New Federal Database Will Track Americans' Credit Ratings, Other Financial Information

[Half-Century Man]

20. And the actual point of this????

Financial records are, not now nor have ever been, about the in inherent fiscal responsibility of any individual. But about the circumstances, not under the individual's control, of their life. As an example, me, I never participated in any way with my multi-national corporation's decision to shut down, sell off, or transfer all remaining assets of a business group (5 factories, 4 countries, over 3000 workers) to a shell company in India. However, my life and ability to repay loans was deeply impacted.
Now are the middle class's losses during the 40+years of class warfare conducted by moneyed interests going to be used as the basis for further abuse?
Given that the Financial Industry is predatory in nature, directs policy to the federal government, has a vested interest in keeping rates high (poor scores=high rates of interest, if I get a loan it is at 34.9%), and doesn't currently have their hooks in everyone. I can't help but writhe in fear as to what the actual point of this data base might be.

Further more, as more and more employment applications involve a credit check (which once again, is not a good indicator of character); will this federal database be part of employment chances. And what collateral damages could be inflicted on us by well meaning elected representatives (ALEC traces anywhere in this?)?