Ending centralized data
In the United States, each person has a credit score that is calculated by three large credit agencies. These agencies and their methods are opaque. Neither the buyers of this information nor the people who are reported on are allowed deep insight into how the score is calculated, nor are they able to update this information directly. A mistake by a credit agency can be devastating to someone's ability to finance a home or a car, costing a consumer valuable time and money. Nevertheless, if a consumer finds mistakes on their credit report, they must beg the issuer to update it, and they have few options if that organization refuses. Worse, those same issuers have proven bad stewards of the private financial information ...
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