How Equifax Became a Private IRS

Re:How Equifax Became a Private IRS by corytheboyd on Monday January 23, 2023 @09:23PM (#34498300)

I would not loan someone thousands of dollars on a "trust me bro", so I wouldn't expect banks to either. Corruption of the authority judging trustworthiness is bad, but there just needs to be an authority doing this.

The real problem is more likely that wages and living expenses are not in sync, which just fucks over the poor people. Using credit to avoid literally dying on the street is more a symptom of wages making no sense.

It's sad. I don't like it either. I don't trust these people either. Equifax fucked me and millions of others, and I got a check for $5.21. There is no justice and there never will be.

[ Parent | on HN ]

Re:How Equifax Became a Private IRS by epgui on Monday January 23, 2023 @09:30PM (#34498359)

> there just needs to be an authority doing this

People will tolerate even the harshest laws if they feel like they are applied fairly.

But in this case there is no published rule book, and no published methodology for calculating credit scores. There is not even the most basic transparency.

[ Parent | on HN ]

Re:How Equifax Became a Private IRS by corytheboyd on Monday January 23, 2023 @09:36PM (#34498407)

Don't get me wrong I'd love to see the rule book too. Would you trust the rules though? There will always be the mysterious few with the power. I wish we could just have nice things without corruption :/

[ Parent | on HN ]

Re:How Equifax Became a Private IRS by epgui on Monday January 23, 2023 @10:32PM (#34498814)

> Would you trust the rules though?

Rules don't need to be trusted, they need to be written down and available for reading.

[ Parent | on HN ]