Credit Agencies and Credit scores are unconstitutional because this practice was never legislated in any court of law. No retailer should be able to deny a consumer any product or service based on a rubric of numbers created by those who never had the well being of the consumers in mind. Using credit scores is also a method of controlling the consumers in which its extremely hard for a person to buy a house because of a particular credit score requirement that is unreachable to most because of the high cost of living. Its time to let go of such policies as they do not afford anybody a chance to live without having to deal with someone else’s decision on what they can and can not have. In today’s society, per the cost of living, its no wonder that very few people have adequate credit to consume anything.
Agree. Also if you have never taken a loan, pay with cash and don’t like banks the system hates and punishes you as much as possible.
The whole FICO or whateversystem is just STUPID! They keep old data, don’t have standards, keep stale data, report data late, don’t explain precisely what changed scores, DON’T allow you access to old scores on their system, DON’T provide other credit data even when you pay for THEIRS, and have no real logic!
I once had my credit hurt because I went to a radioshack asking if they had a particular networks phone. WITHOUT EVEN ASKING ME, they ran my credit on EVERY line they carried, even though
NONE provided the network I asked for! They had NO right to run my credit.
Two other times, I rented a car, and my credit was hurt because THOSE morons thought I was using a debit card, and they had a policy of doing hard pulls on every such card!
EVEN MY HOME MORTGAGE was a burden! It turns out some banks DO NOT offer mortgages, but CLAIM to ! MY bank is such a bank. I got a mortgage, and my BANK did a HARD pull! Since THEY don’t have mortgages, they used their PARENT company, which then did ANOTHER hard pull! This nonsense HAS to stop!
What alternative system would you propose for lenders to know if they can trust whether a potentially borrower will reliably repay borrowed money?
I agree