Is It Time to Occupy Credit Scores?

When you get down to it, consumer credit data is a utility, the influence of which extends to all corners of life through its three-digit credit score manifestation.  One's credit score not only impacts credit card and loan eligibility, but also affects interest rates, insurance premiums, the likelihood of lease approval, job prospects, and so on and so forth.  The widespread use of this information, and therefore its supreme importance, is precisely why we must listen to Occupy Wall Street's Alternative Banking Group when it calls for credit reform, while at the same time ignoring most of the group's specific recommendations. The credit reporting and scoring system as it currently exists is deeply flawed.  It is characterized by a strong blend of conflicts of interest and favoritism that both inhibits proper financial management from a consumer perspective and hinders overall innovation within the industry. Take, for example, the case of Experian and FICO.  As you...(Read Full Article)