Forum Post: 5) Economic Equality-Limit FICO Score Access
Posted 13 years ago on Oct. 19, 2011, 12:30 p.m. EST by littleWE
(0)
This content is user submitted and not an official statement
FICO scores and employment status should only be used for obtaining credit, not to discriminate against the financially disadvanaged by denying jobs, raising insurance rates, credit rates, mortgage rates, etc. This unrestricted use is unconstitutional and divides us into unequal economic strata which makes it extremely difficult for those who suffer a financial harship such as a lay-off or illness to recover. How can we call this equality? It's a perfect storm for middle class financial disaster.
In addition, the 3 reporting agents have made billions of dollars from OUR accounts, and WE don't get to reap any of the profits! The businesses have to pay the credit reporting agents for this information, but then the businesses get to write it off as a business expense. Here's another kicker: in 2007 it was reported that the credit reporting agents made over 9 billion dollars just by selling OUR names to businesses to sell US stuff? I found this out on my own.