New Federal Database Will Track Americans' Credit Ratings, Other Financial Info

schwit1 (797399) writes "As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives — including their Social Security numbers — in a new national database being assembled by two federal agencies. The Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy. The FHFA will manage the database and share it with CFPB. A CFPB internal planning document for 2013-17 describes the bureau as monitoring 95 percent of all mortgage transactions. FHFA officials claim the database is essential to conducting a monthly mortgage survey required by the Housing and Economic Recovery Act of 2008 and to help it prepare an annual report for Congress."

Comments

It's more than mortgages.

[TigerPlish]

According to TFA:

Late car payment? It'll be recorded.

Late creditcard payment? Skipped a child support payment? Forgot to pay the water bill? It'll be recorded. Or so TFA says.

The database will also encompass a mortgage holderâ(TM)s entire credit history, including delinquent payments, late payments, minimum payments, high account balances and credit scores, according to the notice.

Really?! "high account balances?!"

The composition of your family? Feast your eyes on this little nugget FTFA:

The two agencies will also assemble âoehousehold demographic data,â including racial and ethnic data, gender, marital status, religion, education, employment history, military status, household composition, the number of wage earners and a familyâ(TM)s total wealth and assets.

Folks.. it *is* big brother. People are focusing on only the mortgage aspect, but if TFA is to be believed, it's a financial dragnet.

What the fuck are they looking for? People spending large sums on strange things?

It won't be for bureaucratic purposes. This will get tied in with law enforcement somehow. That's just my gut feeling, folks... but I do really think LEOs will want in on this.

"Mr Smith, we'd like to have a word with you.. every two weeks you withdraw $100 cash, then as you can see in these pictures, the city's automated license plate readers catch you visiting the address of a known marijuana dealer every time you make that withdrawal. Please step into the van, sir."

It's coming. Maybe not for a bag of sweet leaf, but surely for other things.

2001 was the year the US ended. We sold out to the Gov't and did so willingly; because Terrorism!, because Think of the Children, because War on Drugs! But mainly because Terrorism.

To hell with the federal government, might as well call it the Reich now.