28 Mar 07
Something I just heard about that sets the stage for a new underclass in the US, among other things, the use of credit reports as a employee screening technique. I think this is a positively evil development. Think about it. The economy goes through ups and downs and each down cycle leaves people without money and therefore will get behind on credit payments. Several things go on here. One is a new style of the use of credit reports where if you get behind on say, your car payment, credit card companies can and will dump your lower interest payment to an incredible level, say from 12 % to 29% even though your history with them has been perfect. But if you lose your job, of course you lose your insurance and then, because your credit score has just gone down, you try to get back on your feet and get another job only to find out later you were rejected precisely because of a low credit score which you had been trying to clear up. It leads to a class of people who are essencially unemployable by those companies using credit scores to even get past first base in a job search. So a new underclass comes about and may be a permanent change in the class struggle. IMO, there should be laws enacted for both of these insidious credit practices. I intend to pursue this with lawmakers. Anyone have any thoughts about this subject? I am pretty sure I am one of those rejected, having been totally screwed by the system, losing my job, insurance, and unable to keep up with debt but applying for a job at Lowe's hardware, was totally rejected. That doesn't bother me near as much as the development of an entire new underclass.
28 Mar 07
1 edit
Originally posted by sonhouseThere are a couple of ways to look at this. I for one believe that you should not buy anything on credit that you can't pay for( on time). There should be some kind of intervention on all credit card companies though. They make it way to easy for someone to go into major dept real quick and make it very hard to get out of.
Something I just heard about that sets the stage for a new underclass in the US, among other things, the use of credit reports as a employee screening technique. I think this is a positively evil development. Think about it. The economy goes through ups and downs and each down cycle leaves people without money and therefore will get behind on credit payment rejected. That doesn't bother me near as much as the development of an entire new underclass.
As for companies doing background checks and pulling credit reports, in some cases I am for it. Not to go to work for Home Depot or anything like that but for Banks, lending agencies or places were grand theft is very possible.
28 Mar 07
Originally posted by sonhouseNot to worry, the new American "underclass" won't starve since there's plenty of work to be had. Witness the scores of illegal immigrants who show up each day at "Immigrant Day Labor Centers" in every city across America. None of the jobs that illegals do require a credit score, driver's license, social security card, background check, sobriety test, citizenship test or any other hoop that an HR department requires you to jump through before you start a new career. All that these jobs require is a willingness to work.
Something I just heard about that sets the stage for a new underclass in the US, among other things, the use of credit reports as a employee screening technique. I think this is a positively evil development. Think about it. The economy goes through ups and downs and each down cycle leaves people without money and therefore will get behind on credit payment ...[text shortened]... rejected. That doesn't bother me near as much as the development of an entire new underclass.
28 Mar 07
Originally posted by sonhouseApparently they call it a Fikus (??spelling) score and a person with years of having a good repayment history only has to miss one payment by one day(sometimes unavoidable because of longweekends/cheques for services not cleared because of slow paying customers etc) and this centralized data base then blacklists your credit rating and whamo all of your rates go up and when you least can afford it you have to pay more.
One is a new style of the use of credit reports where if you get behind on say, your car payment, credit card companies can and will dump your lower interest payment to an incredible level, say from 12 % to 29% even though your history with them has been perfect.
Us markets had a shake recently because of a lack of confidence the market had with sub prime lenders who provide credit to those with bad credit. Credit costs more when you pose a greater risk I suppose. Its just that because they have disclosed their right to be able to raise your interest rates at will because of non payment to any creditor, by signing for the privilege of their card you may have just as well sold your soul.
In certain instances of course. Seasonally adjusted to include the potential of you winning a lottery or scamming your insurance of course.
