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. ey 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!