Forum Post: Occupy credit rating agencies!
Posted 12 years ago on Nov. 23, 2011, 8:54 p.m. EST by maranos64
(6)
This content is user submitted and not an official statement
No one that I have heard has mentioned the behind the scenes fascism of the credit rating agencies themselves. Think of the power they have over most of us, with their invasive information gathering, whereby every purchase using a card can be tracked. And even our ability to be hired or find housing can be ruined by a bad credit score. It's as if credit score has become the new gauge for morality. Putting Transunion, Equifax and Experian under public scrutiny would be another phalanx of the OWS movement which I would whole-heartedly applaud and join.
Justifiable Debt Restructure would help to minimize the tyrannical power that credit ratings have over us.
Right now, any debt restructure results in a credit default which is then followed up by higher and higher interest rate charges going forward.
A distinction needs to be made between paying back the principle one has borrowed versus being forced to pay back unending interest rate charges.
Justifiable debt restructure would empower americans to IGNORE wall street and develop their own economies on a local level.
I don't like the way they operate. I moved from Colorado to Florida a few years ago and because I was at a new address they refused to allow me access to my free report online. It took me three months before I got all three copies from the various agencies. They kept returning my paperwork for corrections hoping I'd break down and pay for it online which would have allowed immediate access.
I know a couple who say they still have stuff on their reports from 8-9 years ago when they went through a bad stretch. It should have been removed because the seven year limit had expired but the debt kept getting sold to different collectors and than reissued by the purchasers as new debt. They've had a hard time disputing it with the agencies and can't afford a lawyer.
They do need to be regulated a bit more.
Agree.Start with Moody's. It was Moody's who was behind Greece's high interest rates in the old days. Greece was an excuse to start attackig more western countries and make it look like it was an "endemic problem". Bull sh*t; these are GAMES played by 50 people who make fortunes when they manage to convince people that "look, this country is simply 2 days short from default". The ruin of a country's people becomes the fortune for few.
Moodys created the Greek panic, making them to pay billons of interest rates which is not rational to ask a borrower to pay.
Moodys, Fredie Mac and Lehman Brothers are all part of the same mess. They're paid by our government tax-payer-citiezen dollars only for the agency to screw governments back saying "they will default" ; "it's likely they can't meet their obligations".
I say terminate them.
Yes! And the credit rating agencies were quick to grant mortgage-backed securities a AAA rating only to downgrade the US rating at the worse possible time. They should be held responsible for scamming the public and helping directly cause this financial crisis.
Pay your bills!
gawd...
One of the smartest postings I have seen and agreeing with it.........