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July 28, 2008

More On Credit Scores

-- by Dave Johnson

OK, so I'm a big corporation. I decide to shaft you for $157.29. You decide never to pay it because you didn't get what you ordered, or whatever happened.

So I, the big corporation, reports to the credit agency (another big corporation) that you didn't pay your bill. There you go, pure extortion: you pay up or we'll ruin your credit rating and you don't get to participate in the economy anymore.

Does anyone even remember democracy? That's that thing where the people set the rules and make the laws, and do it to benefit each other.

Posted by Dave Johnson at July 28, 2008 9:23 PM

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Exactly! Now we're getting it!

The shaft, for sure.

Perhaps it's best to be much, much more conservative on our purchases. A major dent in my credit rating was a Sprint bill for services I never used. Due to a huckster retail gift of a few bucks I got Sprint long distance service I never used. Never, never listen to those retail clerks trying to save you a few bucks.

buy local, (they don't have much credit themselves and aren't going to report you to big credit.

use debit cards instead of credit. or cash.

build credit by paying on time ALWAYS. Or don't buy it.

avoid medical care. Sorry, they are the worst for reporting and/or overcharging and giving bad service. Health is not negotiable.

Be rich. sorry, but it helps your credit rating.

I'd like to see govt. action restricting credit rating's power over the individual. A ban on credit rating used for employment referencing or insurance rates!

Posted by: datadave at July 29, 2008 5:48 AM

This is exactly what happened to me.

When I moved, the water company did not pick up their water bottles, even though I called them to do so three times. They charged me $35 a piece for them and sent it to a collection agency, who in turn reported the debt. When I moved again, and had to rent an apartment, I had to pay it, plus a $150 charge on top of it. A consumer has no remedy worthy of the name in such cases.

Posted by: James E. Powell [TypeKey Profile Page] at July 29, 2008 9:55 AM

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