What's the constitutional basis of the credit score and why doesn't its existence conflict with privacy rights

Question

Additionally, why aren't individuals entitled to obtain this personal information upon request to the companies which keep it in their records?

Answer 1

If you have a credit history, your credit score doesn't conflict with privacy rights because anybody who views it has been permitted to do so by an agreement you've made (read the fine print of your credit agreement and/or employment applications, loan applications, etc.)

You are entitled to obtain the personal information upon request, but the information comes with a fee, unless you're denied credit, then the creditor who denied your request must disclose the reason for being denied by sending a copy of your credit report.

Answer 2

The Constitution (with one technical exception) does not regulate what individuals do. The Constitution regulates the government. I do not owe you due process of anything: the government does, before it jails you or takes away your property.

The only section of the Constitution that can be violated by an individual is the 13th Amendment: if I reduce a person to slavery, I have violated the Constitution.

Of course, that's not very important: what's important is that there is a federal statute, enacted to enforce the 13th Amendment, that makes it a capital offense to enslave a person, to hold a slave, or to sell a slave.

So the credit score is a private institution. Lots of people don't have a credit score at all. They have no revolving credit, no credit cards, no loans. They live off the grid. It's a lifestyle choice. Don't blame the system if you don't live within your means: it's all under your control.

Answer 3

I think what you're asking about is the constitutional amendment re "unreasonable search and seizure" and the credit reporting beareus/ agencies DO have to conform to certain laws. The reality is that when the score is put together there are certain things that are NOT on the report: age, race, religion, things like this, because it's unconstitutional discrimination.
How this is in code with privacy rights is because, if you're filling out a job application for example, you VOLUNTARILY sign for the possible employer to run the background check, the credit history et cetera, which means you give them PERMISSION to look up your history, which technically can be fought and won, but it's a doozy and good luck.
Technically, you can obtain a copy of your credit report. The information, generally speaking, that you'll recieve in yours won't be much different than a possible employer would recieve if they ran a credit report. Some employers may ask for a more focused report (for example, a retail institution looking to hire a cashier may ask specifically for the credit research beaureau to see if there are any financial crimes and misdemeanors, vs the simple general "drunk and disorderly" or "speeding tickets"), and financial institutions such as banks run more long standing reports (it's less likely that you'll be approved for a mortgage if you've filed for bankruptcy in the past 5 years, but its not impossible), but generally speaking, what you know about your credit on your credit report is the same thing that will show up for them on your credit report if they look.

Answer 4

There is no constitutional basis.

Credit scores are maintained by private companies who share information with other private companies. And you consent to have your credit information shared every time you sign an application -- if you read the fine print.

You are entitled to obtain this information. Under recent legislation (in the US) everyone can request their credit report from each agency at least once per year. Plus you are entitled to a report any time you are denied credit based on information in that report.

Answer 5

There is nothing in the Constitution that addresses anything close to debt - credit card or otherwise.

The Law addresses these matters.

Anytime you request credit from anyone, they have the right to check what kind of financial risk you are....that is commerce.

If you went for a bank loan, they would want to know what your repayment history is before they shell out the money.

It makes perfect sense....

And, you ARE entitled to a copy of your own credit score from any of the 3 or 4 credit reporting agencies.... but you can't get a report that isn't in your name.

Answer 6

Constitutional rights are to protect the individual from an intrusive Government. The Bill of Rights doesn't apply to a credit company or companies. Each company has its own policy about releasing information.

Answer 7

Maybe you should approach the candidates with this question and demand a "Freedom of Information Act" such as Canada has.

Under this act most information about must be released upon your request. There are some exceptions. It has been very helpful in many cases where individuals' freedoms were encroached upon.

Good Luck.

Answer 8

credit scores can only be applied by credit lending institutions except in occasional cases where future solvency is conditional in a contract, as business mergers. Privacy is protected by criminal/civil liability of unauthorized disclosure. Although sometimes merchants are granted limited access to temporal credit.Short - term credit, as credit/debit transaction verification, although this is usually done primarily through registered institutions.

Answer 9

The credit score process is absolutely unconstitutional, in many cases information is reported on debts that have not been proven in a Court thus bypassing due processing and allowing reporters to limit your ability get a job, be considered as credit worthy based on unqualified reportings.

Answer 10

it's clearly unconstitutional - due process, property rights, etc.

but it takes bucks to fight the mega-corporations that own our politicians, and only mega-corporations and their backers have that kind of money.