🚀 go-pugleaf

"Beachcomber" <invalid@notreal.none> wrote in message 
news:47aa6566.3777890@news.verizon.net...
>
>>Screwed up your mortgage? Made all the wrong choices? You lucky real
>>estate investor, you STILL made the right choice! Thanks to recent
>>federal Debt Relief Legislation, by just walking away from your
>>overpriced speculative loser property and your lender, your credit can
>>recover faster than you can say "Bankruptcy? What's that?"
>
> Personally I think its wrong that Americans allow  private companies
> (the credit reporting agencies) keep secret  files on citizens that
> determine whether they are "credit worthy or not" and largely
> determine what they will pay in interest charges for credit cards,
> mortgages, etc.

It's called freedom of speech. Something that Americans supposedly believe 
in.

Your creditors freely chose to tell the credit bureaus their experiences 
(good or bad) in investing in a loan to you. That information is purely 
factual and is just as much theirs to share as it is yours. It's no 
different than sites like bankrate.com rating credit card companies based on 
experiences shared with it by its readers. Only difference is that bankrate 
is far less regulated.

If you don't like it, you can try to negotiate a gag clause into your next 
credit contract - though you probably don't have chance in hell of getting 
anyone to agree to it.

Similarly, the credit bureaus don't "determine" anything. Nobody forces a 
prospective lender to buy a FICO score or assign any importance to it in 
deciding whether to invest their money in a loan to you. If a lender does 
so, it's by that lenders choice. It's their money that they're investing. 
Yes, you're unhappy that you have less than an iron grip on what information 
the guy on the other side of the negotiating table gets to see - well who 
isn't, but life doesn't work that way.


> What if you walked into a grocery store that charged high or low
> prices for the same item

Which many do, depending on whether you're targeted for coupons, whether 
you're buying additional units of the same item on the same shopping trip 
and whether you're willing to barter your privacy as part of the trade via 
those so-called "loyalty" cards.



> The credit issuing companies are perfectly right in denying each
> applicant credit or not, but if credit is granted...  Everyone should
> pay whatever market rate is in effect at the time.

"Market rate" is inherently different for different debtors just as with any 
other investment. Just as the "market value" for an equivalent stock of one 
company varies from that of another based on peoples perception of how much 
growth potential the company has and how competent its management is, among 
other factors.