Help clean up the dirtiest unregulated industry

[Bandit]

This letter was in my local paper and I thought it worthy of broader viewing


Help clean up the dirtiest unregulated industry



If I buy a car, my credit rating goes down. If I pay off my car, my credit rating goes down. If I look for other credit cards with better rates, my credit rating goes down. If I cancel my credit cards, my rating goes down. If I have too much debt, my credit rating goes down. If I pay off my debts, my rating goes down.
The credit rating industry is a scam that has no accountability, rules, regulations, qualification or integrity. This industry has no professional standards, or published rules. Yet, they affect all of us. On May 18, the SEC proposed changes that would mandate the agencies not only give you your score but tell you how they came up with it.
Among the proposed changes SEC is recommending are these two; Establish professional standards for credit analysts and publicly provide — along with the publication of the credit rating — disclosure about the credit rating and the methodology used to determine it. There are less than 40 days to comment and support these proposed changes. Please go to www.sec.gov/news/press/2011/2011-113.htm and show your support. As of Tuesday there were only four comments.

http://juneauempire.com/letters/2011-06-14/help-clean-dirtiest-unregulated-industry

[AnnetteJacobs]

1. A big AMEN to that!

[Curmudgeoness]

2. This really is very important. Thanks for posting and I will

be sure to comment. We really do need to have some accountability in the credit rating industry.

:kick:

[sinkingfeeling]

3. Done. n/t

[bvar22]

4. Oh. I thought this was going to be about Washington, DC.

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my bad.

[Wilms]

5. ^

[Bandit]

6. Kick

:kick:

[checks-n-balances]

7. K & R

Thanks for posting this - it affects all of us.