Axiom Home Page Forums General Discussion The Water Cooler OT: politics

Spiff ... Feasible ? Unfortunately, no. In today's world, an 18 year old is an adult. What you proposed is illegal. I realize that is hard to believe, but it is true.

EDIT .... Spiff, The hard to believe part was not a shot at you nor your ideas ... The Privacy acts make things REALLY hard to follow with logic.

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And, speaking as someone who has spent thousands of $$$$ in getting "up to speed" in the new compliance laws, you may rest assured race is a MAJOR part of this.
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Since when did CC applications ask for your race? In canada that is illegal. Don't privacy laws in the US also protect against this kind of practice?

What did I propose that is illegal?

And no, credit card aps do NOT ask for race.

No they don't, but I'd say the chances are pretty high that there exists somethere a database that ties SSNs to race.

I never said credit card applications ask about race. They don't. And, PM, I don't "think" there are SS#'s that could be somehow traced by race.

Where the legality comes in is this: In the new compliance laws, proof of "being legal" now falls on the Vendor. This could be a loan officer at a bank, at a car dealership, at a mortgage broker, a credit card company, or even a stock broker.

With the new compliance laws ... Spiff, Let's pretend you are a loan officer at a bank. You look at two applicants for a loan. One is white, and one is Green. You approve the White applicant and deny the Green applicant. IF the Green applicant now goes to the FCC and lodges a complaint on you, he no longer has to prove you DID discriminate. YOU have to prove you didn't. Proving this can be REALLY costly.

These laws are about 12 years old now, and when they passed, the penalties in them were set to become tougher over time. Spin forward from 1993 to 2005, and what has happened ?

One of the easiest ways to prove your total non-discrimination in the credit card world ... approve any adult.

And guys, just LET a credit card company announce that they will no longer give cards to people below a certain credit score, and WATCH the lawsuits flow in. IF it turned out, in this instance more Green people per 100,000 were below that arbritary Credit score than were White people, The leaders of the Green coalition would be on CNN airing a press conference.

And just LET a congressman propose legislation stating NOONE with a Credit score below, say, 600 can get a new card. He would be lynched in the press.

In reply to:

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Since when did CC applications ask for your race?

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you mean people actually fill out applications for CC these days? i thought they just sent the CC to you every 2-3 months, and you just have to call them back and say, "no thank you."

in fact, funny we are talking about this. last week, i got a set of cards sent to the house last week, and the paper inside said that these 'new' ones were to replace my 'old' ones that have expired.. and i needed to call a number to activate them.. as i looked at the cards, i realized, i dont even HAVE these cards, so how could they be sending me replacements for cards that i dont even have. so i call the CC company, and ask then the deal.. they said i have an 'open' account that hasent had a charge on it in over 2 years. i said "yea, cause i shouldnt have an account with you". long story short, there computer showed i had an account with a $5K limit, and i had NO idea what-so-ever that we even had the account. and when i acquired as to why i havnt received any sort of monthly notice about the account, they said bills and invoices are only generated when there is activitly on the account, and since it hasnt been used in 2 years, i had no idea it was even there..

i ended up telling them just to cancel the account, and remove me from their customer list. i got a call 2 days later from the "head of financing" department(yea right), he apologized for the 'problems' we had with the account, and offered me ANOTHER CC with a lower interest rate, and higher limit.. are you KIDDING ME!!!!! NO MEANS NO.... leave me the hell alone..

i just had to laugh over the whole situation.

bigjohn

Another lesson : Always cancel credit cards in writing. Keep a copy. It is NOT legal for a company to issue you a card without your signature somewhere. Same thing with cancelling the card.

If you own a home, take out a credit card as a line of equity ... The interest is usually prime or prime + 1% ... and you can KILL the remaining cards. In fact, when you fill out the application, the person at the home Equity company will usually help you locate cards AND cancel them ... EVEN the ones you did not know you had.

Just in case you guys weren't aware of it, though Craig has his finger in a number of businesses, the one that carries his name is Chase Financial Services. I don't know exactly what CFS does, but I have it on good authority that Craig is an adviser on compliance issues to finance institutions. So when it comes to credit, theoretically anyway () he knows whereof he speaketh.

thanks for the advice.. it kinda scared me later to think that i had an 'open' account just sitting out there with a $5K limit, that i wasnt even aware of. i dont remember signing up for or requesting any sort of account from this company. i dont think there is anything 'fishy' or any craftiness going on, but i still dont like the fact i had no idea the account existed.

maybe i should go ahead and bust it out with a new SVS or HSU purchase.... NOT!!!

bigjohn

You are welcome ... and one thing about doing finance, it is kinda like asking an IRS worker the "rules" ... one would THINK the rules would be consistent. They are as consistent as speaker preferences...