Democratic Primaries
Related: About this forumBernie Sanders wants to replace private credit reporting firms with free, public registry
(snip)
Sen. Sanders, I-Vt., polling in third place for the Democratic presidential nomination, says the public credit registry would be housed in the Consumer Financial Protection Bureau, the agency created in 2011 to protect Americans from predatory lenders in the wake of the financial crisis. According to Sanders campaign, the new system would use a transparent algorithm to determine creditworthiness that eliminates racial biases in credit scores and allows Americans to access their credit scores for free. Medical debts would be excluded from peoples reports.
(snip)
Critics of the current system point to how Equifaxs insufficient data security practices allowed it to suffer a massive hack in 2017 that led to more than 140 million Americans having their personal information exposed and to studies that show peoples credit reports, which can determine if theyre hired for a job or how much theyll pay for a car, are riddled with errors.
Credit reporting companies dont have a financial incentive to improve accuracy, said Amy Traub, a senior policy analyst at the liberal-leaning policy group Demos, which has advocated for a public credit registry. Sanders version, she said, would serve consumers as its central mission, and would have a mandate to invest in accurate data.
(snip)
Half of white people say theyre very confident theyd be approved for credit, while just 20% of black Americans feel the same. Meanwhile, around 7% of white people with poor credit scores say there are errors on their report, compared with 40% of African Americans.
(snip)
https://www.cnbc.com/2019/09/25/bernie-sanders-wants-to-overhaul-the-countrys-credit-reporting-system.html
primary today, I would vote for: Undecided
left-of-center2012
(34,195 posts)primary today, I would vote for: Joe Biden
Uncle Joe
(58,112 posts)primary today, I would vote for: Undecided
George II
(67,782 posts)primary today, I would vote for: Joe Biden
Uncle Joe
(58,112 posts)That's all that mattered to get my point across to anyone not being purposely obtuse.
Here are a few more if it makes you feel better.
I don't believe all of them are in Detroit or have been demolished.
primary today, I would vote for: Undecided
George II
(67,782 posts)....what is the relevance of a mansion that was demolished in 2007?
primary today, I would vote for: Joe Biden
Uncle Joe
(58,112 posts)primary today, I would vote for: Undecided
HeartlandProgressive
(294 posts)as images and gifs often are on the interweb... ask a young person to explain it.
primary today, I would vote for: Undecided
vsrazdem
(2,176 posts)primary today, I would vote for: Undecided
ehrnst
(32,640 posts)Here's a link that's in the article at the link in the OP.
https://www.demos.org/policy-briefs/establish-public-credit-registry
primary today, I would vote for: Joe Biden
vsrazdem
(2,176 posts)primary today, I would vote for: Undecided
ehrnst
(32,640 posts)primary today, I would vote for: Joe Biden
vsrazdem
(2,176 posts)primary today, I would vote for: Undecided
NurseJackie
(42,862 posts)primary today, I would vote for: Joe Biden
primary today, I would vote for: Undecided
left-of-center2012
(34,195 posts)Where'd that come from?
primary today, I would vote for: Joe Biden
HerbChestnut
(3,649 posts)Keeping people's credit scores behind a paywall is insane.
(Yes, I know there are ways to get a free credit report from time to time. The point is they should be freely available at ALL times.)
primary today, I would vote for: Undecided
BlueMississippi
(776 posts)from creditkarma.com and creditsesame.com
primary today, I would vote for: Joe Biden
ehrnst
(32,640 posts)Since the link didn't make it into your snips:
https://www.demos.org/policy-briefs/establish-public-credit-registry
Bernie's staff did their homework on the talking points:
communications and messaging experts. General principles include:
Start with an appeal to values and the vision of a better future.
Include an up-front discussion of race and of the causes of racial disparities
in wealth, credit, and debt.
Highlight credit and debt as systemic issues, rather than exclusively
personal failings.
Emphasize the concrete, lived consequences of credit and debt disparities
for people (being denied a job, paying more every month for a car loan)
and the concretely better outcomes for people that would be a result of
good policy.
Offer a clear villain, in this case unaccountable private credit reporting
companies.
https://www.demos.org/sites/default/files/2019-03/Credit%20Report_Full.pdf
primary today, I would vote for: Joe Biden
Uncle Joe
(58,112 posts)primary today, I would vote for: Undecided
ehrnst
(32,640 posts)primary today, I would vote for: Joe Biden
George II
(67,782 posts)primary today, I would vote for: Joe Biden
ehrnst
(32,640 posts)primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)OMG! Why are you "attacking" Bernie?
primary today, I would vote for: Joe Biden
Uncle Joe
(58,112 posts)to my knowledge no other Presidential Candidate has supported this policy proposal.
primary today, I would vote for: Undecided
George II
(67,782 posts)....this is a relatively minor thing. Probably the others have higher priorities to be campaigning for.
primary today, I would vote for: Joe Biden
Uncle Joe
(58,112 posts)campaigning for, you haven't been paying attention.
primary today, I would vote for: Undecided
George II
(67,782 posts)No thanks.
primary today, I would vote for: Joe Biden
Politicub
(12,163 posts)via the IRS.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)primary today, I would vote for: Joe Biden
Politicub
(12,163 posts)I wouldn't go as far as making the credit reporting firms go out of business. But I would like to see a law that would make it illegal to rely solely on credit worthiness information from a commercial firm.
I would like to see the full force of the CFPB put back in effect. It's no wonder why the GOP wants the Supreme Court to make the law that spawned the CFPB null and void.
primary today, I would vote for: Joe Biden
ehrnst
(32,640 posts)But that would mean acknowledging the fact that a campaign rival put into place the most consequential consumer protection mechanism in modern times. Perhaps if she wasn't running, that would be part of it.
So there's that.
primary today, I would vote for: Joe Biden
brooklynite
(93,873 posts)Do you?
primary today, I would vote for: Joe Biden
Uncle Joe
(58,112 posts)we as a nation have regressed light years from the preamble of the U.S. Constitution.
What was once "We the People" is now "government is the problem," at least on a subconscious level.
I don't have a problem with the government determining my creditworthiness so long as the algorithms are uniform and just.
primary today, I would vote for: Undecided
customerserviceguy
(25,183 posts)just getting rid of the incompetent criminals at Equifax? I'd settle for that. We're still left with a Tweedledum/Tweedledee set of credit bureaus.
primary today, I would vote for: Joe Biden
Joe941
(2,848 posts)primary today, I would vote for: Undecided
Response to Uncle Joe (Original post)
Post removed
George II
(67,782 posts)...Experian, Equifax, TransUnion, and Innovis are going to turn for work?
Experian - 17,000 employees
Equifax - 11,000 employees
TransUnion - 7,100 employees
Innovis - unknown
That's at least 34,000 plus thousands at Innovis.
primary today, I would vote for: Joe Biden
DrFunkenstein
(8,745 posts)Honestly, though, I'm tired of people saying that we are going to continue sticking it to the American people (the environment, etc.) so that a relative handful can keep their current jobs.
primary today, I would vote for: Undecided
George II
(67,782 posts)....is intending on disrupting the lives of more than 30,000 working Americans because they're only, in your words, a "relative handful"?
primary today, I would vote for: Joe Biden