I feel that this can be addressed at application step. Any date of birth proven to be under 18 cannot apply without an in person interview. This protects minors from taking on debt without fully understanding the implications, and puts responsibility on the lender for providing credit to a minor. If credit is provided and defaults the debt should be the lender’s problem for taking such a huge risk.
Alternatively, the same premise with the exception that an adult is required as a cosigner. If the account defaults the burden is shifted to the adult as they have the cognizance to understand and take responsibility.
I wouldn’t outright ban giving accounts to minors. My parents opened a savings account in my name and kept it in good standing. This gave me a big credit boost that my peers never had. But I realize I am an exception, and the problem others face is very real.
Companies don’t care. I had a collection agency call me before wanting paid for an unpaid Direct TV bill from when I was 13 that my dad had taken out in my name. I had to get him to read the part on Direct tv’s terms stating that no one under 18 can activate service 4 times before it finally registered to him and they dropped it. Still had to get it removed from my credit report too.
When she disputed the file with credit bureaus, parts were removed simply because certain creditors had gone out of business. Others, however, didn’t get scrubbed from her history until they aged off—which typically takes around seven years.
Because it’s a hell of a lot easier to hold poor people liable for other people’s bullshit than it is to hold rich people liable for not honoring fraud reports. One can afford a lawyer, and knows the other can’t.
Because credit agencies aren’t related to the government. They’re literally just companies that made up arbitrary systems and convinced banks to go along with it
Hey now. Adults have been borrowing against their children’s futures for generations. It’s something of an American tradition at this point.
Maybe that is connected to each subsequent generation having less wealth, lower life expectancy, lower standard of living and generally being more miserable than the previous…
Sure, if by “each subsequent generation” you mean millennials. Historically the trend in the US has always been the opposite; most people could count on being better off than their parents.
that’s great. but children can’t do that, and even if they could, it’d really be their parents.
who are the ones stealing their identities in the first place. Fuck the banks that aren’t checking the age, though. You think that would be a massive flag…
They never have. My mom got a phone in my name when I was 10. I born 1980. Also my dad ruined my credit just by living in same household. Did you know you can get bad credit on your report That isn’t yours just by an address and similar name?
They don’t even need your social to add by credit to you. The system is fucked. I am a Jr so I got all Sr bad debt even had the debt of a guy five states away he had a different middle name then me. We had never met.
Luckily the debt is easy to remove (well not real easy.) Can pay 1000 dollars like I did and they remove it quickly. Or you spend years before hand writing letters to the credit breuers and maybe they remove it.
How I know they don’t need your social well my dad owed the IRS and my credit report it had his social security number. It’s fucked up.
It’s almost like the whole credit system is a scam and is poorly regulated because despite any claims to the contrary the people who make rules have no clue how it all works behind the scenes,and get paid by the ones with money to not look too hard at it.
Even assuming that what he claim is true and can back with evidence, he would need to go further and show that loss of productivity caused by remote working is massive enough to: offset cost of borrowing commercial real estate (Or much larger real estate with corresponding maintenance bill in case on-site location is need for other reason), paying employee transportation, giving up remote talent, etc.
It is entirely his fault for not preparing for the time where people will actually bring out calculator when there was moon-sized sign post for several years.
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