Senate Banking Bill Would Make Credit Freezes Free

DooKey

[H]F Junkie
Joined
Apr 25, 2001
Messages
10,662
The Senate is taking up a bill with bipartisan support that will require the credit reporting agencies to freeze our credit report for free upon our request. While this doesn't address the root cause of the Equifax leak, it does provide some relief to our wallets when it comes to freezing our credit report. Also, the bill prevents the credit agencies for charging to lift the freeze. I'm glad some in Washington are listening to us and trying to help out a bit since Equifax spilled all of our personal info across the internet for identity thieves. Go here if you want to read up on the bill.

Freezing your credit report generally blocks outside access to your file. This means a scammer can't get a loan or establish credit using your personal information because the potential lender is unable to check your report and typically will reject the application.
 

krotch

Supreme [H]ardness
Joined
Aug 12, 2004
Messages
4,509
Where do I have to go to freeze these credit agencies from collecting my info at all?
 

Jovian

Limp Gawd
Joined
Jun 8, 2004
Messages
362
Considering my SS was taken during the Equifax breech and now i have to give them money every month so people cent open Credit Cards in my name, I wholey support this.
 

Gweenz

[H]ard|Gawd
Joined
Dec 18, 2003
Messages
1,216
How fucking generous of them. Still, everyone should freeze their credit, and do it now.
 

panhead

Gawd
Joined
Dec 19, 2003
Messages
902
Where do I have to go to freeze these credit agencies from collecting my info at all?
Don't sign the contract to obtain a mortgage, credit card, bank account, loan application, cell phone, rent an apartment, etc. Sucks but that is the way corporations have the laws written.
 
Joined
Jan 24, 2018
Messages
1,005
Be careful what you wish for, you just might get it.

Beware of what else is in the bill, it WILL BE designed to fuck over every consumer in AmeriKKKa.
 

Kdawg

[H]ard|Gawd
Joined
Aug 12, 2017
Messages
1,115
finally a sensible proposal.

Charging money for this is bullshit. It doesn't cost them shit to freeze. Just flip a digital switch.
Yet most freezes or unfreezes cost like $10.
 

TwistedAegis

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https://theintercept.com/2018/03/05/crapo-bill-dodd-frank-bank-regulations/

This bill is a sick joke. Politicians can fuck right off .

From the left side, I will say Dodd-Frank left a lot to be desired. The impact of the MASSIVE amount of regulations it levied is putting small banks out of business, requiring them to either close their doors or seek out a merger. This leaves the big banks in a great position, they have the money to pay for the big compliance and legal departments, and it knocks out their competition, locking in their position even further.

I don't think the big banks shouldn't be regulated by any means. But we've gone for quantity over quality, and by painting all banks with such a broad brush, we're killing competition. There have been tens of thousands of pages of new regs issued since then, and that doesn't even cover the guidance around those regs - call it 10x that.
 

Semantics

2[H]4U
Joined
May 18, 2010
Messages
2,811
How fucking generous of them. Still, everyone should freeze their credit, and do it now.
Yup unless you see yourself applying for new lines of credit all the time there is little reason to not just be hassled the few times you do sign up for new credit.
 

WhoMe

Gawd
Joined
Jan 3, 2018
Messages
827
Neither a barrower nor a lender be...then they won't care about you...helps if you have no money too. Anyway this should be law, if they can't protect the data they keep then they need to make the only protection available free for use...you would think this makes business sense too, if people become so riled up they demand say a government run credit agency (or some other drastic solution) that puts these places out of business they won't be making any money.
 

jedijeb13

Limp Gawd
Joined
Feb 15, 2017
Messages
302
They make enough money off of the information they(credit agencies) collect, they should pay us instead of charging us for anything at all.
 

cageymaru

Fully [H]
Joined
Apr 10, 2003
Messages
20,788
Equifax Ironically Could Gain From Senate Bill Meant to Punish It.
https://www.bloomberg.com/news/arti...nically-gain-from-senate-bill-meant-to-punish

Senate Banking Committee Chairman Mike Crapo offered an amendment to his own bill late Wednesday that would direct mortgage-finance giants Fannie Mae and Freddie Mac to use credit assessments offered by multiple companies, instead of exclusively relying on FICO scores provided by Fair Isaac Corp.

It turns out that the main rival to Fair Isaac is VantageScore Solutions LLC. And who owns VantageScore? Equifax and its credit reporting competitors, TransUnion and Experian Plc.
 

krotch

Supreme [H]ardness
Joined
Aug 12, 2004
Messages
4,509
Don't sign the contract to obtain a mortgage, credit card, bank account, loan application, cell phone, rent an apartment, etc. Sucks but that is the way corporations have the laws written.

Problem is, they'll still collect info. Pay utility bills, they'll collect that info.
 

Exavior

[H]F Junkie
Joined
Dec 13, 2005
Messages
9,700
How about we fix the main problem? If our info wasn't posted on publically accessible sites in clear text to start with or emailed out to anyone that request can i have a copy of your database because reasons then we wouldn't need to freeze our credit as much.

This is like dying of cancer and trying to figure out how to deal with your skin tone as you get sicker and sicker while not actually getting any treatment for the cancer itself.
 
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