< meta name="DC.Date.Valid.End" content="20050825"> Amendment Nine: Across the Pond - Looking at Credit

Sunday, December 05, 2004

Across the Pond - Looking at Credit

I was chatting to a friend this morning about the credit scoring system in America. He sees it as a potentially devasting concentration of power. "Imagine" he said, "all the dirty little secrets of everyone in just one place." I had never quite thought about it this way, and I bet most Americans don't regularly view it that way either. But should you, it'll scare the hell out of you!

Since I've been tasked with the higher principal, lower risk, debt relief proposals, I wasn't able to really have a big say in the consumer debt category. Yet, I would like recommend to everyone another area of study for consumer debt reform... Credit Scoring Agencies. There isn't a person I know that doesn't distrust them, and they are quickly turning into a private IRS-like institution. Documenting credit scoring abuses, I expect, would be a valuable exericse.

In fact, it seems the Bush Admin wants private credit collection agencies (an even more hated group) to run the IRS enforcement branch. A pretty scary thought. Of course, record deficits mean we all have to sacrifice a little privacy here and there right? Democrats can use this as a great issue in '06. "Republicans want to sell your tax information to private companies." Or something like that.