Category Archives: Credit System
It’s a credit report, not an AIDS test
There are many reasons why I hate FreeCreditReport.com, but the most recent reason is their series of annoying musical commercials. By far, the most annoying one of those is the one where the guy can’t buy a house because his wife has bad credit. I don’t remember the exact lyrics, but it’s something like, “If [...]
Banks will soon make credit decisions based on a secret credit score
This makes absolutely no sense, unless you share my opinion that financial companies use credit scores as a club to beat consumers with: Fair Isaac, the company that conceived the score known as FICO, says Experian, one of the three major credit bureaus, will no longer allow it to sell scores based on Experian’s data. [...]
Why are mandatory arbitration clauses so prevalent in consumer credit card agreements?
Mandatory arbitration agreements have been getting a lot of attention lately, particularly because of the high rate of "wins" when a creditor is a plaintiff. This win rate has been placed as high as 95%. The "reform" movement is quick to suggest that the reason the win is artificially high because there are so many [...]
The Credit Mess
I'm in a battle to remove false and inaccurate information from my credit reports. I've also been digging into just how badly screwed up the credit system is. One thing I found very interesting was this report that contains some very alarming statistics about just how common errors in credit reports are. For example: "Twenty-nine [...]
