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Credit Industry Opposes Anti-ID Theft Method
athloi alerts us to an opinion piece running in USA Today on the backlash against an effective tool to fight identity theft. The big three credit bureaus don't like the numerous state laws that have been passed requiring them to give consumers a simple way to freeze their credit. Watch for a push at the federal level to get a watered-down statute that pre-empts state laws. "Lawmakers across the country — pushed by consumer advocacy groups — ... have passed laws that allow consumers to freeze their credit, a surefire way to prevent thieves from opening new accounts or obtaining a mortgage in a consumer's name. Under a freeze, a consumer cuts off all access to his credit report and score, even his own. All lenders require that information, so no one can borrow money in the consumer's name until he or she lifts the freeze. It's simple, and it works. So, of course, it's under threat from the Consumer Data Industry Association, which represents the Big Three credit bureaus. They make millions gathering and selling consumer data. Freezes cut into that business."
Good point. You can create a new password at any time. For security you will need to provide your "create new password" password.
Indeed. I recently came into a fair amount of money, to the point where I don't need credit anymore, for any reason - or even the ancillary benefits of a good credit rating like when potential emnployers run a credit check on you to see if you are reliable.
So I took the opportunity to "resolve" a dispute I had with a prior lender by just halting payment and ignoring their threats. I really enjoyed taking the calls from their internal collection group. I think I must be a one in a million case for them - a guy with a previously stellar credit rating who just doesn't give a crap about their threats. They are used to people who play games, trying to weasel out of paying with all kinds of excuses. I just flat out told them, I'm not paying and I don't care what you do to my credit report. They would ask me if I couldn't pay due to lack of funds, try to work out a payment schedule, etc, etc. It just would not sink in that I had lots of money and they just weren't getting a dime.
Don't get me wrong here, the dispute is honest and true and I believe I have the higher moral ground. I just decided that I wasn't going to play their stupid reindeer games because I no longer had to, and it felt great.
I'm gonna go live off the grid somewhere.
No such thing. If the banks don't get you, the tax man certainly will.
What?
But it'd be so annoying to come up with a new pin for everyone. Let's reuse an existing number that everyone already has. I know! Let's use their SSN!