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Old 11-21-2008, 06:43 AM
 
Location: Atlanta, GA
2,290 posts, read 4,947,388 times
Reputation: 784

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Now that [regular] Americans have bad credit too, perhaps it's time that our government hit the "Reset" button on consumer credit rating and scoring. I say, Credit Amnesty for a one-year period at an individual, business and national level.

Think about it; financial businesses are getting fresh starts by virtue of the near-trillion dollar bailout. Why should they have the opportunity to start over, only to participate in the same old scam that is credit scoring? I say, if financial institutions get a re-do, then so do consumers.

What say you?
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Old 11-21-2008, 08:30 AM
 
Location: Maryland
1,667 posts, read 8,152,605 times
Reputation: 1593
Congressmen are well known to have written bad checks, some have individually written over 900 hot checks and that's OK. As a citizen, you'd either be in jail, or have to pay over $22,500 in bad check fees. Senators have bankrupted companies by not paying for services. When the CEO's of the "Big-3" automakers went to Washington last week to request a bail-out, they each took private jets. AIG spent $440,000 on their a retreat less than 1 week after their bailout. 47 million Americans can't even afford health insurance. There are about 75,000,000 owner-occupied homes in U.S.A. Divide the $700 billion bailout to them and every owner would have received $9000. That would have helped more, I think, but that would have meant government for the people. There are congressmen who are worth over $200 million. McCain is worth only $20 million, but his wife has over $100 million. We live on a different planet.
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Old 11-21-2008, 11:44 AM
 
Location: Montrose, CA
3,031 posts, read 7,865,223 times
Reputation: 1925
No credit amnesty. You borrowed it, you pay it. Why should you get rewarded for being irresponsible, and those of us who didn't act like fools over money be penalized?
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Old 11-21-2008, 11:48 AM
 
Location: Portland, Oregon
7,091 posts, read 10,488,886 times
Reputation: 4104
If you borrowed it you pay it, but if the broker lied to get you approved...they should eat part of it.
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Old 11-21-2008, 11:54 AM
 
Location: Orlando, Florida
43,858 posts, read 43,569,222 times
Reputation: 58603
Quote:
Originally Posted by backfist View Post
Now that [regular] Americans have bad credit too, perhaps it's time that our government hit the "Reset" button on consumer credit rating and scoring. I say, Credit Amnesty for a one-year period at an individual, business and national level.

Think about it; financial businesses are getting fresh starts by virtue of the near-trillion dollar bailout. Why should they have the opportunity to start over, only to participate in the same old scam that is credit scoring? I say, if financial institutions get a re-do, then so do consumers.

What say you?
You mean like a 'Consumer Credit Bailout'? It wouldnt cost anyone anything.....just any bad credit would suddenly disappear from your record.
What a GENIUS proposal! Think they would go for it if we made demands?????
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Old 11-21-2008, 12:50 PM
 
Location: Atlanta, GA
2,290 posts, read 4,947,388 times
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No, no, no. I don't mean a mass bankrutpcy-like bailout of debts owed. I'm talking about scrapping the FICO / credit scoring scheme. If the financial industry is no longer creditworthy, then it seems to me that the entire credit scoring system is obsolete.

Under my plan, lenders and borrowers get a clean slate as far as creditworthiness is concerned. Now, there will certainly be people who might say "hey, I worked hard to keep my credit scores impeccable. What about me?" To those folks I'd say, you played the game better than most ... but you still played the game nonetheless.
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Old 11-21-2008, 12:57 PM
 
Location: Montrose, CA
3,031 posts, read 7,865,223 times
Reputation: 1925
Quote:
Originally Posted by backfist View Post
No, no, no. I don't mean a mass bankrutpcy-like bailout of debts owed. I'm talking about scrapping the FICO / credit scoring scheme. If the financial industry is no longer creditworthy, then it seems to me that the entire credit scoring system is obsolete.

Under my plan, lenders and borrowers get a clean slate as far as creditworthiness is concerned. Now, there will certainly be people who might say "hey, I worked hard to keep my credit scores impeccable. What about me?" To those folks I'd say, you played the game better than most ... but you still played the game nonetheless.
Ugh NO. A thousand times NO!

I'm a landlord, and I need to know someone's credit worthiness when I screen them for renting. If you wiped everyone's credit clean, again you'd just be punishing those of us who were financially responsible and rewarding those who are deadbeats.
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Old 11-21-2008, 01:12 PM
 
Location: NC
10,005 posts, read 8,718,680 times
Reputation: 3062
Quote:
Originally Posted by SuSuSushi View Post
No credit amnesty. You borrowed it, you pay it. Why should you get rewarded for being irresponsible, and those of us who didn't act like fools over money be penalized?
Exactly.
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Old 11-21-2008, 01:19 PM
 
Location: Atlanta, GA
2,290 posts, read 4,947,388 times
Reputation: 784
Quote:
Originally Posted by SuSuSushi View Post
Ugh NO. A thousand times NO!

I'm a landlord, and I need to know someone's credit worthiness when I screen them for renting. If you wiped everyone's credit clean, again you'd just be punishing those of us who were financially responsible and rewarding those who are deadbeats.
Then you could certainly obtain rental histories. Most reputable and well-organized landlords have that info at the ready. Moreover, there are also outfits that do nothing but background checks to see if someone has been evicted, convicted, etc.

Any other review of someone's non-rental credit history is purely subjective, narrowly interpreted, and often not an accurate reflection of anything ... except that credit reports are inherently inaccurate.
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Old 11-21-2008, 01:22 PM
 
Location: Atlanta, GA
2,290 posts, read 4,947,388 times
Reputation: 784
Quote:
Originally Posted by Randomstudent View Post
Exactly.
Not only is the previous reply an oversimplification, but it's not even related to the topic.
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