Top three reasons consumers have bad credit
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Posted By: Hardest Working Woman in Credit on June 16, 2009 Over the years, I have done a lot of research. One crucial element about credit is that we often think that our behaviors(own actions) cause us to have bad credit. It is important to know that we have been following the norm (the wrong way) as it relates to credit. It’s true that we as consumers play a vital role in our credit. However, I am here to tell you that about 15%-20% of your credit score it NOT your behavior. Some of you may be experiencing some of the actions not related to your own behavior. For example, creditors pulling back (CREDIT). I will list my three reasons below: 1. Consumers are NOT watching there files to see the hidden actions that may cost them. 2. Collection companies are using ILLEGAL reporting tactics to keep your score down. 3. Consumers are not fighting back. Explained in detail. 1. Consumers are NOT watching there files to see the hidden actions that may cost them. Just think about it for a minute. If you a very rich, how often would you check your bank account? Would you know if 1,000.00 was missing? We have got to start monitoring the actions of our credit file to see what’s happening behind the scenes. Often consumers get free reports once a YEAR, which doesn’t do them any good. 2. Collection companies are using ILLEGAL reporting tactics to keep your score down. Collection companies sell accounts all the time. One interesting flaw in the system is that accounts get re-aged. It can be hard to keep up with and you may not be able to prove it, unless you have an old credit report. My suggestion is that consumers KEEP a copy of your credit file yearly. Print one every year and keep it for your records. 3. Consumers are not fighting back. Consumers continue to accept bad credit and high interest rates. They are not working on their file. We spend money to clean our cars and clean our homes, but we don’t WATCH our file. For the majority of the consumers who do monitor their file, they don’t have a clue on the hidden behaviors or what to watch out for. It is my prayer that consumers start to change the norm. The belief that paying your bills on time is true. So contrary to what you have read in the past, this is just a glimpse of what you have been missing. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Hardest Working Woman in Credit
From sanford, FL University of Central Florida class of 2001 Member Since May 2009 |
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