We need this whole Credit Reporting system changed or something.

[diabeticman]

Earlier this week I spoke a about a friend who was basically being extorted by a doctor's office because she cancelled an appointment with this doctor 5 years ago. She gave the office a week's notice yet because this was a first visit she was sent a bill. She refused to pay it. A couple days ago she found it is effecting her credit score.

http://www.democraticunderground.com/10024177109

Today another friend told my wife that her lack of credit info has basically affected her twice this week.

1st -- She went to get a new car. The 3rd one in her adult life. She had a hard time getting a loan for the card why? Not what you think. Low credit score or lack of paying off the loan. Actually it is opposite. She has never had a credit car and the first two loans for cars got paid off early. She has been fortunate in her life to have very good paying jobs and as a result she was able to pay the loans off early.

2nd-- she was up for a new position at a new company. A position that would have been a promotion from her current position. She in fact new someone in the company who basically encouraged the Human resource director to give the friend an interview. Yes our friend highly qualify was up against a person who had mirrored her very own so what determined our friend lost out on this job. Her credit report HR pulled. HR determined that her lack of a credit history made her a candidate they feel would not stick with the job where as the other candidate who had credit cards and loans and made steady payments proved themselves by this report to be someone more likely to stay with the company.

People get penalized on this report for closing a card. Whenever a report is pulled on you your score is lowered. It is wrong this stuff is reported and used against us.

[truedelphi]

1. We really do need to chgne the credit reporting system. However I think a revolution

Is more likely to occur than some governmental change in the system. After all, the paid for pigs feeding at the trough -almost all of 'em!! - like things as they are.

The US Budget, just voted on by a bi partisan effort in the US Senate, is proof of how it is all about the One Percent. And believe me, they don't need the credit system to change at all!

[JEB]

2. Hard to do in today's world, but still excellent advice.

From Shakespeare's Hamlet, 1602:

LORD POLONIUS:
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

[CK_John]

3. Your friend knows nothing of money management or how HR works or getting a copy of her credit.

report every year.