Information is the Key to Realizing Your Credit Rights
- By Stuart Hunter
- Published 06/5/2009
- Unrated
Stuart Hunter
Providing credit repair services since 1991, Lexington Law has helped over 500,000 clients legally take on their credit. Last year alone, Lexington Law helped clients remove over 600,000 negative items from their credit reports.
View all articles by Stuart Hunter
There is an institution in our economy that impacts everything from your ability to buy a house, get approved for automobile insurance, and gain employment with many companies. It's an element that affects almost each and every person in the United States but it is something rarely addressed in schools and is not well understood by a huge portion of those it impacts.
What we're referring to here is the modern consumer credit system. This is the system where credit reporting companies (credit bureaus) collect, organize and record personal information about consumers provided by a variety of sources that is then purchased by lenders, employers, and others. This information is then used to make decisions about whether or not you are a stable, credit worthy individual.
After a short time dealing with banks and other lenders, most people find out the rudimentary basics of the credit scoring system. They know their credit reports contain information about them and they know it is advantageous to maintain a good credit rating. But from there, functional knowledge of credit dropps off and many of the things people believe are in incorrect or flawed representations of the facts.
Many people do not know how their credit score is derived, what steps they can take to raise their credit score, the tools they have for disputing questionable credit listings, and how the law protects their right to receive fair treatment from credit reporting agencies, creditors, collectors, and credit repair companies.
Whether by accident or through design, much like how the pigs exerted control in Animal Farm, this lack of knowledge leaves people at the mercy of the organizations whose revenues are connected to consumer credit. When left unchecked, even the most reputable companies will err on the side of making more money. As a result there are people are paying excessive interest payments that pad the pockets of lenders because these people are not informed enough about credit to do anything about it. They are permitting themselves to be victimized by those who, intentionally or not, are taking more of their money than is reasonable.
The more people know about the credit system, the more empowered they become. Credit scoring is a powerful and necessary tool, but as with all sources of power, it must be kept in check. Those who learn how it works are the ones who are able to enforce their right to a fair and accurate credit score.
Lexington Law, the trusted leaders in credit correction, believes learning about your credit is the first step in improving it. To assist consumers with this, Lexington Law has provided credit education resources including videos, lawyer interviews, expert articles and more.
What we're referring to here is the modern consumer credit system. This is the system where credit reporting companies (credit bureaus) collect, organize and record personal information about consumers provided by a variety of sources that is then purchased by lenders, employers, and others. This information is then used to make decisions about whether or not you are a stable, credit worthy individual.
After a short time dealing with banks and other lenders, most people find out the rudimentary basics of the credit scoring system. They know their credit reports contain information about them and they know it is advantageous to maintain a good credit rating. But from there, functional knowledge of credit dropps off and many of the things people believe are in incorrect or flawed representations of the facts.
Many people do not know how their credit score is derived, what steps they can take to raise their credit score, the tools they have for disputing questionable credit listings, and how the law protects their right to receive fair treatment from credit reporting agencies, creditors, collectors, and credit repair companies.
Whether by accident or through design, much like how the pigs exerted control in Animal Farm, this lack of knowledge leaves people at the mercy of the organizations whose revenues are connected to consumer credit. When left unchecked, even the most reputable companies will err on the side of making more money. As a result there are people are paying excessive interest payments that pad the pockets of lenders because these people are not informed enough about credit to do anything about it. They are permitting themselves to be victimized by those who, intentionally or not, are taking more of their money than is reasonable.
The more people know about the credit system, the more empowered they become. Credit scoring is a powerful and necessary tool, but as with all sources of power, it must be kept in check. Those who learn how it works are the ones who are able to enforce their right to a fair and accurate credit score.
Lexington Law, the trusted leaders in credit correction, believes learning about your credit is the first step in improving it. To assist consumers with this, Lexington Law has provided credit education resources including videos, lawyer interviews, expert articles and more.
