Change We Need: Financial Regulations

TODAY THE DCCC SENT ME AN EMAIL ASKING ME TO GIVE THEM SOME FEEDBACK ON THE KIND OF CHANGE WE NEED TO MAKE IN THE COMING YEAR. THIS IS WHAT I TOLD THEM:

Change the banking and finance laws so that credit card companies can no longer charge usurious interest rates and change the terms of agreements capriciously.

Require credit reporting agencies to independently verify the information that they provide for accuracy and to be liable for any incorrect information that they do not remove from a credit report.

Require credit reporting agencies to change their credit scoring algorhithm so as not to unfairly penalize people who do not own credit cards but are responsible about paying their other installment agreements (such as car loans, mortgages and student loans).




Pressure state legislatures to overturn the rule that allows insurance companies to use credit scores to unfairly charge higher premiums to their customers.

Make it illegal for anyone to check my credit information without my written consent unless I maintain a current balance with their company and force the credit reporting agencies to allow me to access my credit report whenever I want.




Barring these changes, outlaw credit reporting agencies entirely as they have unprecedented and unconstitutional powers over the day-to-day lives of the average American citizen and the citizen has absolutely no power over them.

Why should there exist companies who can collect private financial and personal information about me and then proceed to allow people that I don't even know to view that information but regulate whether or how much or how often I can view the same information?

If the information that they provide causes me to have to pay more for rent, prevents me from obtaining employment, causes me to have to pay more for my insurance, causes me to have to pay higher interest rates on my mortgage, car loans or other credit account, they should be financially liable for any wrong information that they provide.

If they are going to collect this information and it is going to affect me so greatly, they should have to be responsible for the accuracy of this information.




It is an OUTRAGE that these credit reporting agencies are allowed to screw the American citizen every day and get away with it. The credit scores they generate are being used as a tool to justify overcharging, unfairly limiting access, and discriminating against the working class American. Ironically, this credit scoring system was developed to make the granting of credit more fair in times when discrimination in lending was rampant. Now it is used as a tool of oppression to discriminate against the very people it was designed to help.

REGULATE IT.

That's one area where you can change some things; go to it.

That is what I told them and I stand by it, but, y'all, don't hold your breath.

Click on the link to find out how the credit reporting agencies are now working within the medical community to exert further control over the American public. Let's get up in arms and put a stop to this NOW, folks.

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