What is the cost of poorly managed or damaged credit? No one really knows. It all depends on how long you allow your situation to remain that way. The longer you remain in the grasps of corporation's strangle holds the more air and life they choke out of you. It really depends on you. It could be hundreds of dollars, thousands of dollars or in some extreme cases hundreds of thousands of dollars. All because of something called credit. It happens to the best of us, especially when over 85% of the population is either uninsured or underinsured. It's not hard to be sent to collections for unpaid medical bills.
So what does a poor credit rating really affect? What doesn't it affect should be the question. It used to be that it only affected your eligibility to obtain financing for a car or home loan. Well they fixed that. You can obtain financing for the home or car you want; you'll just have to pay higher interest and fees.
However that's not the extent of it anymore. It also affects your credit cards. I bet you don't even know about some thing most credit card companies have as "standard practice". It's called the "Universal Default Clause". This little baby has made them more money than any other single thing in the history of credit cards. This clause gives the creditors the right to look at your credit every month to see if you're paying your bills on time. Ever hear of the word privacy?
Ok, let's call it what it is. They're looking for an opportunity to squeeze every last cent out of you. They're waiting for you to mess up so they can capital-ize on your misfortune. I like to think of it as kicking you in the teeth when you're down. What these hawks, vultures, whatever you want to call them do is look at your credit every month and if you've been late on ANYTHING, it can be a utility bill they have the right, and believe me they will exercise that right, to raise your interest rate as high as 52% in some cases even though you've never been late on one of their cards. I don't care who you are, that is just wrong on so many levels yet they do it day in and day out. No wonder we have a negative savings rate in America for the first time since the Great Depression. How is anyone to get ahead if they're being robbed in broad day light?
You see it's this thing called "perceived risk". You don't actually have to be late on one of their cards; they've already deemed you guilty. If you've done it on one card or one bill, you will most likely do it again and rather than wait for it to happen they're going to go a head and punish you in advance, because hey it's just a matter of time, right? Didn't your mother ever tell you not to label anyone? You know what happens when you do, right? That person usually becomes what you tell them they are. They believe that lie many times rather than being who they want to be they become what you see them as. Hmm, sounds like some sophisticated psychological profiling (labeling) going on here to further their goals not yours.
Not only will you be paying fees for the rest of your life and your children's children paying fees for you, but you can also miss out on living opportunities. If you do not own a home, most rental companies now will pull your credit to see if you're honest with your debtors. When they see that you're not, they can and believe me they will refuse to rent to you because of the risk you present to them and the land lord. So not only will you be paying higher fees and interest for poor credit, but you may also become homeless or pay higher rent for a home in an area where you shouldn't be alone at night and your kids will have to sleep with a baseball bat next to their bed. Not to mention the home hasn't been updated or maintained since the late 50's. What a life!!!
Oh, and if you thought that was all, think again. Most all major auto insurance companies base your premium not only on your past driving record but also your credit history. You will not only pay higher insurance premiums because of your poor credit, but might be deemed uninsurable. What does that mean? That means that you better take up bike riding, get a bus pass, car pool or walk. Life sucks for the person whose transportation relies on others and their time constraints or restrictions. Ever have to carry groceries home in a taxi or on a bus? I have and it's the last thing that I would ever want to do again. Nothing says poor like advertising your eating habits to 15-17 other people while riding home on a bus because you're not able to drive. Not being able to drive for nothing other than poor credit is the worst self imposed prison I think we can put ourselves in. There really is no need for it. Now I know some things are out of our control and I'll get to that and a solution shortly.
I bet you thought I was done didn't you? Have you ever had to pay a deposit before you could execute a contract for a cell phone or to turn on a utility of some sort like gas, water or electricity? Ever wonder why? Did you know that not everybody pays a deposit? The deposit is for those who have insufficient credit history or poor credit histories. You're deemed a risk. Actually more accurately you're deemed as dishonest if you have poor credit history. Ever had someone call you a liar? Well, to them that's what you are. You're a liar. You say that you want their services and you're going to pay on time, but they don't trust you. That's why they ask for a deposit just in case they are right. I know I've unveiled the wolf in sheep's clothing but I would rather you heard it from me than someone else at a later time when it might be too late, because there's still hope for you.
We're not just talking about your life here, but the quality of life for your wife and children as well. It's personal now, because they're holding you back from financial freedom. I bet you didn't know this, but according to the Government Accounting Office over 90% of all credit reports are inaccurate? That means WRONG!!! You might in fact be paying higher premiums, fees, interest or all of the above and not even know it because your credit score has been miscalculated because of incorrect data on your credit report. Is it any wonder why the Government came out and offered everyone one free credit report annually? What they've really done is instead of owning up and saying well these credit reporting agencies have done you a disservice and have ignorantly and inaccurately reported many of your credit items; they've offered you a free credit report annually. They've shifted the blame by placing the responsibility to prove that what's there is wrong on you. Not that you don't have anything better to do, the free time to do it or even the knowledge how to go about doing it and getting it done in the best way possible!
Well I have a solution for you. You are either one of two types of people out there. The 2 types are: 1.) Those that like to do things themselves and 2.) Those that like to pay to have someone else do it for them. If you fall into category number 1, we have a home self study course available with templates on what to write and say when disputing and clearing up your personal credit file. If you fall into category number 2, I am available to oversee your case while an associate does most of the work following my direction at times when needed or you can retain my services and expert advice personally to handle your matter. Whatever you decide the option is yours.
I've seen thousands of credit reports and know how exactly the credit reporting agencies grade, score and assess credit and am certain that we'll be able to help you and your case if you decide to retain our services. In fact I am so confident that I will give you a 100% Money Back Guarantee No Questions Asked if in 6 months we've not been able to remove at least 25% of all negatively disputed items on your report. That's not just 25% total, overall, but 25% from each Credit Bureau. The only hitch is that you have to have at least 4 items to dispute from each of the 3 Bureaus. That means that if I can eliminate and remove 2 items from one agency, 3 on another and none on the 3rd I will give you 100% of your money back no questions asked.
In the mean time I have a FREE REPORT for you as my gift to you for taking the time to read this. You may call my toll free number at 877-290-6360 and press extension 187. In case you didn't know 187 is the police code in CA for homicide. We're not going to commit any homicides here, but we're going to help prevent you from becoming the next credit homicide victim by these killers. If you have a specific question you can email me at ryan@720ficoclub.com or call our office at (208) 629-8013.
About the Author
Ryan Nickel is a Credit Improvement Specialist and President of 720 FICO Club Credit Consulting Practice. He has been featured in many publications, as an invited guest on several radio stations to share his expertise, wisdom and knowledge on credit.
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