They say you earn credit through
your character, capacity to pay your bills and capital meaning the amount of
money you already have before you go borrow more money. These three traits
determine your score. You just don’t realize how important your credit report
number is in determining all aspects of your life. People use it if you want to
rent somewhere, Insurers that set your rates and even employers using it to
decide to hire you. 47% percent of employers conduct credit checks. It is legal
if they get permission from the applicant. The three Gods as I call them
determine who you are. They are Equifax, Experian and Trans
Union and aggressively promote to companies that they know a lot about
you. You are their product.
Employers feel that if you can
manage your own finances well then they could trust you with an
aspect of their company to manage well. Meanwhile 1 out of every 4 reports have an
error and one out of every 20 reports were seriously wrong. Who is keeping
track of these reporting companies? Apparently no one. Yet their job is to
accurately keep records on us. Congress doesn’t care. All those people make so
much money that they all must have excellent ratings. The public wants some accountability but how
do we get it? The errors could include debt that you already paid to being
mixed up by someone else entirely. Just keep getting turned down for loans. It
is time to analyze your credit reports.
It can get worse. If the Credit
Reporting Companies mix you up with some criminal that has sanctions against
them, you may get a listing on your report as a terrorist. Now you can be shot
by the authorities. Another nightmare is to be confused with a dead person. Agencies won’t even talk to you. They will
think you are an imposter and literally tell you that you are dead. You can’t even get a copy of your credit
report when you are dead. What is even worse now is that there are hundreds of
companies that are in the business of monitoring people. They call themselves
background check companies. If you are
going to use a criminal background check company they above all should be
accurate and they are not. So, imagine looking for an apartment and before you
know it you are possibly being arrested for criminal activity. Sigh! Life in America!
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