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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?
tell that to AIG, Bear Stearns, Citigroup, Freddie Mac, Fannie Mae ...
Banks should loan based on the income of the borrower and the collateral value. The use of Credit ratings is ruining our nation. We have 30 million families with good incomes who want to buy reasonably priced homes, but they can not get a loan because they have a bad credit rating. It may be because someone in their family got sick and their HMO denied coverage. It may be that a bank fraudulently altered loan documents to swindle them on a mortgage. We need to clear these bogus bad credit ratings and allow these people access to the financing they deserve. How did these people act foolishly with their money? And how can you think that it will cost you money to clear their credit? It is free: pass a law to remove negative credit data.
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?
Credit scoring scam? It's funny how if you aren't carrying a ton of debt and pay your bills you get a high credit score.
Everyone "credit scores"...imagine a couple of your friends asking to borrow a couple hundred bucks from you. You know which ones would pay you back and which ones never would.
Banks should loan based on the income of the borrower and the collateral value. The use of Credit ratings is ruining our nation. We have 30 million families with good incomes who want to buy reasonably priced homes, but they can not get a loan because they have a bad credit rating. It may be because someone in their family got sick and their HMO denied coverage. It may be that a bank fraudulently altered loan documents to swindle them on a mortgage. We need to clear these bogus bad credit ratings and allow these people access to the financing they deserve. How did these people act foolishly with their money? And how can you think that it will cost you money to clear their credit? It is free: pass a law to remove negative credit data.
The vast majority of people with bad credit just lived beyond their means. Some were unlucky with sickness etc. (I know some of these) and a tiny amount were actively defrauded.
Not sure some of the resident wannabe economists have thought out the ramifications of removing credit histories. How do you think the lenders might react? (My money is they might require larger downpayments and other measures to counteract the lack of information.)
Not sure some of the resident wannabe economists have thought out the ramifications of removing credit histories. How do you think the lenders might react? (My money is they might require larger downpayments and other measures to counteract the lack of information.)
Have they thought out...? Of course they have! This way, when lenders start requiring larger down payments (and other measures), the wannabes will have something new to complain about! Think of it as "internet complaint security."
The vast majority of people with bad credit just lived beyond their means. Some were unlucky with sickness etc. (I know some of these) and a tiny amount were actively defrauded.
Not sure some of the resident wannabe economists have thought out the ramifications of removing credit histories. How do you think the lenders might react? (My money is they might require larger downpayments and other measures to counteract the lack of information.)
I would say a vast majority ran up there credit card bills and then walked away from it, I know many!
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?
Yeah....and have China pay for it, so we can start all over while they laugh at us because they own all of our personal information....what will happen next??? I didn't like the state bailout thing, I didn't like the car bailout thing, I didn't like the refrigerator bailout thing, it only supports the upswing of the same old dangerous financial dealings. Count me out...and go ahead and call me anti-patriotic and a terrorist.
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