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1984 on it's way

The last post in this topic was posted 2429 days ago. 

 

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im sure our overlords have our best interest at heart. we will all get auto CLIs every 6 months and all errors will be expunged quickly. i have full faith in the govt and the monitoring devices that read postings on the internet

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I hate to say it, but the horses have long since escaped the barn and they are breeding like rabbits.

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This data would be coming from Corelogic according to this article? Where does Corelogic get their data from?

 

All these data analytics companies, like Corelogic, LexisNexis, EWS, etc. all claim that they specialize in fraud detection and prevention. All of this data collection that is done on consumers is performed under the guise of fraud prevention. Yet, fraud is occurring at record levels. If these companies are so concerned about fraud prevention, then why aren't any of their products doing anything to help with the problem? Obviously that's a rhetorical question, because that is not what these companies are designed to do.

 

We are all sheep and our government/big business is a horny shepherd.

Edited by policebox

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This data would be coming from Corelogic according to this article? Where does Corelogic get their data from?

 

All these data analytics companies, like Corelogic, LexisNexis, EWS, etc. all claim that they specialize in fraud detection and prevention. All of this data collection that is done on consumers is performed under the guise of fraud prevention. Yet, fraud is occurring at record levels. If these companies are so concerned about fraud prevention, then why aren't any of their products doing anything to help with the problem? Obviously that's a rhetorical question, because that is not what these companies are designed to do.

 

We are all sheep and our government/big business is a horny shepherd.

 

 

I love the Experian commercials that make them look like a consumer advocate. They say collections appearing on your reports can prevent you from getting credit, and they imply that they are there to help you. Riiiiight, because we all know how easy it is to get incorrect information removed....

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You can differ with the methods of data collection, but one thing is clear: if the data these companies are selling didn't actually prevent significantly more fraud dollars lost than the data costs the lenders to purchase, the companies would be out of business.

 

NYSE:CLGX has been good to its investors $16 -> $28 in the past two years).

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You can differ with the methods of data collection, but one thing is clear: if the data these companies are selling didn't actually prevent significantly more fraud dollars lost than the data costs the lenders to purchase, the companies would be out of business.

 

NYSE:CLGX has been good to its investors $16 -> $28 in the past two years).

I'm sure the data reduces the exposure to fraud for those lenders who purchase the data.

 

But it's not clear that creating these databases reduces the overall level of fraud in the economy.

 

So it's possible that data collection creates a need for more data collection...

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You can differ with the methods of data collection, but one thing is clear: if the data these companies are selling didn't actually prevent significantly more fraud dollars lost than the data costs the lenders to purchase, the companies would be out of business.

NYSE:CLGX has been good to its investors $16 -> $28 in the past two years).

 

I'm sure the data reduces the exposure to fraud for those lenders who purchase the data.

 

But it's not clear that creating these databases reduces the overall level of fraud in the economy.

 

So it's possible that data collection creates a need for more data collection...

Fraudsters will take the path of least resistance, which no company wants to be...

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This data would be coming from Corelogic according to this article? Where does Corelogic get their data from?

 

All these data analytics companies, like Corelogic, LexisNexis, EWS, etc. all claim that they specialize in fraud detection and prevention. All of this data collection that is done on consumers is performed under the guise of fraud prevention. Yet, fraud is occurring at record levels. If these companies are so concerned about fraud prevention, then why aren't any of their products doing anything to help with the problem? Obviously that's a rhetorical question, because that is not what these companies are designed to do.

 

We are all sheep and our government/big business is a horny shepherd.

 

 

+100.

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None of the credit bureaus are consumer advocates. They have a racket going if you think about it. They run ads telling companies how they can reduce their risk and they can help them not lend to people who are high risk... then the credit bureaus also sell to the consumers talking about... check your credit reports for inaccuracy... and the credit reporting agency is the very company who is making it possible for companies to submit inaccurate information.

 

The credit bureaus have a good reason to let creditors keep reporting inaccurate information, because the consumer will keep subscribing to services from the credit bureau, even though after you dispute they have to send you a free updated copy after their investigation but most consumers don't know this.

Like the banks charging customers interest and annual fees to use their credit cards, then they also charge the business to take the card... its all profit driven.

 

Now after my rant, I realize that I'm just jealous that they make a way to make money on both ends.

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None of the credit bureaus are consumer advocates. They have a racket going if you think about it. They run ads telling companies how they can reduce their risk and they can help them not lend to people who are high risk... then the credit bureaus also sell to the consumers talking about... check your credit reports for inaccuracy... and the credit reporting agency is the very company who is making it possible for companies to submit inaccurate information.

 

The credit bureaus have a good reason to let creditors keep reporting inaccurate information, because the consumer will keep subscribing to services from the credit bureau, even though after you dispute they have to send you a free updated copy after their investigation but most consumers don't know this.

 

Like the banks charging customers interest and annual fees to use their credit cards, then they also charge the business to take the card... its all profit driven.

 

Now after my rant, I realize that I'm just jealous that they make a way to make money on both ends.

 

OMG, these bastards are in if for the MONEY? :dntknw::dntknw::dntknw:

 

It's in the CB's best interest to have substantially correct info. Credit issuers of all kinds are in the risk business, and they need to know how to price the risk so it's profitable. A credit report helps them do that.

 

If credit issuers were willing to pay $10,000 for a credit report (instead of, say, $3) the data might be almost perfect. There would be in-person interviews of executives from your current and past creditors, and they would sign affidavits. Your credit report might be audited by one of the big accounting firms, and issued with a certificate of authenticity.

