Who's Defrauding Who?
Dear Senator Waugh:
I'm writing about my concern over PA SB180.
Once again it seems that corporate America is dipping into the consumers' pocket and making it appear as if they are going out of the way to help protect consumers against fraud. As always, anyone with reasonable intelligence can see that the credit reporting companies are looking to pad their pockets with more money in fees and at the same time slow down the process of protecting consumer information by requiring registered letters (at the consumers expense) to be sent to each credit reporting agency to block access to personal credit information.
I propose to you that these companies are making money using data that clearly is owned by the consumer and the other financially interested party. If anyone should be paying; it should be the credit reporting agencies paying the consumer for selling our information without our consent! These financial transactions should be between the lender and borrower and not public information.
But I will concede that a change of that nature will not happen because it would obliterate the credit industry and we all know that would bring America to it's knees.
Let me propose instead of the current legislation that all credit reporting companies should protect ("freeze") all consumer information by default without the need for the consumer to send registered letters. And should the consumer desire to temporarily defrost their information; it should be limited to the specific agent specified by the consumer at no cost - instead of forcing the consumer to pay the credit reporting companies to "freeze" and then again to "defrost" their information every time there is a need to perform a financial transaction.
I also believe that the selling of mailing list by these companies is nothing more than scandalous and encourages identity theft by "wanna be" thieves by intercepting credit card and other financial mailings.
Again let me state that there should be no fees involved - this is our information, these companies should be paying us for the privilege.
I'm writing about my concern over PA SB180.
Once again it seems that corporate America is dipping into the consumers' pocket and making it appear as if they are going out of the way to help protect consumers against fraud. As always, anyone with reasonable intelligence can see that the credit reporting companies are looking to pad their pockets with more money in fees and at the same time slow down the process of protecting consumer information by requiring registered letters (at the consumers expense) to be sent to each credit reporting agency to block access to personal credit information.
I propose to you that these companies are making money using data that clearly is owned by the consumer and the other financially interested party. If anyone should be paying; it should be the credit reporting agencies paying the consumer for selling our information without our consent! These financial transactions should be between the lender and borrower and not public information.
But I will concede that a change of that nature will not happen because it would obliterate the credit industry and we all know that would bring America to it's knees.
Let me propose instead of the current legislation that all credit reporting companies should protect ("freeze") all consumer information by default without the need for the consumer to send registered letters. And should the consumer desire to temporarily defrost their information; it should be limited to the specific agent specified by the consumer at no cost - instead of forcing the consumer to pay the credit reporting companies to "freeze" and then again to "defrost" their information every time there is a need to perform a financial transaction.
I also believe that the selling of mailing list by these companies is nothing more than scandalous and encourages identity theft by "wanna be" thieves by intercepting credit card and other financial mailings.
Again let me state that there should be no fees involved - this is our information, these companies should be paying us for the privilege.
posted by cityguy at 11:19 PM
0 comments
