The Consumer Credit Bill of Rights
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The Consumer credit bill of Rights
We the people of the United States are guaranteed by our Constitution a number of Rights. The right to pursued happiness is chief among them. Our nation has allowed the bank and credit industries to intervene into our daily lives. As a society, we are required to adhere to unwritten rules and make symbolic affirmations. We are the most prosperous nation on earth yet we are limited by an oppressive system of the financial burden that is distinctly unjust.
The following principle truths should be adopted into law and revise existing regulation.
The people’s names are the individual property of each and should be adopted and defined within the commerce clause as such. Identity theft has grown to epic proportions. Our courts have failed to protect the right of the individual over that of corporate interest. As a result, each of us has become vulnerable to the outside threats that neither garner nor guarantee a solution. A year’s worth of credit monitoring service is not a satisfactory payment for a lifetime worry. Some third parties have created thriving businesses out of the unfairness set upon us from the courts, and the failure to act from our Congress.
We should have the right to review and challenge assumptions made of our character within the credit, insurance, and banking systems. Credit reports fail to disclose completely what was used in determining a credit score. The credit system invented collecting and sifting through information from dubious means. It then sold the information in various reports and mailing lists. It should be the right of the individual to not be bothered by spam, junk mail, and telemarking calls.
Regulation put forth by our government often creates unintended consequences. As a result, our nation lives under an oppressive system of fiduciary uncertainty. Credit scores have unwritten formulas that cause the general society to adhere to speculation and the adoption of principles that burdens the general happiness and well-being of the public at large. All communication between the owner of the data, the individual and any system should be a no cost. Why should we be burdened with the additional cost? It is our information.
We should have the right to inspect our credit score as often as we wish without detriment. Because of excessive regulation, third parties have created systems that circumvent existing regulation and cause additional exposure of personal information. There is no reason today with internet access that credit reports should be withheld from the owner of the information.
We should have the right to review and deny access to our score or any other information collected to any third party within the credit and banking systems. Criminals and others without an individual’s knowledge often make inquiries unbeknownst to an individual. It is called our credit and should be under our control to whom and when it is disclosed. There is no reason that in a society that is filled with cell phones, text messaging and contestant internet access that timely notice and permission cannot be given. The industry has released cell phone apps already. We should control who sees our information, not third parties who violate our trust.
We should not be penalized for disbanding agreements. It is a common practice of the industry to force the use of credit instruments. There should be no obligation for consumers to contractually use credit or cards they do not want or need.
Minors’ credit eligibility should be made by the parent or guardian without exception. Juvenile identity theft is a growing phonon within society. Under current business practices states have enacted fee-based systems of credit suppression. This burden should be lifted from the public at large. There should never be a fee for not wanting or needing a service.
We should have the right to review and dispute claims about our character and the ability to pay interest on loans. The current credit systems have dubious practices and multiple scoring methods and full disclosure of how and what is used in a determination should be known to the individual.
Credit should be an option not an obligation within society. It should be deemed unlawful to sell immediate non-contractual objects or services based on credit scoring. Companies that operate within the regulated credit system should not use the information in any other way. Transversely companies that operate outside of the regulated system should not be involved in offering alternative credit products or services.
Credit card transaction processing should be regulated under the rules of the banking industry. Many of these are selling the details of transactions unbeknown to the card holder. Forcing the public to use a financial instrument to track and judge what they purchase violates many levels of privacy and security.
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