[Noisebridge-discuss] Bringing Down the Credit Bureaus

[dpc]

Brian Molnar <brian.molnar at gmail.com> writes:

> Imagine the following scenario:
>
> *You apply for a credit card, and with the information you provide in the
> application, the bank finds your online profile and sends you a request to
> view (read-only) it. You get the request, approve it, and soon the bank uses
> that information to figure out your credit limit. Once they decide to issue
> you a card, they send another request to gain access that allows them to
> make claims against your account, which is a pre-requisite for them to issue
> you a card.
>
> Then, say, after a couple months you fall behind on payments and they decide
> to try to ding your credit, then they would issue a claim ith the service
> and you'd immediately get a notification telling you that you have 10 days
> to settle the claim with the bank before it posts to your profile. You call
> them up, arrange a sufficient payment and they cancel the claim before it
> posts.*

a small thing...

i think that banks/lenders would have an issue if the claim was
cancelled entirely on payment (not even as a note or something). i can
see this as: i'm budgetting based on payment in a certain window, having
'lateness' and 'goodness' being equal in a report reduces its utility.

\p
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I'd rather be dead than think about death. - Brendan Behan