Is it true that credit bureaus are working with banks in a scam to keep peoples credit low to allow the banks to charge higher interest rates to people with low credit scores..and funneling money comps back to the credit reporting agencys.. anyone in the banking industry that might have knowladge or information on this.. Its an artical I came across ..if its true this would be bigger than the Enron scandal..
2007-02-20 12:08:09 · 3 answers · asked by ralphtheartist 3 in Business & Finance ➔ Other - Business & Finance
I doubt it. The banks would loose the business of the people who had too low of a score. Which would mean less people accepted, less money made on interest and late fees.
2007-02-20 12:12:11 · answer #1 · answered by Mariposa 7 · 0⤊ 0⤋
Hi!
Nope. Not true at all. What is a money comp? It is true the bureaus can be a royal pain in the butt and they sincerely love making money on both ends of the equation..conusmers and businesses.
No..they have to follow the law or get their clock cleaned by the FTC because the FTC only goes after the big fish.
They are three of the biggest fish to go after..soo..no..I don't believe it.
No..the banks have enough to worry about with credit unions anyway...without adding to the list of trouble.
2007-02-20 21:28:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This would be highly discriminative and would be of no benefit to anyone, least of all the banks as they would loose business.
2007-02-20 20:16:02 · answer #3 · answered by holly 7 · 0⤊ 0⤋