

You haven't heard? White folks get a 1000 credit score at birth and black folks get a 2. Just more of the man keeping them down.

Just more government overreach and spying on citizens disguised behind racism, brought to you by the scumbags on the left.

 

[Jaybird1980]

Not sure what that has to do with this thread, but...

View attachment 146840

The point is if people weren't so dependent on their credit score then the system wouldn't be trying to manipulate it to use for their benefits, there wouldn't be a benefit.

 

[Route 45]

So it's all good if private industry creates tools of monitoring and control, and just leaves them laying there for the government to seize and use against the citizenry? Better those tools don't exist at all than to risk the government taking control of them. Lenders can innovate and do without, or simply charge higher rates to cover the risk. Society doesn't hinge on having credit scores.

Yes, it is all well and good if the owners of capital create and use tools to facilitate the lending of their capital, if that's the business that they are in. I never said that I was for government control of this sector, of course any reasonble person would be against that.

Are you sure that you advocate the destruction of tools of private industry because the government might get ahold of them? That doesn't seem to be a resonable premise.

How much money would you be willing to lend a stranger without checking his credit history and financial reputation?

 

[gregr]

The point is if people weren't so dependent on their credit score then the system wouldn't be trying to manipulate it to use for their benefits, there wouldn't be a benefit.

I don`t know that there`s anything inherently wrong with a credit score system. It is simply a visual aid for the lender to see how risky a potential borrower might be, and an aid for the borrower to see what, or if, anything ought to be addressed with their credit worthiness. The problem arises when a politically correct society, and an overbearing, interfering government get involved.

 

[Route 45]

The point is if people weren't so dependent on their credit score then the system wouldn't be trying to manipulate it to use for their benefits, there wouldn't be a benefit.

Social engineers are gonna social engineer, and if there was no credit scoring system, then they would find another way. The tax code, for instance. Meanwhile, the credit system is vital to the economy of the US. The tiny percentage of people who dont' use credit are nearly irrelevant.

 

[Ark]

Yes, it is all well and good if the owners of capital create and use tools to facilitate the lending of their capital, if that's the business that they are in. I never said that I was for government control of this sector, of course any reasonble person would be against that.

Are you sure that you advocate the destruction of tools of private industry because the government might get ahold of them? That doesn't seem to be a resonable premise.

How much money would you be willing to lend a stranger without checking his credit history and financial reputation?

So if a private company produced and published a firearm registry for the government to use, that would be fine with you?

I can hedge risk by checking references, requiring higher income or down payment, increasing rates, restricting loan amount, and numerous other methods. The practice of lending was not invented the year electronic credit scores became a thing.

 

[fjw2]

Instead of starting anew, why don't they just fix the postal service. I would have great respect for that.

And also the social security system.

 

[Jaybird1980]

I don`t know that there`s anything inherently wrong with a credit score system. It is simply a visual aid for the lender to see how risky a potential borrower might be, and an aid for the borrower to see what, or if, anything ought to be addressed with their credit worthiness. The problem arises when a politically correct society, and an overbearing, interfering government get involved.

Social engineers are gonna social engineer, and if there was no credit scoring system, then they would find another way. The tax code, for instance. Meanwhile, the credit system is vital to the economy of the US. The tiny percentage of people who dont' use credit are nearly irrelevant.

I didn't say there is anything wrong with the credit system or it's vitality to loaning money.
I'm simply saying the more people live their lives on credit, then you should sooner or later expect the system to get manipulated.
The Gov't is nonstop trying to get more control. When they see a system the huge majority of the country is dependent on, I totally expect them to try and gain control of that system.

 

[DoggyDaddy]

I can hedge risk by checking references, requiring higher income or down payment, increasing rates, restricting loan amount, and numerous other methods. The practice of lending was not invented the year electronic credit scores became a thing.

Really, the credit bureaus just serve as aggregators of this information. All of those things you mention go into creating a credit score.

 

[DoggyDaddy]

So if a private company produced and published a firearm registry for the government to use, that would be fine with you?

I can hedge risk by checking references, requiring higher income or down payment, increasing rates, restricting loan amount, and numerous other methods. The practice of lending was not invented the year electronic credit scores became a thing.

Let me ask this... If you are searching for information (about just about anything), what's your go-to? Google, DuckDuckGo, or similar search engines, or do you go to your public library and try and find books on the subject you're researching?

 

[Ark]

Let me ask this... If you are searching for information (about just about anything), what's your go-to? Google, DuckDuckGo, or similar search engines, or do you go to your public library and try and find books on the subject you're researching?

Google isn't a search engine anymore. I wouldn't use them to prove a point, as they're another incredibly powerful system that needs to be thrown into the proverbial volcano alongside credit reporting.

Individualism and individual liberties are at their maximum when power is at its minimum. An enormously powerful private sector tool is only one appropriation away from becoming an enormously powerful government tool. The only way to stop that from happening is to prevent those tools from existing in the first place, or to give individuals a way to neutralize them.

It should be obvious by now that the government is aggressively utilizing private industry as an end run around the constitution. It's like information security, the only true way to keep information secret is to not collect and store it all in the first place.

 

[Jaybird1980]

Google isn't a search engine anymore. I wouldn't use them to prove a point, as they're another incredibly powerful system that needs to be thrown into the proverbial volcano alongside credit reporting.

Individualism and individual liberties are at their maximum when power is at its minimum. An enormously powerful private sector tool is only one appropriation away from becoming an enormously powerful government tool. The only way to stop that from happening is to prevent those tools from existing in the first place, or to give individuals a way to neutralize them.

It should be obvious by now that the government is aggressively utilizing private industry as an end run around the constitution. It's like information security, the only true way to keep information secret is to not collect and store it all in the first place.

The red I agree with, the blue I do not.
There is a way to neutralize it, stop depending on it