Tyrone Glover CEO / President / Credit Coach / Substitute Teacher / Accidental Consumer Advocate 805-428-9424 Schedule a free Forensic Financial Data Analysis
Fear neither Man nor Industry, For We Wall on the Path of Righteousness
I was an Entrepreneur Masquerading as an Employee #75
For months now, I have been writing about how consumer must do more when it comes to their personal information. The engagement, collaboration, and responses have been phenomenal! My sincerest appreciation!
We are at risk and companies are making big profits off of our data and information.
Employment, housing, banking, lending and a variety of other life essential opportunities have been manipulated, compromised, distorted all in the name of profit using algorithms to circumvent local, state and federal laws.
How valuable are consumer data and information?
Some many argue it’s worth pennies. So what’s the big fuss! However, that’s not why businesses are making billions.
Let’s talk Interest Rates
The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. Interest rates are typically noted on an annual basis, known as the annual percentage rate (APR). The assets borrowed could include, cash, consumer goods, large assets, such as a vehicle or building. Interest is essentially a rental or leasing charge to the borrower, for the asset’s use. In the case of a large asset, like a vehicle or building, the interest rate is sometimes known as the “lease rate”. When the borrower is a low-risk party, they will usually be charged a low-interest rate; if the borrower is considered high risk, the interest rate that they are charged will be higher.
Using the simple interest formula:
Simple Interest = P (principal) x I (annual interest rate) x N (years)
Borrowing $1,000 at a 6% annual interest rate for 8 months means that you would owe $40 in interest (1000 x 6% x 8/12).
Using the compound interest formula:
Compound Interest = P (principal) x [ ( 1 + I(interest rate) N (months) ) — 1 ]
Borrowing $1,000 at a 6% annual interest rate for 8 months means that you would owe $40.70.
The interest owed when compounding is taken into consideration is higher, because interest has been charged monthly on the principal + accrued interest from the previous months. For shorter time frames, the calculation of interest will be similar for both methods. As the leading time increases, though, the disparity between the two types of interest calculations grows.
Here is a really cool tool provided by the Kaiser Family Foundation, which will allow you to find statistics on a variety of topics. The one I’m concerned with is Population Distribution by Race and Demographic.
If you took millions of citizens and manipulate compromise or distort their data or information, here is where the data and information, which was worth pennies, turns into billions. Multiply this over several industries for many years and you create wage gaps with massive income inequality.
According to this Washington Post article http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/05/economy-expected-to-add-225000-jobs-in-may/
The labor market continued its resurgence in May, the government reported Friday, with the U.S. economy adding 280,000 jobs. The jobs number beat analysts’ expectations of 225,000 jobs.
The unemployment rate went up a notch to 5.5 percent, but that increase was due to a rise in the number of people entering the workforce for the first time and looking for jobs.
The sectors with the biggest job gains were professional and business services, adding 63,000 net new jobs, and leisure and hospitality, which added 57,000 jobs. The health care industry generated 47,000 jobs.
Adult men 5%
Adult women 5%
The numbers for Teenagers, Blacks and Hispanics could have been much better if it were not for algorithms and how they were and are being used.
What is an algorithm?
Many opportunities are still on the decline because of companies’ criminal activities and the uses of algorithms are the major contributor.
Who is looking at your data or information?
How have they come by this data or information?
Are they following state and federal laws?
I raise this question because of a consumer report I received and the time it took for me to get this report. What I saw in the report are jaw dropping and prompted me to file a complaint with the Consumer Financial Protection Bureau (CFPB).
The company which ran my consumer report has been involved in multiple class actions and personal lawsuits for violations of the Fair Credit Reporting Act (FCRA)
Do you have any idea how many specialized consumer reporting agencies have information about you and yours? The answer is probably no!
I’m writing this post and more to come to inform and instruct the American consumer of the danger looming. The problem will only get worse if we don’t become more proactive and less reactive.
I’m always here to assist. You know how to reach me.
Be safe in your travels