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Credit History, Not Really

I would like to start this post by taking a look at the definition of the word  – HISTORY.

In the Dictionary the word history relates to a long-term, passing of time, in which facts and or the reasons behind the facts have been recorded for a long period of time.

Why then in the world of credit, does the word history mean, only your current score and without explanation of what contributed to that score?

The credit reporting system in this country is so flawed that there are people out there getting loans who shouldn’t and people being denied loans who should be able to get one.

Is it fair to rate the past however many years of credit worthiness for an individual by their current credit score on the day it is checked? No.

Only looking at someones current score does not reflect all the ratings that lead to the current score, or give any reason as to why it may be at where it is.

This seems highly unfair to those individuals who have been hurt by loosing their jobs. We have had people working all their lives and all the while having great credit ratings until they lost their job.

Most of these individuals will continue on paying their bills as they have learned to do in the past, after once again finding gainful employment.

So I challenge anyone who makes financial decisions about loans or mortgages to explain to the Moneys Tight readers how the current system of credit reporting is fair for those people.

If you had good credit until loosing a job and it crashed while trying to find a new job, does one simple number fairly represent that persons credit worthiness.  NO.

I, You, and The finance guys can’t explain why it is fair, because it isn’t. We all know that it isn’t a fair judgement of a persons true credit worthiness and that’s why they are afraid to explain it, they CANT!

The reason they use one number is that they generally don’t have the competence to look at a full credit history and decide whether or not an individual is a good credit risk. It is as simple as that. That is why anyone who suffered a long-term job loss will be left out of the system for many years to come.

In the bankers eyes you are simply trash for not coming up with money to repay your debts when you had no income for an extended period of time. You should have sold your soul to the DEVIL to get it and that’s that!

Banks and mortgage companies ran into trouble and they themselves had to be bailed out by the taxpayers. Isn’t this just getting more and more absurd by the minute.

Now all those companies we saved are telling you that you are a bad person and a high credit risk for not paying them while you were unemployed.

Wow. And the most unbelievable part of it all, is that out of all the money they got, they never passed a single dime down to the people who were struggling to pay off what they owed.

They took the taxpayers cash you paid to the government as repayment for the payments you missed to them and the whole irony of it is, that when they took the cash for those payments they never scratched off one payment missed from anyone’s accounts, not even ONE!!!

I have to stop here because if I continue on we will all end up hating anyone in finance and I may just do everything in my power to act just like they see us, from now on.


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