28 Mar 07
Originally posted by kmax87Other practices by lending companies: If you are on the east coast, they make sure you send your payment to the west coast to a small town so the payment takes as long as possible and vice versa on the west. There are extra charges added at will, it used to be called extortion but if it's in the fine print, so what. If you complain, some companies recind the charge but they count on millions of other customers who don't notice and so extract billions more out of an already compromised economy. If you get a call from a card company saying are these unusual charges actually yours? you say, yes, and they say, ah we were trying to protect you from possible theft and you feel good about that company looking out for your interest but what they are in fact really up to is to make sure it really isn't theft, not that they care a crap whether you are ripped off but because there is a federal law that says they are responsible for such theft and so they are looking out for their OWN interest, screw the customer.
Apparently they call it a Fikus (??spelling) score and a person with years of having a good repayment history only has to miss one payment by one day(sometimes unavoidable because of longweekends/cheques for services not cleared because of slow paying customers etc) and this centralized data base then blacklists your credit rating and whamo all of your rates ...[text shortened]... adjusted to include the potential of you winning a lottery or scamming your insurance of course.
Did you know 8 BILLION credit card come-ons are sent out each year to americans? Thats over one per person on the entire planet. Each one of course has stipulations they can screw you over in several ways at will if you are stupid enough to sign up.
28 Mar 07
Originally posted by sonhouseAdditionally, they have attained legal immunity from gross libel.
Other practices by lending companies: If you are on the east coast, they make sure you send your payment to the west coast to a small town so the payment takes as long as possible and vice versa on the west. There are extra charges added at will, it used to be called extortion but if it's in the fine print, so what. If you complain, some companies recind th ...[text shortened]... ulations they can screw you over in several ways at will if you are stupid enough to sign up.
First off, they take knowledge of social security number as "proof of identity". A completely absurd premise, but easy credit gives them more profits to overcome the relative few frauds. As long as they take in more on interest and fees from good customers to make up for losses from identify theft, they consider it a good trade off. But the poor victims of identify theft are screwed.
Just think, without any meaningful evidence (other than someone knowing your social security number opened an account) they, along with the credit reporting companies libel you as someone who has defaulted on one or more revolving credit loans. If that doesn't meet the legal definition of libel, I don't know what does. You then spend months of sweat and tears, along with loads of money trying to prove your innocence.
But the banks have bought off congress.
Even if you aren't a victim of idendify theft, in many cases you wind up spending hundreds of dollars just to be proactive and prevent yourself from being a victim.
If a company gives credit to someone claiming to be you based soley on them knowing your SSN, and then later defames your name, they should be taken to court for libel.
28 Mar 07
Originally posted by techsouthThe Wafen SS helped do it to millions during ww2. Now you have a number an SSN that seems to do in millions more. Not as horrifically for sure but comprehensively so it would seem nevertheless. Its funny the symmetry of letters over time.
If a company gives credit to someone claiming to be you based soley on them knowing your SSN, and then later defames your name, they should be taken to court for libel.
28 Mar 07
1 edit
Originally posted by kmax87I don't think the assignment of a number means anything in an of itself. I assume you're talking about concentration camp numbers and if so I hardly think the assignment of such numbers contributed much to facilitate the evil.
The Wafen SS helped do it to millions during ww2. Now you have a number an SSN that seems to do in millions more. Not as horrifically for sure but comprehensively so it would seem nevertheless. Its funny the symmetry of letters over time.
As much as I dislike the idea of government run retirement plans such as Social Security, and as much as I dislike the abuses of their use in the credit industry, I don't put much stock in a comparison. I would have to be a professional victim to latch on to this comparison.
Hey, Hitler had 10 fingers, George Bush has 10 fingers... need I say more?
I think this comparison is only slightly less astute.
BTW: kmax, I am assigning you a number, it is 118456.
28 Mar 07
Originally posted by techsouthThe association was very simple. SS --> SSN. No numbers, no victimization, just an odd coincidence. Weak as but heh I dont like blogging.
I don't think the assignment of a number means anything in an of itself. I assume you're talking about concentration camp numbers and if so I hardly think the assignment of such numbers contributed much to facilitate the evil.