[Noisebridge-discuss] Bringing Down the Credit Bureaus

[Brian Molnar]

On Wed, Jan 6, 2010 at 5:25 PM, Jason Dusek <jason.dusek at gmail.com> wrote:

>
>
>   A claiming organization's incentives are not really aligned
>  with that of a user with a credit history. How will an
>  organization that is overly aggressive in making claims be
>  found out? There should be a summary of a lending agency's
>  behaviour within the reporting system.
>
>
I agree. In much the same way that eBay allows buyers and sellers to be
ranked, I think it would be essential that feedback be accumulated and
reported on creditors as well. That way potential borrowers could request
background information about lending institutions in the system as well.
This would include things like the number of accounts they are attached to,
the number of claims they've submitted, how many of those claims were
sucessful / overturned, etc.



>  Who should be able to view this history? Everyone? Only people
>  seeking a loan? How much information should be available in
>  it? I'm not sure about the answer to any of these questions --
>  but greater transparency as to the behaviour and policies of
>  lending agencies would do a lot, I think, to improve their
>  conduct.
>

In a similar vain as Facebook, another organization or individual would only
have access to your information if you approve it. Thus, anyone could submit
a request to access your profile, but you can chose to approve/deny each
one. Currently the credit bureaus will give out your information without
your consent. For instance, if you look at your credit report, you may see
recent views made by potential lenders (usually those offshoot secured
credit card companies). In this scheme, no information would be given out
without your consent.

Also, I'm thinking the access would come in two flavors, read-only and
read/post, in which the an institution can issue claims against your
profile. The read-only requests would be made by potential lenders, where as
the read/post would be done by lenders with whom you'd be entering into a
contract. I suppose also in read/post mode, you would also have access to
provide feedback against the lending institution, so it would be reciprocal
in some regard.
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