Why do the three credit reporting agencies exist? Why doesn’t the government collect credit ratings?
Question by shh: Why do the three credit reporting agencies exist? Why doesn’t the government collect credit ratings?
Why do these credit reporting agencies have access to our most private info?
Best answer:
Answer by Michael L
Better 3 individual companies with whom you can have recourse with than another over bloated government buracracy that you can’t.
I would prefer the government know as little about me as possible, but that is unfortunately not the case.
What do you think? Answer below!
the government is the organizer and manager of the post office — which lost its package business to FedEx, the public schools — which millions of parents want to escape but aren’t allowed to take the funds allocated for their child’s education with him/her, and your local DMV — which specializes in mindnumbing waits to accomplish very little.
Government also runs Medicare with it untold billions or tens of billions in annual fraud.
do you want to put such proven incompetent managers in charge of your credit report?
as if that isn’t enough — you wouldn’t be able to sue them if they do everything all wrong either. [think about it -- can you sue the post office for misdelivering your mail?]
You’d rather put it in the hands of the government, as if big brother isn’t big enough?
The alternative to the credit bureaus, is that every creditors would require detailed credit applications showing all your accounts. They would then call each account and rely on what the person answering the phone had to say about how you handle your account.
It would be harder to get approved, even more personal info would be floating around, and you would have no way to correct errors.
The very last thing you want is to get the government involved!!