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eridani

(51,907 posts) Sat May 31, 2014, 08:03 AM May 2014

New Federal Database Will Track Americans' Credit Ratings, Other Financial Information [View all]

http://readersupportednews.org/news-section2/318-66/23957-new-federal-database-will-track-americans-credit-ratings-other-financial-information

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.

FHFA will manage the database and share it with CFPB. A CFPB internal planning document for 2013-17 describes the bureau as monitoring 95 percent of all mortgage transactions.

FHFA officials claim the database is essential to conducting a monthly mortgage survey required by the Housing and Economic Recovery Act of 2008 and to help it prepare an annual report for Congress.

Critics, however, question the need for such a “vast database” for simple reporting purposes.

45 replies

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New Federal Database Will Track Americans' Credit Ratings, Other Financial Information [View all] eridani May 2014 OP

Oh, wait - this is not an egregious outrage because all the information was available elsewhere, djean111 May 2014 #1

Thought NSA already had all of that. Downwinder May 2014 #2

NSA has access to all that, certainly. djean111 May 2014 #3

And this has the effect of making it normal. zeemike May 2014 #6

no, it just means you've been hoodwinked by libertarians. geek tragedy Jun 2014 #41

Um, guess I forgot the sarcasm thingy, so this - djean111 Jun 2014 #43

no, you've been hoodwinked by a prisonplanet story about a SURVEY geek tragedy Jun 2014 #44

The government has yout tax data anyway. It's needed to track financial industry abuses. TheBlackAdder May 2014 #4

Ah, the 'if you have nothing to hide' response..... blackspade May 2014 #9

I would have assumed that they tracked this already. Orrex May 2014 #5

.... DeSwiss May 2014 #7

That ought to piss off the companies that make you pay for it... Historic NY May 2014 #8

"including their Social Security numbers" jberryhill May 2014 #10

Glad you don't mind having yours available to any motivated hacker eridani May 2014 #29

You can do limited datamining of e-verify jberryhill May 2014 #31

If you don't mind your Social security number being PUBLISHED-- eridani May 2014 #33

"as far as I know, is pretty much aware of my social security number" George II Jun 2014 #35

That was sort of my point jberryhill Jun 2014 #36

I see you are still refusing to see the difference between HAVING the SocSec number-- eridani Jun 2014 #42

We are now ruled by fascists. woo me with science May 2014 #11

Now? We've been ruled by fascists for a long time. Initech May 2014 #28

If they are gong to compile it all in one place, shouldn't they then be responsible for safeguarding silvershadow May 2014 #12

I am not kidding Leme May 2014 #17

If this is portrayed correctly, which I think it isn't (there just are too few facts given).... George II May 2014 #13

The agency is collecting credit info on every person JimDandy May 2014 #18

According to the 2010 census... George II May 2014 #19

Dead people with previous mortgages JimDandy May 2014 #21

AFAIK, it's a gross misrepresentation of the notice. Gormy Cuss May 2014 #22

Thanks for adding some common sense to this. George II May 2014 #23

Gee, what a surprise jberryhill Jun 2014 #37

By the way, when I went to the link provided, Norton detected several attempted virus attacks!!! George II May 2014 #14

They already have this information LittleGirl May 2014 #15

Risky. davidthegnome May 2014 #16

The census information is released after 72 years, I don't think this is realtime information. Thinkingabout May 2014 #27

Yeah, because identity theft thankfully has not been a problem until now. nt geek tragedy Jun 2014 #39

And the actual point of this???? Half-Century Man May 2014 #20

I have zero faith that this is good for America. nt Leme May 2014 #24

+10000 That's exactly the relevant point. woo me with science May 2014 #25

Too much government! yallerdawg May 2014 #26

The government does not PUBLISH Social Security numbers eridani May 2014 #30

please provide an actual site with actual information rather than clickbait nonsense. geek tragedy Jun 2014 #40

You've seen this movie before, eh? jberryhill May 2014 #32

At the risk of being alerted for posting a cartoon, woo me with science May 2014 #34

libertarians of the world, unite against the evils of big gubmint including the horrible CFPB! geek tragedy Jun 2014 #38

Valuable info for mortgage company spammers too L0oniX Jun 2014 #45