The System is Broken
And we're not going to take it anymore!
The current system for determining credit scores isn’t working. Credit scores are used for more than just basic loan, credit card and mortgage applications. Many landlords and apartment complexes rely heavily on them. Insurance products like renters insurance and auto policies may also require a credit check, depending on the provider.
Even some employers may seek a credit report before hiring a candidate. “There are so many meaningful things that rely on a credit score as a basis for things like terms and even the decision someone is making about you,” according to John Ulzheimer, an expert on credit scores and credit scoring.
Though they’re widely relied on, the credit reports of about 1 in 5 people have an error of some kind, according to a study by the Federal Trade Commission. And members of the House Financial Services Committee aren’t having it anymore. Click link below to read full article.