If youve tried to expand your borrowing privileges on a credit card debt account or applied for a residential home mortgage over the past year, youre probably already aware that the commercial lending industry has begun to investigate the private lives of their potential clients with a new found ferocity that has some consumer advocates worried about what the future may hold. Appreciating the constraints of credit bureau information (from whose reports we receive the all important three digit credit score), some firms have begun to gather data never before available to the underwriters approving or declining loans that would include eviction notices, lapsed rental history, and the failure to maintain familial support payments as determined by the courts. Without question, access to this sort of knowledge would improve the qualifying criteria utilized by the banks prior to offering funds, but is the cost of providing such informational resources too high?
Although still only a theoretical notion, some of the largest corporate lenders have announced that plans for utilizing the data are currently under consideration, and our elected officials seem to believe the deepening attention to at risk areas of consumer behavior would be more than worth any potential fears of intrusion by the business community into customer affairs. Of course, from the point of view of governmental arbiters, the increased focus and elevated publicity given to such missteps as hiding from property tax liens or defaulting upon child support should only urge heightened caution and provoke debt relief efforts among Americans that never should have allowed such problems to fester in the first place, but that perspective has hardly quieted critics of the proposed policy change.
“Its all well and good to say that responsible consumers wouldnt mind a little more light thrown upon their transactions,” said debt settlement negotiation specialist George MacDonald, “but do we really think that the poorest families are missing these bills out of nothing more than an arrogant carelessness? With so many heads of households barely employed despite their best efforts and fighting to avoid bankruptcy, its a mockery of the whole financial system to pretend that credit scores have any sort of basis in morality. Every possible study has proven that the men and women of this country will do everything in their power to pay back their lenders when they can, but thats just not always going to be possible in this economy. Do we want these small accidents and they are small and they are, in the broadest sense, accidents to sink the consumers chances for bettering their lives ever after?”
The lenders answer, sadly enough, seems to be yes. At the point, the public discontent with allowing corporate America to peer inside their dirty laundry seems not at all to bother the banks obsessed with further scrutinizing the innermost workings of their prospective clients. We should all admit that the credit card debt relief crisis ongoing throughout the United States suggests that some barriers to a freely borrowing consumer base over used to relying upon exaggerated balance limits that enables the already impoverished to dig their own fiscal graves, but this hardly seems to warrant such unmitigated affronts to privacy. “Even if you dont mind unearthing the hidden skeletons of tax cheats and alimony scofflaws,” concludes MacDonald, “just wait until youve been denied a mortgage because of some old dispute with a landlord twenty years ago!”
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