 

More accurate data is worth more, but it's also more expense to collect and maintain. At some point increasingly accurate data isn't profitable.

 

Of course, if the credit report cost your credit card issuer $10,000, imagine how much you'd be bitching about the unfairness of 14,755% APR on your Lane Bryant card.

 

This is just economics.

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None of the credit bureaus are consumer advocates. They have a racket going if you think about it. They run ads telling companies how they can reduce their risk and they can help them not lend to people who are high risk... then the credit bureaus also sell to the consumers talking about... check your credit reports for inaccuracy... and the credit reporting agency is the very company who is making it possible for companies to submit inaccurate information.

 

The credit bureaus have a good reason to let creditors keep reporting inaccurate information, because the consumer will keep subscribing to services from the credit bureau, even though after you dispute they have to send you a free updated copy after their investigation but most consumers don't know this.

 

Like the banks charging customers interest and annual fees to use their credit cards, then they also charge the business to take the card... its all profit driven.

 

Now after my rant, I realize that I'm just jealous that they make a way to make money on both ends.

 

OMG, these bastards are in if for the MONEY? :dntknw::dntknw::dntknw:

 

It's in the CB's best interest to have substantially correct info. Credit issuers of all kinds are in the risk business, and they need to know how to price the risk so it's profitable. A credit report helps them do that.

 

If credit issuers were willing to pay $10,000 for a credit report (instead of, say, $3) the data might be almost perfect. There would be in-person interviews of executives from your current and past creditors, and they would sign affidavits. Your credit report might be audited by one of the big accounting firms, and issued with a certificate of authenticity.

 

More accurate data is worth more, but it's also more expense to collect and maintain. At some point increasingly accurate data isn't profitable.

 

Of course, if the credit report cost your credit card issuer $10,000, imagine how much you'd be bitching about the unfairness of 14,755% APR on your Lane Bryant card.

 

This is just economics.

 

Agreed, however if we are at point A and we want an accuracy increase to point B (100% accurate) there is still room for marginal profit increase.

 

Perhaps not all the way to B but it could be better. Even 90% would be acceptable and isn't likely to be in the realm of killing profit.

 

Ironically B* is an example of data accuracy flaws.

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"I can't let you do that, Hal." :P

 

Sent from my SAMSUNG-SGH-I527 using Tapatalk

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None of the credit bureaus are consumer advocates. They have a racket going if you think about it. They run ads telling companies how they can reduce their risk and they can help them not lend to people who are high risk... then the credit bureaus also sell to the consumers talking about... check your credit reports for inaccuracy... and the credit reporting agency is the very company who is making it possible for companies to submit inaccurate information.

 

The credit bureaus have a good reason to let creditors keep reporting inaccurate information, because the consumer will keep subscribing to services from the credit bureau, even though after you dispute they have to send you a free updated copy after their investigation but most consumers don't know this.

 

Like the banks charging customers interest and annual fees to use their credit cards, then they also charge the business to take the card... its all profit driven.

 

Now after my rant, I realize that I'm just jealous that they make a way to make money on both ends.

 

OMG, these bastards are in if for the MONEY? :dntknw::dntknw::dntknw:

 

It's in the CB's best interest to have substantially correct info. Credit issuers of all kinds are in the risk business, and they need to know how to price the risk so it's profitable. A credit report helps them do that.

 

If credit issuers were willing to pay $10,000 for a credit report (instead of, say, $3) the data might be almost perfect. There would be in-person interviews of executives from your current and past creditors, and they would sign affidavits. Your credit report might be audited by one of the big accounting firms, and issued with a certificate of authenticity.

 

More accurate data is worth more, but it's also more expense to collect and maintain. At some point increasingly accurate data isn't profitable.

 

Of course, if the credit report cost your credit card issuer $10,000, imagine how much you'd be bitching about the unfairness of 14,755% APR on your Lane Bryant card.

 

This is just economics.

 

 

How is life in Mayberry these days?

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None of the credit bureaus are consumer advocates. They have a racket going if you think about it. They run ads telling companies how they can reduce their risk and they can help them not lend to people who are high risk... then the credit bureaus also sell to the consumers talking about... check your credit reports for inaccuracy... and the credit reporting agency is the very company who is making it possible for companies to submit inaccurate information.

 

The credit bureaus have a good reason to let creditors keep reporting inaccurate information, because the consumer will keep subscribing to services from the credit bureau, even though after you dispute they have to send you a free updated copy after their investigation but most consumers don't know this.

Like the banks charging customers interest and annual fees to use their credit cards, then they also charge the business to take the card... its all profit driven.

 

Now after my rant, I realize that I'm just jealous that they make a way to make money on both ends.

 

OMG, these bastards are in if for the MONEY? :dntknw::dntknw::dntknw:

 

It's in the CB's best interest to have substantially correct info. Credit issuers of all kinds are in the risk business, and they need to know how to price the risk so it's profitable. A credit report helps them do that.

 

If credit issuers were willing to pay $10,000 for a credit report (instead of, say, $3) the data might be almost perfect. There would be in-person interviews of executives from your current and past creditors, and they would sign affidavits. Your credit report might be audited by one of the big accounting firms, and issued with a certificate of authenticity.

 

More accurate data is worth more, but it's also more expense to collect and maintain. At some point increasingly accurate data isn't profitable.

 

Of course, if the credit report cost your credit card issuer $10,000, imagine how much you'd be bitching about the unfairness of 14,755% APR on your Lane Bryant card.

 

This is just economics.

How is life in Mayberry these days?

I might be too young, but I don't remember the episode of the Andy Griffith Show where profitability of Fortune 500 companies was central to the plot.

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