Yet one stands above all.
HOW THE @!$%# IS CREDIT RATED!!!!!!!
You open a credit card, it hurts you. You close a credit card it hurts you. You have too much credit it hurts you. You don’t have enough…. Well you get the point.
Damnit if I take a dump someone is there to count my corns and rate my credit for it. The fact is I was a victim of credit fraud years ago by someone close to me and it took years to fix, YEEEEEEEAAARRRRRS! But in those years I learned a lot about the credit system we have in place to judge us every day for every purchase. But most of all I learned, IT SUCKS out loud!
Equifax, Experian, and Trans Union. These three U.S. credit bureau giants truly decide how a lender will see you, and know you as nothing but a requested number. How they decide your fate is a mystery to even them. No seriously; call them and ask how they rate and no one even there knows. Now I guess for years this was substantially accepted as an “eh whatever” system but in today’s economy can we REALLY financially survive like this. People losing their jobs, homes, sanity, and bank accounts, and yet we are all still faceless numbers to someone who basically says “sorry sir but this has already been put on your report you will have to call that company and dispute it”, “but Mr. credit person, they said call you and there was nothing they can do?” Shouldn’t I be notified BEFORE something is placed on my credit by the Bureau? SERIOUSLY once it is on there, only time removes it like an unwanted elderly relative.
- I am placing a few of my thoughts on how this should be run and would like to know if you all agree and/or disagree.
- It should be mandatory ANY of the three credit bureaus have to contact you IN WRITING and email before placing anything negative on your credit for a pre dispute.
- Credit reports AND scores (which you now have to pay for) should be free of charge once a month NOT once a year.
- Rules on how credit is rated should be PUBLICLY made known and placed so people can correctly track their own progress. This would include credit cards, loan types, amount to capitol equations ETC. They all really need to be condensed to one, because dealing with three separate ones was the most frustrating thing EVER! Or in this digital age they NEED to be forced into mandatory cooperation.
- There needs to be a LOT more loan and bankruptcy forgiveness in today’s economy. The pre dispute clause could help outline this considerably.
There are many more areas to change so PLEASE place your thoughts here as well.
Here are a few tips I've learned in my fixing credit years.
- When disputing a claim on your credit the Bureau will do nothing. They want confirmation from the individual who placed it there. Call up the company and tell them a sob story of how your trying to go for a new car or mortgage. Try to tell them it was a mistake and you never even knew about it. Sometimes you can get it done. If all else fails threaten/send a letter about the circumstance to the corporate line and see if that shit will roll downstream. This will work for most smaller offenses but not normally huge ones or medical stuff.
- Try to time your calls and fixes. I've found proceeding around the holidays a good time to attack. Most companies are so busy they will just say okay and put in the wipe.
- Don't start any of this without opening a case the the credit agency first.
- Removing something negative from your history does not fix your credit. This will still take time. When I removed the identity theft from my credit I still had a shitty score which caused me a 14% interest rate on my new car. A car loan though is a great way to rebuild credit fast. After six months of horribly inflated payments I refinanced down to around 2.5%.
- Stay on top, the quicker you catch a problem the faster you can remove it before it becomes a shit storm. Your allowed a free credit report.... use it.