Re:The careless errors of credit reporting agencies
by nickpsecurity on Sunday September 11, 2016 @06:00PM
(#12475971)
"that is that the US is a country of immigration and so you had to find a way to allow foreign people without any history and no reason to trust them."
Remember our banking system in U.S. pays politicians to create laws that benefit them. It's actually not much a stretch to even claim they own the country between ex-bankers doing the regulations, bankers paying off politicians, bankers getting bailouts, the Fed, and bankers obviously controlling financial backbone of economy. So, I always consider whether this could have impacted a law, standard practice, or whatever.
Well, one thing they like is you buying stuff with their money and paying interest. It's basically how they all make money outside things like fees and services. Guess what our "backwards" credit system forces us to do. You were absolutely correct if you guessed "guarantee billions in profits for bankers." I'm not sure if they created the original model but it should be on list of possibilities to consider given they pull lots of stuff like this.
Another example they probably paid politicians for is how they do tax write-offs on charged-off loans they're not going to collect. The reasonable parts are them not paying taxes on loans they can't collect and borrower paying taxes on amount they borrowed because it's effectively income. The sneaky modification they also write off the interest and fees they charged on top while borrower pays taxes on those as if they were income. Interest and fees certainly aren't income. This scheme works great for banks and IRS but not consumers.
Remember our banking system in U.S. pays politicians to create laws that benefit them. It's actually not much a stretch to even claim they own the country between ex-bankers doing the regulations, bankers paying off politicians, bankers getting bailouts, the Fed, and bankers obviously controlling financial backbone of economy. So, I always consider whether this could have impacted a law, standard practice, or whatever.
Well, one thing they like is you buying stuff with their money and paying interest. It's basically how they all make money outside things like fees and services. Guess what our "backwards" credit system forces us to do. You were absolutely correct if you guessed "guarantee billions in profits for bankers." I'm not sure if they created the original model but it should be on list of possibilities to consider given they pull lots of stuff like this.
Another example they probably paid politicians for is how they do tax write-offs on charged-off loans they're not going to collect. The reasonable parts are them not paying taxes on loans they can't collect and borrower paying taxes on amount they borrowed because it's effectively income. The sneaky modification they also write off the interest and fees they charged on top while borrower pays taxes on those as if they were income. Interest and fees certainly aren't income. This scheme works great for banks and IRS but not consumers.