Credit Card Hell

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Ezra is obviously just pimping content from his new corporate overlords here, but today’s Washington Post chat about the credit card industry really does make for interesting reading.  One of the things that comes through loud and clear is that people are almost universally paranoid about their credit scores.  And why not?  We live in a modern economy in which credit is essential, but your access to credit is determined by a process that’s deliberately opaque, practically impossible to dispute, controlled almost entirely by credit issuers who make money when they lure you into practices that wreck your credit score, and wide open to fraud because the credit industry doesn’t really care about it.

My solution?  For starters, credit scoring companies should be required by law to be far more transparent about their practices.  Beyond that, though, we need to give them an incentive to start caring about fraud: if the credit industry wrecks your credit score by allowing fraud, it’s the credit industry that should pay the price, not you.  More here.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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