POLITICS Democratic Nominee 2020 Lollapalooza

One penny

 

You're being generous.

 

Say what?

Senator Kamala Harris wants to add more data to how credit bureaus calculate credit scores as part of a broader plan to address the black homeownership gap in the U.S.

Harris called for amending the Fair Credit Reporting Act to require credit reporting agencies to include payments of rent, cellphone bills and utilities when calculating credit scores.

There are an estimated 26 million people who are “credit invisible” and another 19 million who are said to have “unscorable” files, according to the Consumer Financial Protection Bureau. These people don’t have enough bank or credit-union accounts to have a credit score by today’s standards.

https://www.marketwatch.com/amp/story/guid/2EE26CBE-A24A-11E9-943F-DA199D5CC6B2

 

Good, there are a lot of people, particularly among African-Americans, who operate on a cash-only basis. If they demonstrate the ability to pay their bills in terms of rent, bills, utilities, etc., then I think they should have this count towards determining their ability to pay for a mortgage.

 

many would also be better off if the banks or government would somehow work with them, versus having to go to these payday loan places and pay ridiculous amounts of interest. You can't get out from under it when that process begins and those places kill it.

 

Who mails bills off with cash as to have no record that you paid said Bill.

 

Might not be mailing bills off. May be delivering the money in person to their cell phone company or landlord. Not at all that uncommon.

 

I agree and those places should ground zero for any type of reform. I often ask my Christian friends why they don't focus on these places when we start talking about politics. They will reference the Bible, but usury is written all over that book and I don't hear any of the mainstream religious leaders even mentioning it.

 

My aunt has a problem with them but she also loves to live to close on the margins while making pretty good money.

 

It's stupid that it isn't already factored in.

 

I loathe them. Loathe. Wish every last one of them would be shut down.

 

looks like we found some common ground. they're a scam.

 

They’re predatory. I don’t know if I’d call them a scam though because you know what you’re getting in them.

 

I know someone in that business. They are looking at going international. Evidently the number of potential customers in India is crazy.

 

Loan sharks in plain sight.

 

One of the biggest ones is a Tennessean and I cringe every time they talk about the good he does as a philanthropist.

 

While they're at it, can they address the fact that my credit score dropped 30+ pts after I finished paying off my student loans?

Before anyone chimes in, I fully understand the system. It takes into account the "age" of your credit, so when I paid off my student loans, which were the oldest debt I had on file by a LOT, my score dropped because now my oldest debt is like, a year old.

I'm saying that's dumb. Why does closing accounts that held substantial debts mean those debts essentially disappear from my score? Shouldn't the opposite be happening? You'd think that paying off large debts should make your score go up.

 

because the score is about how likely they are to make money off of you. if you don't hold debts for a long time, they aren't making a lot of money.

 

But I did hold debts for a long time, and they did make a lot of money off of me. Why does the student loan debt I held for 9 years disappear the second the account is closed?

 

because you are not holding any long term debt