DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Credit Rating agencies should be abolished.

**tigoCeree** · 10-27-2010, 01:45 AM

So companies can hold your credit hostage.

No, they hold it hostage while you use their services. Should you have a dispute with them, they simply wage economic war so you'll just pay whatever they want to avoid ruining your credit.
The IRS is another great example. If you owe more than $25k, they will file a federal tax lien on you. I know of people who filed their return, and paid their tax only to find out their identity had been stolen, and the IRS thought they owed in excess of $25k and they had a federal tax lien slapped on them. It stays there until they can prove their stolen identity case, which usually takes a year. In that year, their credit is hosed, they can't buy shit, and the insurance rates go through the roof. Better yet, the government doesn't have to prove they notified you of the lien, they can file it without your knowledge, or your ability to contest it. Just like an angry company, usually a utility company.

10-27-2010, 01:45 AM	#7
tigoCeree Join Date Oct 2005 Posts 459 Senior Member	So companies can hold your credit hostage. No, they hold it hostage while you use their services. Should you have a dispute with them, they simply wage economic war so you'll just pay whatever they want to avoid ruining your credit. The IRS is another great example. If you owe more than $25k, they will file a federal tax lien on you. I know of people who filed their return, and paid their tax only to find out their identity had been stolen, and the IRS thought they owed in excess of $25k and they had a federal tax lien slapped on them. It stays there until they can prove their stolen identity case, which usually takes a year. In that year, their credit is hosed, they can't buy shit, and the insurance rates go through the roof. Better yet, the government doesn't have to prove they notified you of the lien, they can file it without your knowledge, or your ability to contest it. Just like an angry company, usually a utility company.
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