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Big Data, meet Big Brother.


Strictly Street

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As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies.

The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy.

The database will also encompass a mortgage holder’s entire credit history, including delinquent payments, late payments, minimum payments, high account balances and credit scores, according to the notice.

The two agencies will also assemble “household demographic data,” including racial and ethnic data, gender, marital status, religion, education, employment history, military status, household composition, the number of wage earners and a family’s total wealth and assets.

Only 12 public comments were submitted during the 30-day comment period following the notice's April 16 publication.

 

More here: http://washingtonexaminer.com/new-federal-database-will-track-americans-credit-ratings-other-financial-information/article/2549064

 

Interesting, it would seem that in the digital age the definition of privacy is changing one law at a time. Your information is not yours anymore. No longer will the alphabet soup agencies be the only government agencies with access to massive databases.

 

"The Government" has such a good track record with their website/database security that they are totally trustworthy and would never abuse the citizen information.

 

Paging Winston Smith...

 

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Yes, but/and, do NOT be any more concerned about government big data than with corporate big data. The data gathering and correlation already being done by companies is way beyond most non-IT persons' imagination.

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Yes, but I can decide not to go to google.com, not use chrome, not use an android phone and be more incognito on the interwebs and avoid Google knowing everything about me. But choose to not do that, I give them my PI in return for the services they give me. Totally my choice.

 

Different thing when the government makes it mandatory.

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Yes, but I can decide not to go to google.com, not use chrome, not use an android phone and be more incognito on the interwebs and avoid Google knowing everything about me. But choose to not do that, I give them my PI in return for the services they give me. Totally my choice.

Different thing when the government makes it mandatory.

Yea, and I agree with a significant part of your point, but only that it's not just Google.

It's also Facebook and every multinational bank in existence and Walmart and Target and Amazon.com and Bing. It is seriously hard to avoid big data collection and analysis these days - practically impossible if you live "on the grid" in any capacity. So while it's easy to say that you could always say no to corporate data collection, it's unlikely you ever would or could without completely changing your lifestyle. Think of it - every time you buy ammo or cigarettes or medicine or groceries or magazines or donations with a bank card, you're disclosing a part of who you are to a corporate entity that has fewer regulation on what they can do with it than Uncle Sam can.

My point is that demonizing government data collection without doing the same about corporate activities is selective and incomplete at best; lap-doggish for lobbies at worst.

But truthfully, I'm dual-sided about it because in the right hands and the right intent, big data can hugely transform customer service.

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There is a big difference. The companies you listed aren't taking our tax dollars to track our data. I could easily opt out of dealing with any of the companies that you listed. You can't opt out of dealing with the government. If you do, it is called tax evasion.

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There is a big difference. The companies you listed aren't taking our tax dollars to track our data. I could easily opt out of dealing with any of the companies that you listed. You can't opt out of dealing with the government. If you do, it is called tax evasion.

I'm sorry but I really don't believe you'd be able to "easily" opt out of our electronic society.

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the government already has my social security number, hell they issued it to me.

What else do they want to know? They have my birth date, I disclose that every time i do my taxes, or renew my license.

They've already got my address, I confirm that every time i renew my registrations.

Hell, my address is already a public record...

 

So what will they learn that they don't already know?

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The bottom line is the Federal Gov. has no valid reason or need to keep my personal information about my home loan in a database.  It was a private transaction between me and the bank. None of their f'ing business. Period.

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So what will they learn that they don't already know?

 

Your entire payment history on your home loan, on time, late, your credit score. All of the above, in detail tied to you and your SS number.

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Your entire payment history on your home loan, on time, late, your credit score. All of the above, in detail tied to you and your SS number.

 

 

on time, every payment,(it's literally the first thing I pay, every time) credit score now around 730 (i haven't checked it since building it up for the home loan)

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The bottom line is the Federal Gov. has no valid reason or need to keep my personal information about my home loan in a database.  It was a private transaction between me and the bank. None of their f'ing business. Period.

 

I got a FHA loan, so they probably already have that information.

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I got a FHA loan, so they probably already have that information.

 

If they already did, why would they need this: "an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy." ???

 

Edited by Strictly Street
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on time, every payment,(it's literally the first thing I pay, every time) credit score now around 730 (i haven't checked it since building it up for the home loan)

 

Same here, on time, now paid in full and 840.  Information I willingly share with you and the rest of the internet. However, I did not get an FHA loan, it was a private loan with a bank.  None of my information is any of the Fed Gov's business unless they read it hear.

 

If they want to do statistical analysis of loans, credit scores, payment history and maybe tie it to race and education and income....there might be some value to that database. But they do NOT need to tie it to my SS number or other personally identifiable information.

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I think of my grandfather when this credit stuff comes up.  He paid cash for the farm he worked his whole life, never had a car loan and would have no idea what to do with a credit card.  In 1999, his insurance company started using credit scores as a rating criteria -- his rates doubled.  Evidently, his credit rating was terrible, I suppose because he had never USED credit.  (Though I had heard he had to pay on time for the medical bills when my uncle was born - in 1935.)

 

Kinda ironic, huh?

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Yes, but/and, do NOT be any more concerned about government big data than with corporate big data. The data gathering and correlation already being done by companies is way beyond most non-IT persons' imagination.

 

A minor addition to the private vs. government train of thought is the government has a thing called the IRS which the privateers do not. The ramifications of that addition is pause for thought. Also there does not seem to be any limitation on the practice. Once begun it would go on forever not just the length of the loan.

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