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Credit Repair Starts with Knowledge
- By Stuart Hunter
- Published 06/5/2009
- Credit Score
- Unrated
Stuart Hunter
Providing credit repair services since 1991, Lexington Law has helped over 500,000 clients legally take on their credit. Last year alone, Lexington Law helped clients remove over 600,000 negative items from their credit reports.
View all articles by Stuart Hunter
There is an institution in today's society that affects everything from your ability to obtain a mortgage loan, get approved for automobile insurance, and land a job with certain companies. It's an element that affects almost every person in the United States but it is something rarely addressed in schools and is not well understood by a huge percentage of those it affects.
What we're talking about here is the consumer credit system. This is the system where credit reporting companies (credit bureaus) receive, organize and store financial information about consumers provided by a variety of sources that is then sold to lenders, employers, and others. This information is then used to make decisions about whether or not you are a stable, credit worthy person.
After only a short time dealing with the financial community, most learn the rudimentary basics of the credit reporting system. They know that their credit files contain information about them and they know it is advantageous to have a high credit rating. They also learn through a constant bombardment from credit bureau advertisements that people can order their credit reports. But from there, functional knowledge of the credit system dropps off and many of the things people believe to be true are in actuality incorrect or incomplete representations of the facts.
Many do not know how their credit score is calculated, what steps they can take to maximize their credit score, the
myriad of resources they have for disputing questionable credit listings, and how the law protects their right to receive fair treatment from credit reporting agencies, creditors, collectors, and credit repair companies.
Whether by accident or through design, much like how the pigs exerted control in Animal Farm, this lack of knowledge leaves people at the mercy of, and frequently victims of, the organizations whose profits are tied to consumer credit. When left unchecked, even the most reputable companies will err on the side of making greater returns. As a result, every day, people are being charged excessive interest fees that pad the pockets of lenders because these people are not informed enough about the credit system to do anything about it. They are permitting themselves to be victimized by those who are taking more of their money than is reasonable.
The more people know about the credit system, the more empowered they become. Consumer credit is a powerful and necessary tool in today's society, but as with all sources of power, it must be kept in check. Those who understand how the system functions are the ones who are able to enforce their right to a fair and accurate credit score.
Lexington Law, the trusted leaders in credit repair, believes that learning about your credit is the first step in improving it. To assist consumers, Lexington Law has provided credit education resources including videos, lawyer interviews, expert articles and more.
What we're talking about here is the consumer credit system. This is the system where credit reporting companies (credit bureaus) receive, organize and store financial information about consumers provided by a variety of sources that is then sold to lenders, employers, and others. This information is then used to make decisions about whether or not you are a stable, credit worthy person.
After only a short time dealing with the financial community, most learn the rudimentary basics of the credit reporting system. They know that their credit files contain information about them and they know it is advantageous to have a high credit rating. They also learn through a constant bombardment from credit bureau advertisements that people can order their credit reports. But from there, functional knowledge of the credit system dropps off and many of the things people believe to be true are in actuality incorrect or incomplete representations of the facts.
Many do not know how their credit score is calculated, what steps they can take to maximize their credit score, the
Whether by accident or through design, much like how the pigs exerted control in Animal Farm, this lack of knowledge leaves people at the mercy of, and frequently victims of, the organizations whose profits are tied to consumer credit. When left unchecked, even the most reputable companies will err on the side of making greater returns. As a result, every day, people are being charged excessive interest fees that pad the pockets of lenders because these people are not informed enough about the credit system to do anything about it. They are permitting themselves to be victimized by those who are taking more of their money than is reasonable.
The more people know about the credit system, the more empowered they become. Consumer credit is a powerful and necessary tool in today's society, but as with all sources of power, it must be kept in check. Those who understand how the system functions are the ones who are able to enforce their right to a fair and accurate credit score.
Lexington Law, the trusted leaders in credit repair, believes that learning about your credit is the first step in improving it. To assist consumers, Lexington Law has provided credit education resources including videos, lawyer interviews, expert articles and more.
