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2014-05-30 -Land of the Free

New federal database will track Americans' credit ratings, other financial information

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Posted by DarthVader 2014-05-30 11:18|| || Front Page|| [2 views ] Top

#1

As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies.

The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy.

No... just... no way. Most of us are not engaging in financial dealings with the federal government. There is no need for this deep and detailed level of information on most Americans.
If I was taking out a federal loan, I could understand the government needing this amount of detail but otherwise they have no business in this.

I also guarantee the IRS would get their hands on it and the gods help you if they think your spending and credit history don't match your claimed taxable income.

Posted by DarthVader 2014-05-30 11:22|| 2014-05-30 11:22|| Front Page Top

#2 More details.

But under the April register notice, the database expansion means it will include a host of data points, including a mortgage owners name, address, Social Security number, all credit card and other loan information and account balances.

The database will also encompass a mortgage holders entire credit history, including delinquent payments, late payments, minimum payments, high account balances and credit scores, according to the notice.

The two agencies will also assemble household demographic data, including racial and ethnic data, gender, marital status, religion, education, employment history, military status, household composition, the number of wage earners and a familys total wealth and assets.

Posted by DarthVader 2014-05-30 11:23|| 2014-05-30 11:23|| Front Page Top

#3 I'm thinking the feral government already has most of this information. That said, I don't have great confidence in the government's ability to maintain security over databases. I think such databases are at risk for hackers. Moreover, I get worried about the government using such data for nefarious purposes. The government can't even keep the CIA Afghanistan station chief from being outed.

Posted by JohnQC 2014-05-30 11:35|| 2014-05-30 11:35|| Front Page Top

#4 Consumer Financial Protection Bureau

Isn't this the outfit that just decided it could not use job performance to evaluate employees for raises or promotions because it would be racist? Gives you the warm fuzzies to think that kind of employee would be handling all your financial data, doesn't it?

Posted by Glenmore 2014-05-30 12:44|| 2014-05-30 12:44|| Front Page Top

#5 A new federal database? Are they gonna give the contract to Moochelle's friend again? Just think of all those lucrative "cost overruns".

Posted by Ebbang Uluque6305 2014-05-30 13:04|| 2014-05-30 13:04|| Front Page Top

#6 ...so we can expect an unsecured DB that crashes regularly and will be unlinked to the user screens at the office?

Posted by Procopius2k 2014-05-30 13:06|| 2014-05-30 13:06|| Front Page Top

#7 Too much data for the government watch. Does not begin to be of use because of cash transactions that is a whole nother trading process. A waste of federal resources.

Posted by Bubba Graiting8281 2014-05-30 13:37|| 2014-05-30 13:37|| Front Page Top

#8 How else will you get your mark of the beast?

Posted by newc 2014-05-30 16:54|| 2014-05-30 16:54|| Front Page Top

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