2006-12-08 08:48:38 · 5 answers · asked by Cougar 2 in Business & Finance ➔ Credit
no. That would be a bad idea for the economy
2006-12-08 08:52:11 · answer #1 · answered by Koko Loco 2 · 0⤊ 0⤋
It was considered because some had said the current system is unfair. However, the three credit bureau are starting to become more organized in how things are graded, reported, and weighed.
Abolishing the current system would not make much sense. It would be too much of a cluster mess in establishing a new system seeing how important credit scores are used. I would say the current system would go through more changes (i.e. more organization and raising the top credit score) before being replaced.
2006-12-08 16:58:10 · answer #2 · answered by jynxx25 2 · 0⤊ 0⤋
It will never happen. Let me tell you why. I have been a lender and loan officer so I know what I'm talking about.
Credit reports are not for your benefit. They are strictly for business to use as a tool to control whether or not, and how, they offer credit to you. Sadly, they are also routinely used for screening new employees and deciding if you are entitled to insurance or not.
This country is run by big business and big business LOVES credit reporting as a way to screen and control you and your money. Big business has more sway on local and federal government than you do via lobbying and donations to candidates running for office. They hold all the cards (credit and otherwise!).
2006-12-08 16:58:33 · answer #3 · answered by Darlene G 3 · 1⤊ 0⤋
Sadly, Darlene G is correct. However, many accountants have pointed out that there are many situations that could to someone not paying which are not reflected in a credit report. Furthermore, the credit report contains historical information but is being used to predict future events so it is bound to be wrong in some cases.
2006-12-08 17:09:33 · answer #4 · answered by Matt M 5 · 0⤊ 0⤋
why would anyone do that. Not paying your bills?
2006-12-08 16:56:49 · answer #5 · answered by rmrndrs 4 · 0⤊ 0⤋