It is sad to say, but in this day and age society tends to see us as a number rather than the individuals that we are. We are known by our social security number, our number in line (take a number please), our phone number, our credit card number, our Driver’s license number, our birth order, our height, our weight; you name it, a number can be assigned to us.
But one of the saddest numbers that can be given to us is a credit score. Corporate American and many other member of society seem to base our “value” by credit worthiness and our past. With a good credit report, we are “allowed” to enjoy many of the finer things in life. However, if our credit is “challenged”, we have to struggle to prove our “worth.”
Few creditors, if any, will extend individuals with bad credit history satisfactory loan options.
Admittedly, there are people out there who do abuse their finances and the system, but in a majority of circumstances, that is not the case.
What if you had to choose between buying food for your children or making the payment on your car? What if you couldn’t make your house payment because you lost your job or had a medical emergency or some other personal crisis? Should just one or two late payments result in up to seven years of punishment through higher interest rates and fees?
Unbeknownst to us, creditors and credit bureaus have been trading information about us for a long time. They trade our personal information (name, address, social security number), they trade our private information (who pulled our credit, what we purchase, and the terms of our loan) and they trade our painful information (late payments, liens, and bankruptcies.)
Much of it amounts to hearsay, but it can still end up bringing us financial hardship.
Under the current credit system, a credit file is stamped with negative and damaging information, whether it is accurate or not, before we have the opportunity to defend ourselves.
Ironically, WE are expected to prove whether negative or erroneous information on our report is wrong. The credit bureaus assume that we are guilty unless we can prove we are innocent. This is in direct contrast to the common American principle that one is innocent until PROVEN guilty.
Why don’t the credit bureaus offer us this American courtesy? It doesn't seem fair that we don't have any chance to defend ourselves before negative information is put on our report. But here is the sad truth - giving us the benefit of the doubt would decrease the credit bureaus profits.
You heard me. Credit bureaus exist to make a profit and their product is YOU and your credit file. They sell your credit information, which their buyer’s (credit card companies, finance companies, etc…) rarely question. Creditors, in turn, give the bureaus whatever data they may have collected about you.
Mistakes, however, are frequent. It doesn’t matter if the credit report is right or not, it takes time and money to prove the information is false.
What can be done about it?
Instead of being forced to prove our innocence, the credit bureaus should have to provide information verifying the accuracy of their report.
Every person living in a democratic nation is entitled to a defense. Consumers have the legal right to retain an attorney to defend themselves against unfair accusations.
The good news??? The Law and Congress are in agreement. Because of the unfair nature in which your information is collected and distributed, defending our credit (otherwise known as credit repair) is both a legal and ethical right of every American.
However, you will probably need more than just a standard form letter to prove your credit worthiness.
This is where our preferred attorneys come into the picture. Just as you may choose not to repair your own car, you do not have to repair your own credit either. Using an attorney will strengthen your chances of having negative items removed from your credit report.
Credit bureaus have been in the driver’s seat for way too long. And they will continue winning unless you take action, so don't put it off.
If you are tired of being in “Credit Prison”, contact me now for solutions.
Jeff Porter
801-302-9180
My suggestion on credit repair: CLEAN SLATE (click to link)
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