TweetI decided to start a poll to see what everyone else things about this topic.
I think that our current credit regulations are absolutely ridiculous and are against our constitutional rights. I want you to all keep in mind when you read this that it is our god given right to be "Innocent until proven guilty in a court of law" in this country. I think that is a freedom that people are willfully giving up without even knowing about it.
First off any company that decides to put something on your credit report, can without your knowledge. These credit reporting agencies just take what these companies say as text without even so much as notifiying you. They automatically put it on your report as if you are automatically considered guilty.
In order to get these things off your report you must first obtain a copy of your credit report from all three agencies (Experian, Equifax, TransUnion). Then if you see something that is not supposed to be on there or that you dispute you must call or write them. If the company says it's a valid debt they automatically take the companies word and keep it on your report.
This in and of itself is extremely illegal because they are taking the companies word as fact and discrediting you as a person and citizen, and automatically assuming you are guilty even though you have never been deemed guilty by a court of law. This is a great tool for the government to keep it's citizens in poverty because they know that in order to get that off the report at this point you would now need to employ a lawyer. With current wages the way they are most people can't afford their bills, let alone a lawyer to fight these companies and credit agencies.
Perfect example is I had an account with Sprint PCS when I used to work at circuit city. They had employee plans where I paid $10.00 a month and got 1500 minutes and free nights and weekends. When you quit or get laid off they are supposed to shut down your account until you come in and sign a new contract and pick a new plan. When I lost my job they automatically switched my plan to a 50 minute a month plan with no nights and weekends without my knowledge or consent. I used my phone assuming the minutes were still what they were supposed to be until they shut the account down. I ended up running up a $3,000 bill. It stayed on my report for nearly 5 years and destroyed my credit score. Finally in the end I won when they had no contract signed like they were supposed to and I had proof of my plan. The point is I went through many many years of high interest rates, and I was not able to obtain any loans or any loans for a car. This is a perfect example of how our credit agencies and these companies abuse their power to extort money out of people.
I truly believe that many companies use our credit reports as legal extortion methods. They hit us with false bills, then keep charging exorbitant interst rates until the debt is so high no normal person would be able to recover from it. If you did pay it, that company wins and gets something for nothing. If you don't the banks win and you pay extremely high interest rates.
Our government knows that by people having low credit scores that means they are going to have high interest rates. Now heres the big question........Who does high interest rates benefit? BANKS!! Now think of this...Who funds everything in this country including many of these politicians campaigns?? BANKS!! So of course congress won't pass any laws to reform our current credit structure, they know not to bite the hand that feeds them. So once again we fall victim to big business controlling the way our government works.
So what I propose is that our credit agencies should be downsized from 3 to 1 company. This company should be government run. We should be able to access our report AND credit score for free at anytime we want. Kind of like good hygiene a person needs to monitor their report to ensure it is taken care of properly. This would also make it easier for people to monitor for identity theft as they would be constantly monitoring their report. In order to get anything put on your report the company MUST have to go through legal proceedings in order to get something put on that persons report. At this point both parties get to defend themselves and a court of law gets to decide who is right and who is wrong.
I think this would be the perfect way to reform our current credit system.
Please answer in the poll your thoughts......