Vivianna asked:


If your child has to have an operation and your husband gets laid off and your credit gets ruined because the only option is to file bankruptcy. If your credit is ruined that means you can’t rent or buy a house. Can’t get a job. Pay higher rates for everything from car insurance which is mandatory. Not to mention forget about ever buying car again. So once a person gets their credit ruined how are they supposed to just live their lives?

JULIO

6 Responses to “Why should credit reports have so much power over people’s lives?”

1. Marcia B on February 12th, 2010 11:16 pm

   I think its fair to use it when its relevant. However, recent trends show that its being used to block access to many unrelated things. What difference does your credit rating make to a job as a secretary? or to how safe a driver you might be?

   I’ve never seen anything suggesting that a credit report is a good predictor of whether you’ll be a good employee or a poor driver!

2. jellybeanchick on February 15th, 2010 9:36 am

   I’m with you. I’m not going to get a credit card just so that I can improve my credit score. And I’m definitely not going to keep a small balance on it month to month, to get the score a little higher. And get a couple more cards so that your total available credit is higher. And for the next generation, put your baby on your credit card so she can get a head start in life!

   Credit scores are a good indication of how attractive you are to credit card companies, and nothing more. It doesn’t differentiate a bankruptcy due to overspending, from a bankruptcy due to your insurance refusing to cover a hospitalization. Fortunately, credit reports only go back 7 years, so your whole life isn’t ruined, just the immediate future. But I really, really don’t like the way credit reports keep getting more and more important.

3. Glow wings on February 18th, 2010 1:59 pm

   It is the sign of the times. We all have come to live by the means of credit!

4. peppersham on February 22nd, 2010 12:57 am

   Welcome to the real world.And it’s getting worse,not better.

5. Kel on February 23rd, 2010 3:30 am

   I’m still trying to figure that one out…after cancer (me) and heart attack (my husband), things are REALLY tight…..didn’t file bankruptcy, but oh boy - we just don’t know which way to turn sometimes! (especially now that our son’s in college!!)

   All I know from experience is: The poor get poorer and the rich get richer.

   Guess I’ll have to write a book or make an album or something just to try to catch up! (lol)

   EDIT - We don’t even use credit cards.

6. Faith on February 23rd, 2010 1:22 pm

   Because our government likes to control our lives.*

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