Everyone should have a good credit rating, right?

If too many blacks and Hispanics have poor credit ratings, the problem is obviously with the credit reporting agencies. Obama is fixing the problem.

Bullied by President Obama’s new consumer watchdog, the Big Three consumer credit bureaus have curved credit scores for deadbeats. The capitulation is a bad omen for the economy.

The credit-scoring system underpins our economy. If lenders and insurers can’t rely on it, they can’t make sound judgments about the risks involved in millions of transactions each day.

Then last summer, the administration fed a front-page story to the Washington Post lamenting how “credit scores of black Americans have been systematically damaged” by subprime foreclosures, “haunting their financial futures.” A week later, CFPB announced in Detroit that it would start policing Experian, Equifax and TransUnion.

Make credit easy. Don’t worry about past payment behavior. Give out mortgages for the asking. Ability or willingness to pay is meaningless. Everybody should get a mortgage. What could go wrong?

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10 Responses to Everyone should have a good credit rating, right?

  1. Rockheim says:

    Kinda like everyone should have a house..

    //CRA and forcing banks to “overlook” credit details in home loans worked out so well.. Lets do it all over again..

    • R.D. Walker says:

      But, but, but… If everyone has a good credit rating no one will need to “overlook” anything. See? All fixed.

  2. Roy Ryder says:

    Just proof that one person can make a difference. But they probably shouldn’t.

  3. Jim22 says:

    America is so screwed.

  4. Bman says:

    I have a superior credit rating, (not bragging, I just do). What they can do is take some of my credit rating and give it to some dead beat to raise his credit score. Sure, My score would go down, but it’s ok. It makes it more “fair”.

    I solve problems.

  5. notamobster says:

    I went from 750 +/- to “Dear God, I don’t even want to know”, a few years ago. I don’t want extra points.

    If I ever decide to take out another loan, I will re-establish my credit on my own, the American way. Damn these colectivist bastards and their handouts.

    • BigJimTX says:

      I tanked mine when I was younger. I fixed it on my own. I repaid my old debts and made good on new ones. I learned a lot about personal finances and financial decision-making.

      Equal opportunity, not equal results.

      • notamobster says:

        That’s what I did, Jim. Mine was messed up when I was a kid and I made it worse as a young man. I thought a credit card meant I had money. “What do you mean I don’t have any money in my account? I still have checks!” πŸ™‚

        I went from just over 400 to 750 in a little more than a year and a half. I wanted to buy a house, so I worked to improve my reliability (that’s precisely what a credit score indicates) by paying off old debts. I learned everything I could about the subject from the internet and made it happen.

        I was doing well, then lost it all. I haven’t even looked at it since.

        • BigJimTX says:

          Exactly. I just didn’t have the misfortune of the rug getting pulled from beneath me recently. The opportunity to turn it all back around will present itself. Hopefully it’ll be worth looking at again soon.