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The credit scoring industry is more than ever dictating your life these days, and there's little regulation in sight. Data harvesting companies like FICO, are constantly creating new variations of credit and business profiles to track you, and they sell that information to keep most consumers like you and I, in check.
Of the profiles being created, some of which you're not even permitted to know about or have access to, are being sold to corporations and organizations who'll pay big bucks to get it.
Rarely is this credit score data ever used to benefit consumers, but rather, to control and manipulate customers and consumers, all under the guise of "managing risk." Recently, the Wall Street Journal reported on some specific examples of these new new bag of tricks devised by the data harvesters, which include 'Bank Depositor Behavior Scores'; 'Income Estimators', and 'Collection Triggers', just to name a few.
Simply obtaining the most common of these scores, your FICO credit score, requires you to fork over a portion of your income for the priviledge of accessing only one of the profiles they've created about you - your credit score. Worse still, if you are unable to conform to the ever increasing financial expectations of the banks and corporate enterprisers, you'll only wind up paying more of your hard earned income, just to play their money games, and in their casinos.
If that wasn't enough, Banks and financial sevice companies are increasingly being joined in droves by other industries that now seek to CASH-IN on your profiles, and your human-ness. In what appears to be a disturbing trend, invasive 'profiling scores' are even being used for such reprehensible consumer applications, as 'job profiling'. This is especially egregious knowing that job profiling scores have never been proven to possess any correlation to job performance, whatsoever. It's gotten so out of hand that the State of Oregon has now implemented new legislation to prevent the misuse of data profiling for employment purposes. All the same, many companies continue to seek credit information on prospective hires, despite the fact that its unreasonable, and abusive.
Its not just banks and financial services. Indeed, other industries that have been players in the arena of profiling data include, insurance, healthcare, and more. These companies seek to improve their bottom lines by misusing the information they collect, as yet another excuse to raise fees, rates, and your overall cost of living. They'll tell you its all necessary to manage risk, but the greater truth is that these practices allow these companies to simply increase their profit margins!
Citizens must collectively challenge the burgeoning privacy abuses. For starters, you can refuse to do business with companies that overreach and profile you, or others that you hear about. You can move your money and business away from the worst offenders. You can begin using credit (or what's left of it), only when absolutely necessary. And, you can send a message to your State and Federal Legislators to demand greater protections in opposition to these growing data harvesting practices. If you exert a little effort, we will be able to restrain the data harvesters, who force greater financial hardship upon middle and lower class Americans every day.
Send a clear message to your Representative or Senator in Congress right here (Senate and House).
Colorado Senator Mark Udall is proposing legislation that would provide free access to credit scores: Free Access To Credit Score. Please let Mr. Udall know that its a step in the right direction, but Congress must do much more.
If you'd like a copy of "Facts About Credit Scoring - What You Need To Know That Most People Don't ", simply fill out the easy form below. Then, check your email.
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