Posts Tagged ‘Rsquo’
I named this article “The FICO God” because I saw someone pray to FICO; the God of credit in Wal-Mart the other day. A woman in front of me at the check out counter slide her credit card, closed her eyes, bowed her head and prayed; “Please, Please, PLEASE!” When she opened her eyes, first one then the other the FICO God answered her prayer; “APPROVED”. She then looked up and mouthed the words “Thank you”.
A long, long, long time ago (actually it was in the 70’s) when a man’s word was his bond, there were no credit bureaus. The only way a lender had to check how you paid your debt was to call someplace that you had charged something and ask the merchant how you paid. As more and more people started buying on time the merchant had to start answering more and more calls, soon it became a large expense to hire someone to answer all the inquiries. We are a very litigious society and many of the merchant were getting sued for reporting that the customer didn’t pay very well. Some diabolical genius came up with an evil plan. He started the first credit bureau. The purpose of a credit bureau was to act as a buffer between the merchants and the customers. The merchants could fire the person that they hired to answer all those credit inquiries and only pay the credit bureau a small fee each month. The credit bureau would also act as a buffer between the customers and the merchants. This is the way it began and it grew into the monster it is today.
The banks and other lending institutions then saw a way to use the credit bureaus to increase their profits. Lenders never wanted to refuse anybody credit, they simply wanted to be able to charge the people a lot more interest. Two men named Fair and Isaac came up with a scoring system they named after themselves the Fair Isaac Corporation or as you know it FICO. I promise you there is noting fair about the Fair Isaac Corp.
The banks, lenders and insurance companies uses the low FICO score to get people to accept paying a higher interest or a higher premium than people with higher scores paid. If the people with the lower FICO scores complained they were told “There is nothing we can do about your rate because you’re FICO score dictates what you pay”. How convenient. It’s like saying that the cost you must pay is not our fault the FICO God has chosen your fate and rate.
They have taken away your name and given you a number. Merle Haggard has a song called ‘Branded Man’ which describes it perfectly. “I’ve paid the debt I owe them but they’re not satisfied now I’m a branded man out in the cold”. They’ve taken away my name and given me a number.” These credit bureaus have branded us with a number that means more than our name. This brand now controls almost every thing we do and every thing our children will do. It drives us to drugs, alcohol, lying, stealing, divorce, humiliation, depression and desperation. It prevents many consumers from any type of retirement planning because they are always living hand to mouth. It is eroding our capitalist system and is stealing our liberty.
Do you know why the credit bureaus reports bankruptcies for 10 years and bad credit for 7? They do it because they want to. There is no law that requires them to track these things for any time, just a law that lets them. The average prison term for manslaughter is 15 months; you’ll get 7 years for one 30 days past due.
In America, you are innocent until proven guilty. All the things on your credit are accusations – for them to remain they must be proven and that’s a hard thing to do. The only way the credit bureau can keep bad things on your report is to make it almost impossible to contact them directly. If you do send them a form they requested they wait 6 weeks and deny it. Every time you do what they tell you to do, they change the procedure; you waste a lot of time and energy and finally give up. THAT’S THEIR SIMPLE PLAN! You believe that they are the All Powerful and little old you can do nothing about their abstinence. The credit bureaus are literally depriving you to your Constitutional Right to life, liberty and the pursuit of happiness.
They do not get their power from laws but act like Gods. They make the laws up themselves and keep them secret from the public. If you ask for verification on an item in your bureau, they simply send you a form letter that they have verified the item and it will remain. You can’t find or afford a lawyer who will take these FICO Gods on. The only way to stop them is to let your Congressmen know that this is important to you and you want something done. Good luck with that.
There should be a law that makes it illegal for bad credit to stay on your record for more than 2 years and a 30 days late for no longer than 6 months. When a late payment is made up, it should be removed. When you paid the debt you owe them, they should be satisfied but the FICO God is vengeful. Nobody knows how credit scores are calculated and the credit bureaus keep their formulas secret. Your credit score is your property and they should not be able to take your property without due process but that is exactly what they do.
FICO is not a religion; it has no power over you. You have to have faith to be in any religion. Most peoples faith in FICO is that there will be a great punishment if they don’t worship and sacrifice for the higher score. You can take back all the power you once gave The FICO God. The best description I can think of is; Repossess your assets. When you stop living your life with sacrifices to The FICO God letting it control every aspect of your family’s life you will be free.
How do you set yourself free? If you can’t pay your debt do two things. First stop charging. Then contact Warr Investment Group for a free Financial Blueprint demo. We also have a “Simple Plan” at Warr Investment Group; we show you how to get completely out of debt without effecting your cash flow in a very few years through safe investments. Once we get you out of debt (that includes your home), you don’t need a FICO score. You will have something much more powerful than the FICO God, you will have CASH!
If you are in so deep you can’t even buy the essentials; stop paying your creditors for a few months. Use some of the money you save by not paying them and go to see a lawyer. Find out what the creditors can do to you if you don’t pay them. If the worst thing they can do is better than what you are doing to yourself don’t pay them. It’s your life, but it’s just money to them. When you get back on your feet if you want send them whatever YOU think is fair, DO IT! Unless your state laws make it so bad that you have to declare bankruptcy don’t.
If there is one thing in life that you should not be scrimping on, it’s insurance. You have to make sure that yours as well as your family’s protection against life’s many uncertainties is always at the topmost priority. There had been a lot of people who had looked at having life insurance as nothing more but an added bill every month and they have paid dearly for this mistake. Today, however people have become more educated on why having life insurance is an important thing for themselves and for their families. But still, if people can find ways to protect themselves and their family against any eventualities with life insurance without spending to much, then why not go for it? This is where low cost life insurance comes into the picture and these days, such options are widely available because insurance companies are fiercely competing against one another. The things that attract customers the most when it comes to insurance offers is the possibility of getting affordable monthly rates and be content in the knowledge that they are fully protected with insurance.
Such options bring a lot of cost reduction benefits to the customers and insurance agents would be able to give a lot of information regarding ways and ideas on how to save money. One way that you can get the lowest possible life insurance rates is by shopping around for it. You can do this either by going online or by going from one different insurance company’s office to another; but these days, a lot of people prefer to conduct such tasks online. The only way that you can get the best deals when it comes to insurance is by getting several quotes from different insurance companies . You can also do certain things in order to get affordable life insurance rates as well as no medical life insurance quote There are also different ways that you can get no medical life insurance quote and affordable life insurance. You can live a healthier lifestyle, for one thing. It’s a fact that non smokers get better deals on their premiums than those who smoke two packs a day. The kind of job or career that you have also has effects on how much your insurance rate would be; those who work hazardous jobs in construction, engineering, etc or those who go rock climbing every weekend are considered by insurance companies to be high insurance risks and thus need to pay higher premiums. With a little research and effort, you will realize that there is indeed a lot of ways that you can get the appropriate insurance for you and your family.