This is yet one more band aid attempt here, and not a bad thing by any means but it is what it is as this only encompasses one arm of the entire problem. Credit agencies that are licensed through states are mining data at a rate and with volume higher than we have ever seen. In one state, North Carolina, one agency, CoreLogic had their license removed for their behavior in both not applying and paying for updates and other areas the state felt they were not in compliance.
This is a huge mess for the average consumer too as state servers are beginning to slow down to a crawl with all the data mining bots taking over, to the point to where you and I as citizens have a hard time getting in and we are the reasons this access was put in place. That does not make sense does it? In addition, some states have had to go so far as to buy and install software now to keep the data mining bots out! So what are we doing here? The money made licensing the data mining companies is a mere pittance to say the least for their efforts. I have covered this before with questioning credit agencies and their areas of operation.
In many cases, such as with FICO and CoreLogic some new algorithms have been defined whereby now they have found an area to where they can sell more analytics called somewhat of a “super credit” report that goes above and beyond normal items included. It is sold as an opportunity for consumers to build a credit record but in essence all we have here is aggregation of your cell phone bill, utilities and more detailed information that really is none of anyone’s business when it comes down to it all and is just one more way for credit agencies to sell data and make millions. Take Walgreens who on their 2010 SEC statement declared just under $800 million from selling data. That statement alone should give you a very clear idea as to the billions that are being made by corporations selling data. In Chapter 8 I go into some details on how this works.
Consumers Lose More Privacy With New CoreLogic Credit Reporting–”Score” Marketed For Insurers and Employers To Gain Information-California Prohibits Potential Employers – From Using As Jan 1 - Killer Algorithms Part 8
In Chapter 6 I explain how the middle class is becoming nothing but data chasers to fix what has been entered and there are tons of flaws, and again it’s corporate USA wanting to make a profit once again.
Attack of the Killer Algorithms Part 6–Discrimination With Consumer Credit-Same As Health Insurance Wanting Consumers to Reconstruct Records From Many Years Past As Middle Class Turns Into Data Chasers-Days of Taking Risks to Get Ahead Will Be Limited For Most…Occupy Algorithms
Why should a company set up a factory and make a product or a retail store in the same area of profits when they can buy up a few servers and start mining data with very little overhead and sell it to the public as a “huge” benefit for all the information you could ever want. Granted there are real reasons for exchanging data and research is one of them but you don’t usually find big “profit” dollars hanging on the data either so there’s a difference between a healthy exchange to improve man kind and those that are just created for corporations to make billions of dollars using “free taxpayer data” they mine.
This is exactly why corporations are getting richer and have embraced the data selling model as there’s almost no overhead and we are their product every which way you turn. I
f you take a minute to read the article at this next link I have my raw solution here on how to stop and slow this down as it should be disclosed on a federal level on who sells what to who as well as being licenses and taxed. It’s a technological war out there with humans being stuffed into analytical equations every where we turn and the flawed data mounting and turning us into “bad guys” is growing. Most employees at corporate USA companies are not trained on how to use data or to ask questions when it is “flawed” and thus so we remain under the attack of the Killer Algorithms when this occurs. Corporate USA though knows one thing and that’s the fact that it allows them to make billions doing this though. Banks, Hedge Funds, Facebook you name it, they are in there taking the cash.
Start Licensing and Taxing the Data Sellers of the Internet Making Billions of Profit Dollars Mining “Free Taxpayer Data”–Attack of the Killer Algorithms Chapter 17 - “Occupy Algorithms”– Help Stop Inequality in the US
So again, as this continues on no pity from big conglomerates that you or I were unexpectedly sick and were hit with phenomenal medical bills to pay….we are the bad guys because we got sick. Pretty crappy world and bunch of analytics if you ask me with few and small areas of forgiveness here as it seems the profits and bottom lines come first with share holder liabilities.
Granted there are credit scoring issues all over the world and we know with banks but again the poor US consumers get hit and the big banks and other conglomerates just keep on moving with maybe a tiny slap on the wrist, and this keeps inequality moving and shaking sadly. We have the most digital illiterate bunch of law makers that think they are doing something to create solutions when instead all they seem to do is carry around a box of bandaids that don’t stick very well or stop any real bleeding.
This is just yet one more example of those who have the technology to use it to judge and make decisions are doing it and as consumers we continue to be attacked by the Killer Algorithms until someone finally comes to their senses and sees the reality of what is happening and how flawed the data has become that they rely on.
In the meantime, corporate USA, banks, and so on make billions off our backs right off the web and nobody has enough sense to see this or do anything about it. The state of California passed another band aid law recently to where credit scores cannot be used as a decision making process when hiring someone for a job.
All the OMG stories in the news today take precedence of the real mechanics that are shaping our entire economy here as many have long ago decided to take the data selling route rather than create factories with jobs as there’s no effort here and nobody is held accountable for flawed consumer data that attacks us daily. BD
Attack of the Killer Algorithms–Digest & Links for All Chapters–See How the Math and Crafty Formulas Today Running on Servers 24/7 Make Life Impacting Decisions About You
WASHINGTON -- Sen. Jeff Merkley, D-Ore., reintroduced legislation Thursday that would prohibit companies from using paid-off or settled medical debt in assessing consumer credit scores.
The Medical Debt Responsibility Act would assist about 72 million Americans affected by medical bill problems and medical debt.
“Medical debt is not a great predictor of a person’s credit-worthiness, and folks should not be shackled from getting loans to start businesses or buy their dream home because they got very sick,” Merkley said in a news release. “We can’t see the future to plan ahead for medical emergencies, but we can stop them from damaging our working families’ credit scores for years in the future.”
"After a sudden illness or medical emergency and the skyrocketing cost of critical treatment, the last thing families should have to deal with is a plummeting credit score. Our legislation will help put a stop to this unfair practice.”
Currently, even medical debt collections that have been completely paid off or settled can still significantly damage a consumer’s credit score for years. As a result, consumers can be denied credit or pay higher interest rates when buying a home or obtaining a credit card.
Merkley said the Medical Debt Responsibility Act would fix this inequity by prohibiting consumer credit agencies from using paid off or settled medical debt collections in assessing a consumer’s credit worthiness. In addition, the bill will require the creditor or credit rating agency to expunge the medical debt from the consumer’s record within 45 days from the day it is paid off or settled.