Credit Bureau - US Credit Report & Debt Records

I mean, sure, my bank can basically see everything I do, so how is this suddenly totally fine under the CCPA when it wasn't a second ago?

Yeah. I caught some report somewhere—maybe an official update or just some news blast—arguing that having two separate registries tracking essentially identical data is redundant. The idea is that everything should just be consolidated into one centralized federal database.

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crimsoncyclist8 said:I mean, sure, my bank can basically see everything I do, so how is this suddenly totally fine under the CCPA when it wasn't a second ago?

The old FBI setup didn't follow the rules, so they shut it down. They retooled everything to meet the standards, and that’s how the new agency came to be...

LOL, it’s not some massive scandal, the dog just had an accident. Now that they’ve rebranded it, suddenly they think they have a right to stick their noses into everything.🤣

So, what I'm getting at is, they actually run a full background check on these quick cash advances just like they would for a standard mortgage or an auto loan? I honestly thought the whole point of those payday-style loans was that they’d push more volume under the radar without being so thorough.

crimsoncyclist8 said:LOL, it’s not some massive scandal, the dog just had an accident. Now that they’ve rebranded it, suddenly they think they have a right to stick their noses into everything.🤣

It’s pretty obvious that there’s way less info floating around at the DMV than there used to be back under the old federal guidelines. One of the whole points of GDPR is that you're only supposed to collect the bare minimum needed to get the job done...

DOR is basically an old blacklist, and OSR is just like what HROK used to be. 😉
DOR is just a database for swapping info on customers who missed their payments.
OSR handles processing and sharing data about current debts, plus anything already settled or closed by individuals and companies.

The whole point of GDPR is to make sure your private info doesn't just get tossed around without you giving the green light. But here we go—they can see everything: who owes what, how much, if someone’s behind on a payment, the works. It’s got absolutely nothing to do with GDPR. It's pretty obvious that banks can basically peer into whatever they want...

rapidskipper12 said:DOR is basically an old blacklist, and OSR is just like what HROK used to be. 😉
DOR is just a database for swapping info on customers who missed their payments.
OSR handles processing and sharing data about current debts, plus anything already settled or closed by individuals and companies.

So, does that mean banks can only tell if you're a deadbeat, but if you've got, say, three different loans out there and you're paying them all on time, they're completely in the dark? Sorry, I'm just trying to wrap my head around how the plumbing works here.

They can't see a thing unless you give them the green light. No consent, no credit products... 😉

crimsoncyclist8 said:So, does that mean banks can only tell if you're a deadbeat, but if you've got, say, three different loans out there and you're paying them all on time, they're completely in the dark? Sorry, I'm just trying to wrap my head around how the plumbing works here.

The standard background check only flags your defaults, but the credit bureaus see everything—they track all your current debts plus anything you've already paid off, whether you're an individual or a business.

Yeah.

rapidskipper12 said:They can't see a thing unless you give them the green light. No consent, no credit products... 😉

The standard background check only flags your defaults, but the credit bureaus see everything—they track all your current debts plus anything you've already paid off, whether you're an individual or a business.

So basically, they still have full visibility even though that was pretty much strictly forbidden under GDPR until recently. Makes total sense.😁

crimsoncyclist8 said:So, what I'm getting at is, they actually run a full background check on these quick cash advances just like they would for a standard mortgage or an auto loan? I honestly thought the whole point of those payday-style loans was that they’d push more volume under the radar without being so thorough.

Does anyone have actual confirmation on this? I’m feeling pretty pessimistic given my current mess with that other bank, even though I know for a fact I could handle the monthly payments no problem. 🙂

Don't expect any loan offers while you're dealing with the Department of Revenue.

👎

crimsoncyclist8 said:The whole point of GDPR is to make sure your private info doesn't just get tossed around without you giving the green light. But here we go—they can see everything: who owes what, how much, if someone’s behind on a payment, the works. It’s got absolutely nothing to do with GDPR. It's pretty obvious that banks can basically peer into whatever they want...

I guess you're right; the system doesn't really function on actual consent anyway, which is kind of a problem.

Jeremy Hall43 said:👎

I guess you're right; the system doesn't really function on actual consent anyway, which is kind of a problem.

Exactly. I agree.

So how exactly is that supposed to be legit?

I’m curious about this too.
"Every bank’s website has some privacy policy buried in the fine print" that's written so poorly nobody actually understands what they're agreeing to.
I don't get it—what was wrong with the old way? At least then you knew exactly when someone would submit an inquiry through Google. Now, anyone can basically do it whenever they feel like it under the guise of a risk assessment.

How long does the FBI—or rather, the new data oversight agency—actually hold onto our information now? Is the retention period still set at three years back from the current date?

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