One of the more fascinating platform items of the Biden presidential campaign was the idea of transferring consumer credit ratings from Equifax (NYSE: EFX), Experian PLC (OTC: EXPGY) and TransUnion (NYSE: TRU) to a public registry under the Consumer Financial Protection Bureau.

As reported by the Balance, this idea was examined in depth in a paper published by a think tank called Demos in 2019. One major takeaway of that paper was that “decisions drawing on credit data reproduce and spread existing racial inequality, making it harder to achieve true economic equity.” Demos proposed the idea of a public credit registry in that paper.

The CFPB has a new acting director, Dave Uejio, who recently replaced Trump appointee Kathleen Kraninger. In a CFPB blog post dated Jan. 28, Uejio stated his two main priorities would be “(1) relief for consumers facing hardship due to COVID-19 and the related economic crisis, and (2) racial equity.” But nowhere does his statement specifically mention the idea of a public credit reporting agency.

The three primary reporting agencies analyze consumer borrowing and repayment patterns. They assign scores that are then used to assess a person’s creditworthiness. This can affect their access to an apartment and their ability to hold certain jobs in addition to the amount they can borrow and the interest rates that they are charged. It’s big business — enough to support three public companies (although they have other businesses as well).

While lenders certainly have the right to determine the risk of a potential borrower, the problem is the lack of transparency in the process. The three bureaus have slightly different calculation methods and data sources, which can result in the same person having three very different credit scores. Some of the criteria seem unusual and can be gamed. For example, it is better to have a high-limit credit card and only charge part of it than to charge the same amount on a low-limit credit card. Paying off a mortgage can reduce a credit score.

In addition, errors are common but difficult to correct. There’s some evidence of racial biases as well, which in turn affect access to housing, certain jobs and credit. People have the right to free copies of their credit report once a year but have to pay beyond that.

The Biden proposal would improve people’s access to their credit and may lead to standardized calculations. It could also lead to volatility if the criteria used changed with each presidential administration. There are also other credit bureaus out there that use different scoring criteria, often used by lenders that work with customers who have bad credit. It’s unclear how this proposal would affect them.

Interesting ....

According to this, he also wants to wipe out student loans too ....
Congress Wants Biden to Virtually Wipe Out Student Loan Debt – Here’s What He’s Doing Instead
(The article itself is wishy-washy in the amounts it mentions)

Hmmmm ....
What to believe ...
... what ... to ... believe?

What I believe is this:

The democrats have unified government. If they actually want to do something, they'll do it.

If they talk about what they want to do or would like to do and nothing happens, they didn't actually want to do anything. They saw an opening to try to score political points so they float the idea but don't do anything.

Then we'll see the same bullshit we saw with Trump: we had unified Republican government for the first two years, but they still somehow managed to blame Democrats for all of their legislative failures. 

Right; empty campaign promises ....


https://www.youtube.com/watch?v=gVoKVxRlzcY

I really don't know what that might mean to me but last time I checked my credit score was 789.

How long ago was that?

Hahahaha ... Today!

Oh ....
Good deal ...

Mine's been good for years too ....

I got an email from Chase a couple days ago, mine has gone up 6 pts to 795. I also have $25,931 Available credit on this card! Woohoo party time. Hahahaha

Nice, bro ...
I'm usually upper 700's as well ...

In the wake of a couple recent shootings Biden is coming out strong saying he will crack down of "ghost guns"!
If you don't know what that means it's just parts bought over the internet paired with 80% receivers that you have to actually finish yourself meaning milling out grooves or drilling holes precisely correct for the other parts to fit and function. They have no serial numbers. Thus "Ghost Guns" legally built by individuals, including in Ca.

Well if you aren't of the stripe that believes you have a right to defend yourself then you might actually think this shit is a good idea. RIGHT!

But I have to ask when in the fuck has one of these "Ghost Guns" ever fucking been involved in any of these media events EVER?

Oh shit, I said it now it will have to happen soon.   

SHSHSHHSHSSHSHSHHSHHHHHHHHHHH!!!!!

*trudges off to watch the news*