Sometimes when I hear the question, “Is credit repair legal,” I can’t help but think that it would be a lot easier to answer yes. Right? Who needs credit when you can get anything you want when you purchase your dream house, right? In actuality, everything you want on credit is probably against the law anyway, because the lenders are trying to bubble you to the max and get more money from you in the form of interest. Credit companies make the bulk of their money from people who can’t afford what they’re purchasing, so they’ll go over the top to get their money back no matter what.
But once you’re in their system, they just want you to get “ciplined” again, because as soon as you’re disciplined enough, you can use your good credit to purchase something nice and just as well, and that’s how they make their money, right? In actuality, credit is totally bogus and totally START Figure.
Credit bureaus are a Means to an End, not a Very Important End
So now you see how the credit system doesn’t work, and actually just involves a machine that makes your life stressful, a profit system for banks, and a Net visitors mortification ofSurPRISESuited on you. The system works like this:
Your credit score is information that is gathered about you, and then factors in on you and your habits, then sold to companies that want to use it to determine whether or not you’re credit worthy.
Believe it or not, identity theft is one of the industry’s major sources of profit. Identity theft has gone up astronom in the past few years because of the ability to steal your social security number and financial information. If you pay taxes, you’re liable for the taxes and all those fees and fines that come along with them. And if you suffer from injuries due to someone steal your identity, you’ll have to pay those on top of the high lawyer rates to fight back.
Now, you need to understand something about the Fair Credit Reporting Act (FCRA). If it’s done right, it’s about 90% obsolete. The other 10% of the act can make the entire credit repair process and the entire credit system highly profitable. This 10% is the portion of the law that allows the credit bureaus to make the rules, and they do this by selling your information, but they’re not allowed to sell your information on you. Your name, your address, your social security number, your credit card numbers, all of this information, they have to give it to whomever would like to us it. Now that you understand who’s at risk of losing their credit due to credit bureaus, you can make plans to protect your credit report. (By the way, I’m fully aware of the risk of losing ones credit due to identity theft, but I’m going to save it for another article.)
Killing Yourself doesn’t Make It Fair
When all is said and done, the credit bureaus are more than greedy. They want your credit; they need your credit. Without that important piece of information, they couldn’t afford to do all the “investigations” they conduct every day. Remember though, when dealing with credit bureaus and collectors, you have to be on your “rusy” so to speak. You have to know when to say “no” and when to say “yes”, otherwise you’re just shooting yourself in the foot.