What if I don’t want to have a credit score?

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Q. How do the credit reporting agencies have the right to have all my personal information? I never gave my permission. What if I don’t want to have a credit score?
— Sick and tired

A. We understand why in this time of data breaches, everyone is concerned about their personal information getting into the wrong hands.

But when it comes to credit scores, federal law allows for the collection of your credit information.

The Fair Credit Reporting Act says that the “banking system is dependent upon fair and accurate credit reporting” and “consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.”

Allowing consumers to opt out from that system would limit the credit information the banking system can access for certain consumers, which inherently leads to unfair and inaccurate credit reporting, an Equifax spokesperson said.

That said, if you didn’t have a credit score, you’d find it near impossible to get consumer loans, be it mortgages, car loans, credit cards and more.

Email your questions to moc.p1585579751leHye1585579751noMJN1585579751@ksA1585579751.

This story was originally published on Feb. 14, 2020.

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