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Discussion in 'Credit Talk' started by MISSY, Jul 3, 2000.
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They don't actually see a credit report. They ask the CRAs to send them the credit header information on people who meet issuer-specified criteria to develop a mailing list.
This is why they can turn around later and deny you, because they didn't actually see your credit report.
I'm wondering what these creditors are gonna do after November 12 when the CRA's are no longer able to sell them this information; for it surely serves no permissable purpose that I can see.
This is probably the biggest reason "pre-approved" offers will diminish drastictly by next year.
I highly doubt it, CRA's are not their only source for building mailing lists, it just made it easier for them but other credit card companies can easially buy and are more than willing to sell your personal information to other companies, so I really dont think those pre approved schemes will diminish at all, they'll just find another way to get around the law.
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If they just provide lists which contain names, addresses, and telephone numbers of people who meet specified criteria, that probably won't constitute a 'credit header' and they can do that. They can argue that they are just doing the same thing as Acxiom and Information America (both of whom probably have more accurate information on people than the CRAS, because they vacuum up purchase histories, warranty registrations, neighborhood demographics, magazine subscriptions, and the like). The credit header usually contains other identification data, such as date of birth, SSN, previous addresses, aliases, employer, etc.
Currently, the CRAs are making megabucks from selling such information to companies. I cringe to think of how they will go about making up for the losses after November 12. Somehow, I think it will be a cue for all consumers to bend over.
Am I the only one who thinks it should be illegal for ANYONE to sell my information to ANYBODY without my express written permission? I realize that they will just put the waiver on the credit application and make it a condition of receiving credit, but at least I would have the priviledge of telling them not just no, but he** no. I didn't authorize any of the companies where I purchased goods to use my information. If I gave them my name or telephone number or the like, and they are using that information, then they are infringing on my privacy, because they never SAID that they would sell my information. I don't think anyone should be able to get credit information without a signed credit application. Am I too idealistic? Probably. I just have this nutty idea that it's no one else's business where I work or how much I make, or what my ssn is. Guess I'm a dinosaur from an age when being an American citizen meant something.
You're right. It's no one else's business, and it's maddening to think that the CRAs have actually been able to do this to people. Our privacy means nothing to them as long as the dollars are rolling in.
Still, I can't imagine them taking such a loss lying down. They'll find a new way to screw the consumer. The question is how?
Whatever it is will be something we'll have to take at least until an act of Congress forbids it. We all know that doesn't happen overnight.
No Kelly, you aren't the only one. Every business in America feels free to sell whatever information they have about you marketing database companies with insatiable appetites for people's personal information.
It has only been recently with all of the controversy over Internet Privacy that the general subject of privacy has been raised in people's conscience.
Fortunately the tide is turning. The Supreme Court recently upheld the Driver's Protection Privacy Act that prohibits states from selling or otherwise making available personal information gathered by their department of motor vehicles (or equivalent). Naturally, this upset the marketing data base companies as state DMVs were one of their best sources of information.
Everytime you conduct a transaction using a credit card, your purchase history is complied, digitized, and store for later analysis and sale. Everytime you use your 'supermarket club card' to get 10 cents off on gherkens, your purchases are being added to a database somewhere so someone can send you piles of junk mail touting some other company's better pickles.
Some stores ask you for personal information, even if you are paying cash. Radio Shack is particularly guilty of this. I once went into one to buy a small battery and was paying cash and the teenage clerk started asking me for my life history to type into the computerized cash register. I told him I was paying cash and he basically told me that he couldn't ring up the sale without the information. I said just make up something. He said he couldn't or he'd get fired. I summoned the manager. He seemed quite irritated that I wouldn't go along with their little scheme. It took about five minutes of fussing with the computer, but I finally managed to consumate my transaction.
One good thing is that the CRAs have stopped offering a 'reverse append' to any merchant. That's where they would look up the credit card account number that you used in their database and give the merchant your name and address from the credit header associated with that account number. They still do this for big merchants though. Shortly after a made a purchase at Best Buy with a credit card, I started getting junk mail from them. I did not give them my address when I made the purchase.
Basically, you want to pay cash for everything to avoid nonsense like this. There isn't much you can do to completely avoid having your privacy invaded in an organzied fashion, but there is plenty you can do to remain below the radar horizon so that you have a 'thin file' with the CRAs and database companies, thus making you a less desirable target for junkmail and telemarketing.
For additional information and resources go to Yahoo: Government:Lawrivacy.
Also, check out the privacy forum at:
Doris -one thing I think we can look forward to is the selling of credit risk scores probably later this year to replace some of that lost revenue. My guess is that it will be priced at about a surcharge of $4 in addition to the $8 it costs for a credit report. And...
....after all this time of telling the public that no one could understand the "secret" credit scores (FICO), and that the individual would have no use for them....
.....just wait until they start making money on them. You will see an incredibly HUGE marketing campaign by them to make you believe that buying your credit score is more important than feeding your children. Funny how money changes their position on things.
My sentiments exactly.
The CRA's (TransUnion in particular) were quick to realise HUGE the money making possibilities.
With the public becoming aware and demanding action after the fiasco with E-Loan, the government is being forced to take action. Combine that with Fannie Mae deciding to implement their own scoring system and Fair Isaac's @!#$, "we're too big to be affected" attitude I felt the other month they would be marginalized by the end of the year. Instead, in a instance of clarity and forward-thinking rarely seen in big money corporations the management at FICO has changed their tune (it would be most thrilling to find out the true power play that must have taken place as the company teetered on the brink of doom).
The good thing about the availability of credit scores is the ability to keep a handle on and take steps (the first one obviously responding to fewer applications) to make sure they don't drop below that 'magic number' where creditor vultures are waiting to increase your rate, of course this precludes such criminal organisations as First USA and Fleet which raise your rates regardless of justification or cause.