Solved

FICO justification

Posted on 2011-02-23
1
125 Views
Last Modified: 2012-05-11
So I got to wondering:

How can companies keep and share all the personal information that is stored in our credit reports and history without our explicit permission?  Is there a law saying that my payment history, loan history, or credit card history is public information?  What gives all these companies the right to share all this information with other companies?

Also, what law says that a company can CHARGE for our score when this score seems to run our lives?  If this FICO score is integrated into our lives the way it is, shouldn't we have the right to know what these companies are scoring us?  

I am not looking for reasons why FICO exists, I already know this.  I'm asking for the laws that permit it to happen and also permit these companies to charge us for the score that they gives other companies that have lifelong affects on our lives.
0
Comment
Question by:CCSOFlag
[X]
Welcome to Experts Exchange

Add your voice to the tech community where 5M+ people just like you are talking about what matters.

  • Help others & share knowledge
  • Earn cash & points
  • Learn & ask questions
1 Comment
 
LVL 83

Accepted Solution

by:
Dave Baldwin earned 500 total points
ID: 34964868
Every credit application you have ever filled out has language that says they can do that.  That language also never gave us the right to review it but Congress finally did.  Companies can charge for their services unless someone makes a law saying they can't.

You're looking at this a little backwards.  People and companies can do what they until a law is passed that says they can't.  No law needs to be passed to say they can.
0

Featured Post

Free Tool: SSL Checker

Scans your site and returns information about your SSL implementation and certificate. Helpful for debugging and validating your SSL configuration.

One of a set of tools we are providing to everyone as a way of saying thank you for being a part of the community.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

CSS is a visual language used to classify objects and define rules about how they should be displayed. CSS skills aren’t restricted to developers anymore, there is a big benefit to having a basic understanding of the language, regardless of your occ…
With the shift in today’s hiring climate (http://blog.experts-exchange.com/ee-blog/5-tips-on-succeeding-in-the-new-gig-economy/?cid=Blog_031816), many companies are choosing to hire freelancers to get projects completed efficiently and inexpensively…
Articles on a wide range of technology and professional topics are available on Experts Exchange. These resources are written by members, for members, and can be written about any topic you feel passionate about. Learn how to best write an article t…
Where to go on the main page to find the job listings. How to apply to a job that you are interested in from the list that is featured on our Careers page.

734 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question