Re: Should the concept of credit reports be done away with?
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Why Chat (12.77.147.241) on August 25, 2002 at 10:19:54:
In Reply to: Re: Should the concept of credit reports be done away with? posted by observer on August 25, 2002 at 08:33:45:
I agree with "Observer"; In the "good old days" before credit reports, you not only couldn't borrow if you didn't have secured collateral, but even then, if the banks wanted to they could "call in" your loan. If you owed money, even for a deceased spouse's medical bills, you could lose your home, (if you were lucky enough to have one) have your furniture and possessions seized, and if you were left with young children,you had a choice of putting them in an orphan asylum, or going with them to a work house,(poor house). When my grandfather lost his wife to cancer, my mother was put at age 2 into an orphan asylum, and didn't leave until she was 15 and got married to my father (an arranged marriage that lasted 52 years) So the current system, where people have an equal opportunity for credit IF they use it wisely, and an equal opportunity for employment based on THEIR OWN abilities (and credit and employment history) instead of being denied credit and jobs because of their color, sex, religion or ethnicity is a LOT better than the "good old days".
Follow Ups:
Post a Followup
|
