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Think about this:
Your entire future is based on your credit scores in one way or another.
- If you plan on buying a house, a car, or getting a loan for ANYTHING at all, you will run into a credit agency at one point or another.
- If you apply for a job with the government, banks and many other businesses, your credit score will be used to partially determin whether or not you get the job.
- If you apply to rent a space to live in, your credit score will be used to either approve or deny you.
Experion, Equifax and Trans Union basically run your life.
If you have had mistakes in your past, ones that you can no longer correct by paying them off, you’re pretty much screwed. There are laws that govern how long items can remain on your credit report, but many people do not understand that companies can simply re-submit your information and it’s back to the beginning.
Should these 3 companies have so much power over every US citizen?
Furthermore, many credit card issuing companies target teens at colleges around the US, offering free food / beverages/ other incentives to get the "Children" to apply for, and usually receive, a credit card. Many, if not most of these kids don’t really have a basic understanding of how important their credit is, and will eventually abuse their cards, not pay the bills, and start their life in the real world with damaged credit.
If you try and get a loan or anything like it, and your credit is not high enough, you cannot get the loan without a co-signer, which many people do not have access to. So in other words, you can’t even really begin getting good credit without having to go through companies that completely rip you off and charge you enormous finance fees and percentages.
Credit seems to me to be a really rotten thing in the long run.
Tags: buying a house, cards, co signer, colleges, companies target, credit card, credit report, Credit score, credit scores, Equifax, finance, food beverages, free food, getting a loan, government banks, incentives, life in the real world, percentages, trans union, us citizen