Why don't consumers make a collective effort to get credit reporting co.'s to clear everyone records?
Sunday
Since the economy is getting worse why don't all Americans get together and try to get TRW and other credit reporting agencies to wipe the slate clean and have everybody start over?
Because if that were to happen the banks and credit card companies would have no choice but to charge everyone higher interest rates to make up for the losses they would take from the deadbeats.
I personally do not want to pay for someone else's mistakes.
Categories: credit reporting
Because if that were to happen the banks and credit card companies would have no choice but to charge everyone higher interest rates to make up for the losses they would take from the deadbeats.
I personally do not want to pay for someone else's mistakes.
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Finance Manager for over 7-years.
there is neither an incentive to do what you suggest, nor a good reason. The credit reporting agencies are providing a valuable service to businesses. Wiping out all credit histories would do nothing to help the economy. On the contrary, it could cause chaos in the financial industry. Loans would become much more expensive to compensate for the additional risk that a loan is being made to a deadbeat who does not repay debts.
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People earn those credit reports. Why should I have to pay premiums to cover irresponsible people who can't manage their finances?
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Why don't people quit overspending, pay their bills & quit expecting the government or big businesses to bail them out for their own screw ups?
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the same reason that the poor work for meager wages and business CEO's get bonuses bigger than what most will make in there entire life. CAPITALISM good or bad thats what it is
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