Credit & Debt Services Ryan
CREDIT & DEBT SERVICES
Isn’t It Sad How a Credit Score Is Now Considered Life-Changing?…Let Us Transform the Score that’s Lowering Your Opportunities…Into the Score that’s Lowering Your Interest Rates…
Great Idea, Terrible Effect…
From getting a job to buying a house, your credit score plays an important part of your life.
The reasoning is understandable, but the outcome…….. Well, that can be a different story.
I’ve seen 24-year-old, single males, with one credit card and 0 life experience get a low rate because of their credit score…
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And then I’ve seen a 32-year-old mother of 2, who’s made it through rough times, but has one ridiculous medical bill that causes her to struggle getting a loan from subprime lenders.
Image Credit: Enhlin
Makes sense….. (not really).
I think anyone who’s worked in banking knows it shouldn’t be this way, but at the same time, they’re forced to trust the almighty credit score – an algorithm that focuses on a lot of numbers….. And minimal logic.
But the fun usually doesn’t stop there….
When you do try and fix your credit score – you usually run into more problems.
More problems like taking 7 years to fall off of your credit report, or problems with the collection agency not knowing how to report this…. continuing to label you as “not qualified”, even though you paid off the debt years ago.
Now, if “not qualified” meant not getting another credit card, it probably wouldn’t be that big of an issue to me.
But in today’s world….. It does a lot more than that.
Areas like…. A new job.
“A job? A credit score is now starting to affect a job?“
That was my exact response when I heard about this issue.
An exact response followed up by an immediate call to an old colleague of mine.
A colleague that still works for a bank, and has some experience in hiring.
I couldn’t understand why they’d use this score, and to be honest, I don’t think he did either…
“Hey Zach, I just talked to someone who said they were denied a job offer because of their credit score, how is this true?”
“Yeah, it’s a large factor anymore, they don’t want us hiring people who are desperate and need money to pay off bad debts…”
About ready to fall out of my chair….
“So, what about recent college graduates with a decent credit score……….. And mountains of debt? Are you telling me they’re a lower risk of needing money to pay debt? Lower than a mother who got hit with a ridiculous medical bill, but has bounced back now?”
“Yeah, it’s not a perfect system.”
Thank you, Captain Obvious.
And It Doesn’t Stop There….
Stories like this are bad enough, but when you work in the industry, you’re (un)fortunate enough to hear more…
(Un)fortunate enough to hear stories like a couple who couldn’t get their dream house because the husband lost his job years ago and couldn’t continue making car payments.
Although he held his word and eventually paid it off (4 years ago), he still couldn’t get a loan today.
But, not (completely) because of the scoring system….. but because of the collection agency that went bankrupt shortly after, and didn’t think they needed to report the collected debt.
Now he gets to spend 20 hours on the phone with Experian for a mistake that he’s already fixed….
Have I mentioned how badly I dislike credit scores being part of our everyday lives?
Fixing the Issue…
But at the same time, I’ve also realized that my dislike wasn’t making any change.
I’d tell Zach how dumb it was, and whether he agreed or not, it really didn’t matter – I had 30 more people and an unforgiving culture to get past after I convinced him.
So I took a different route, I started a business that could leverage my expertise and actually help people.
Help people in different ways, with one of these ways being Credit Repair.
Help people avoid missing out on their dream job because of one medical collection….. And definitely helping people who run into situations with sleazy collection companies.
I want to have this conversation with anyone who’s having issues with their credit score, and let them know that it is fixable — even if that sounds impossible now.
How does this sound to you?
How would your life benefit if you found a group of professionals that wanted to help you?
Help you by using every ounce of their energy and industry experience to:
Get your credit score back to where you want it to be , and doing this in the fastest way possible…
Close up any loopholes or details that allows this collection to resurface later, providing you with assurance that this nightmare is finally over….
Lower your total bill by eliminating unnecessary fees and collection costs
Provide you with a peace of mind that your credit is being repaired correctly, not allowing collection agencies to nickel and dime you…
And put you in a position to get that dream job, or avoid the embarrassing conversation with your Mortgage Banker……
P.S. Even if you’re not sure, credit isn’t something you want to wait around for. Waiting an extra month could be the difference between a past due payment and the dreaded collection, it’s no-risk and takes little effort from you – let’s start repairing your future today.