New federal database will track Americans’ credit scores, financial history

[moostraks]

The Federal Housing Finance Agency (FHFA) has given notice of its intent to database a large number of very personal data points on every American who possesses a mortgage — which may include as many as 227 million Americans. These points include things like financial histories, credit card balances, credit scores, personal demographics, lists of assets and property, family information, and more.

Assembled with the help of the the Consumer Finance Protection Bureau, the database’s stated purpose is for research and modeling. The agencies have been collecting data for modeling for years, but the addition of many new pieces of personally identifiable information is a reversal of previously stated policy.

http://www.policestateusa.com/2014/mortgage-database/

The list at policestate is well, startling to say the least.

[Anti Federalist]

LOL @ "I've got nothing to hide".

Look for "adjusting" mortgages in the near future, among other horrors.

And no, I'm not talking about ARMs, I'm talking about mortgages that raise the interest rate, the second you are late on any other slave payments you are making, just like credit cards.

LOL @ "home of the free".

[oyarde]

More tax dollars at work , spying on people without govt loans .

[moostraks]

Yep, I could see those adjusting mortgages as well. No wonder they are indoctrinating future generations to be so blasé about the invasion of privacy. New technology which allows this level of information to be categorized, stored, and accessed easily from these data bases is a treasure trove for tptb which pull the strings. Only a fool would look at the government's history of data protection and think this is in any way safe much less necessary.

[devil21]

Im thinking this is mostly about tax evasion. Database contents will cross-check with IRS databases and flag whoever doesn't "match up", according to IRS metrics.

I can't find it atm but a few years ago there was a news report from Seattle about the IRS auditing people because the IRS determined that people didn't earn enough money to live in certain areas of the city. Cost of living didn't match their reported incomes and triggered audits.

[Paulbot99]

So, I shouldn't use my credit card when I buy common household cleaning supplies?

[moostraks]

So, I shouldn't use my credit card when I buy common household cleaning supplies?

:D Probably not...

devil21: something about the IRS thing rings a bell to me too now that you mention it. Hmm...

[Anti Federalist]

Im thinking this is mostly about tax evasion. Database contents will cross-check with IRS databases and flag whoever doesn't "match up", according to IRS metrics.

I can't find it atm but a few years ago there was a news report from Seattle about the IRS auditing people because the IRS determined that people didn't earn enough money to live in certain areas of the city. Cost of living didn't match their reported incomes and triggered audits.

They've been doing that for years now.

These cross referenced databases will just make it that much easier.

[DamianTV]

Glass Houses...

Does anyone remember Jeff Foxworthy's rants on "You might be a redneck if", then include things like "you hang jiffy pop on your wall as a fire alarm" or "your dog and your wallet are on a chain"? Just replace Redneck with Terrorist. If you mow your lawn and find a Car, you might be a Terrorist. If you wear the pants in your family, when your wife is not around, you might be a Terrorist. If you have good credit, you might be a Terrorist.

[devil21]

Assembled with the help of the the Consumer Finance Protection Bureau, the database’s stated purpose is for research and modeling.

At what point do people start to realize that everything the gov't creates "for your protection" is actually created to fuck you over?

[Occam's Banana]

So, I shouldn't use my credit card when I buy common household cleaning supplies?

That's right. And just completely forget about pressure cookers ...

[IPSecure]

New federal database will track Americans’ credit scores, financial history.


In a free and open society, this should be:
"New public database will track federal government credit scores, and financial history."

Since it is not, I guess we live in an expensive and closed society...