Is Anything About Your Personal Finances Private?

by Dr. Ben on January 25, 2012

In this society we “live and die” by credit scores.  If we want to buy a house, get a credit card, purchase a vehicle, etc., our record of financial worthiness, responsibility or irresponsibility, success or failure can be accessed instantly.  And it’s about to get worse.  According to a New York Times article (Dec. 3, 2011, by Tara Siegel Bernard) a new CoreLogic system has been unveiled which offers far more detailed and intrusive credit related info.  The information will be supplied to the major credit bureaus on December 7, 2011.  The company formed a partnership with FICO and will be developing a new, much more detailed credit scoring methodology, expected to roll out in March, 2012.

Have You Ever?

Had a property tax lien, eviction, missed rental payment or child support judgment?  Ever applied for a PayDay loan, or been late on your Homeowners Association dues?  Ever got a mortgage from a small lender?  Are you “upside down” in your home mortgage to value ratio?  Have you ever fallen behind in paying your utilities?  Had a collection account?  All of this and more will now be included in your credit report and available to potential lenders/credit grantors.

Has It Gone Too Far?

Creditors know or can find out about your personal and household income, current and previous residences, employers, income and property taxes, family and marital status, location, lifestyle, spending habits, etc.  Has micro-monitoring of our daily activities gone too far?  Is too much information about our private lives available?  How tight are controls on misuse, accessibility, errors, etc.?  Have the “need to know” demands of creditors superseded our individual rights to freedom and privacy?  What do you think?

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