If I buy a car, my credit rating goes down. If I pay off my car, my credit rating goes down. If I look for other credit cards with better rates, my credit rating goes down. If I cancel my credit cards, my rating goes down. If I have too much debt, my credit rating goes down. If I pay off my debts, my rating goes down.
The credit rating industry is a scam that has no accountability, rules, regulations, qualification or integrity. This industry has no professional standards, or published rules. Yet, they affect all of us. On May 18, the SEC proposed changes that would mandate the agencies not only give you your score but tell you how they came up with it.
Among the proposed changes SEC is recommending are these two; Establish professional standards for credit analysts and publicly provide — along with the publication of the credit rating — disclosure about the credit rating and the methodology used to determine it. There are less than 40 days to comment and support these proposed changes. Please go to www.sec.gov/news/press/2011/2011-113.htm and show your support. As of Tuesday there were only four comments.
Myrna Gardner
Anchorage
Comments (2)
Add commentTry living in the Geico state, where insurance industry rules
Ha! Try living in states where the insurance industry really has a foothold. Bad credit, bad insurance rates!
I wholeheartedly agree with
I wholeheartedly agree with your sentiment! I feel like credit scores are the biggest scam on earth. We're subjected to play by the rules of a game we never consented to play. There isn't much transparency and now they're using credit scores as part of background checks for employment! How absurd is that! I got myself into a credit mess a few years back and it took a lot of work to get my credit profile back to a respectable state!