News

The system that critics call an Orwellian national-level control system has been dubbed the Social Credit System (SCS) and was set for launch in the coming year, although recent reports from China now say the rollout could be delayed until 2021.

The massive system has been tested in several major Chinese cities and uses millions of surveillance cameras linked to supercomputers containing massive databases. Face and voice recognition technology then identifies and monitors people with the goal of controlling behaviors that range from dissident political activity to jaywalking, ostensibly as part of a financial credit monitoring system similar to those used in the West.
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Monitoring your credit report is a smart and simple way to be proactive about your finances. Checking your credit report regularly can help you spot fraud early and ensure the correct information is reported to the credit bureaus. 

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I enjoyed sitting down for a TV interview this week at the studio for NYC's own legal news show Today's Verdict.  Topic was credit report errors and how consumers can monitor their reports for free via annualcrediterport.com.  

(Also a pleasure meeting and watching the interview of Commissioner Salas of the NYC Department of Consumer Affairs.
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First comes love. Then comes marriage. Then comes many discussions about how you should manage your finances as a couple. Getting married is a big life milestone and a great chance to take stock of your financial situation — that includes your credit cards. 

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For decades, when you applied for an apartment, the landlord—or a tenant screening company hired by the landlord—would examine your credit file and pay stubs to verify your ability to pay rent. But today, landlords are using the artificial intelligence revolution to predict something else: Your willingness to pay rent.

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A separate “mixed file” case against Equifax went to trial in 2013 and ended with a $18.6 million jury award. The sum was reduced to $1.62 million in damages and $300,000 in legal fees during post-trial proceedings.

During that trial, an expert for Equifax testified mixed files could happen in 1% to 2% of all credit files.
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Wonder how a late payment affects consumers differently?  See a sample comparison by FICO.

https://www.cnbc.
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A new credit score will soon factor in consumers’ rent payments and professional licenses to help them get approved for loans.

https://www.wsj.
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When you shop at retailers in-store or online, chances are you’ve been asked at checkout if you want to apply for a store card. They frequently come with tempting offers — sign up and get a huge discount on your purchase — but there are several drawbacks to consider before you apply.

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