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Old 05-18-2007, 10:00 AM   1 links from elsewhere to this Post. Click to view. #1 (permalink)
I Love Derf! Who Doesn't?
 
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Good credit, bad credit? No problem!

Good credit, bad credit? No problem!
"Unlike other segments of the economy, there's no price competition for credit in the mortgage arena. When the bureaus say they want more, you pay more." Kenneth R. Harney, Washington Post.

________

This one flew under the radar.

Today I learned that Equifax and Experian have decided to collude and triple their rates under the guise of compliance with the Fair Credit Reporting Act. This act was designed to "protect" consumers from identity theft and form the basis of consumer protection when it comes to your credit information, but since the law of unintended consequences applies to all bureaucratic "good ideas" the result is that every consumer in America is getting gouged.

This means that every time you apply for credit the cost has gone up. If you're buying a house every time that single report is accessed they're going to be charged. The industry standard has been that once you pay for the credit report it's yours and it can be shown to multiple parties to determine if you're credit worthy (no double or triple dipping). Now for the same amount of work they can get two, three, or even four times the money.

Harney points out why this is possible – no free market. Credit reports are controlled by an oligopoly. And together they can unilaterally raise rates, even as the cost of actually pulling credit goes down.

["The whole goal," said David Rubinger of Equifax, "is strict compliance with [the law] and the security of credit information." Donald Girard of Experian added that "we believe we should be fairly compensated" each time the company's data is accessed. Moreover, recent technological advances have allowed far faster and easier sharing of credit report data among brokers and potential lenders, a development that, if not properly monitored, could endanger the security of consumers' private data, both bureaus say".] – Kenneth R. Harvey, Washington Post.

Isn't this exactly what we should expect from a group of businessmen with a corner on the market? They're suddenly law abiding citizens, although this law came into effect years ago. That they can say this with a straight face is the amazing part. Oh they just want to comply with the law, never mind they're tripling the cost to the consumer!

The best thing to do is simply write your lawmaker and tell them to stop creating these silly laws that end up costing us more than whatever they were trying to stop. Credit theft will continue with the exception that now the credit bureaus can add their claws into the mix and rob us too.

-Mystery Cookie

P.S. Equifax is being sued for anti-trust violations and hopefully there will be an investigation into the collusive behavior of both companies.

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Old 05-18-2007, 10:16 AM   #2 (permalink)
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Re: Good credit, bad credit? No problem!

I have good credit, probably becasue I monitor it, so I am paying the fees that they are charging. Remember back in the day before everything was computerized and all you needed was a job to have credt. i am not that old, I remember my parents buying a home based on having a good job.
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Old 05-18-2007, 10:24 AM   #3 (permalink)
 
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Re: Good credit, bad credit? No problem!

I yell at the banks when they ask me if I have good credit then say they are going to check.

I tell them that the reason I would have any problems is because you people keep pulling my credit report!
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