The whole credit system is out of whack !!!
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Posted by LadynRed
(199.91.33.254) on August 27, 2002 at 10:08:37:
In Reply to: Re: Should the concept of credit reports be done away with? posted by mikala on August 27, 2002 at 01:01:20:
I don't disagree that checking the credit report of someone being considered for a position with some financial responsibility is valid.. it would be. What *I* think is ludicrous is that I could be turned down for insurance based solely on that basis, or even rent, or the 100 other things CR's are checked for that really have no bearing.. the whole credit score-driven system is entirely out of whack !! This obsession with credit scores, when you step back from it, is insane, IMO. Even when I was on unemployment, my rent ALWAYS got paid ON TIME. My car insurance has ALWAYS been paid, even if it meant I had to skimp on groceries to do it (hey, I can live on salads and slim fast for a stretch.. LOL). It would seem to me that looking at THAT kind of 'history' would be more pertinent than how I paid, or didn't pay, anyone else ! What infuriates me with creditors is that they now base everything not on your history with THEM, even if its flawless, but on your history with EVERYONE ELSE ! I know.. I know.. its the whole 'risk' thing, but if they always get their money, why the hell should they care if someone else doesn't ?? When you look at the default rate in this country, and the record-setting bankruptcy rate, you can clearly see that something about this whole system, clearly is NOT WORKING. So, the banks like MBNA who flood the mail with credit card offers to people who clearly cannot afford to have one, then whine and pay off members of Congress to get the bankrtupcy laws reformed in THEIR favor. These banks made their own swamp.. let them drown in it !! What ticks me off even more, is that AFTER you file for BK and its discharged, you should have disposable income again, right ?? So, why is it that someone who has had a BK discharged can't rent an apt ?? You can't file again for 6 years, you now have money that's NOT tied up paying creditors, so why can't you get a new place to live ?? Its ALL screwed up, the entire system needs to be severely looked at and revamped. The 'bad old days' described by WhyChat and Observer.. were they really all THAT bad ?? I'm old enough to remember the pre-credit riot days. My parents didn't do so badly under those conditions. They had a home and two businesses, furnishings and other ammenities..all w/o the shackles of mega-credit or the encumbrances of the dreaded CREDIT REPORT & SCORE. I could rant on.. the whole thing gets my hackles up... but I won't. :D
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