Knowledge is the Key to Realizing Your Credit Rights
http://www.netarticles.org/articles/4744/1/Knowledge-is-the-Key-to-Realizing-Your-Credit-Rights/Page1.html
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. By Stuart Hunter
Published on 06/5/2009
For such a vital field, consumer credit is one that only a few have more than a basic knowledge. And as a consequence of this lack of knowledge, people put themselves in a position to join the countless others who are being victimized by the credit reporting system.
Fixing A Bad Credit Rating Starts with Education
There is an institution in our society that impacts everything from your ability to purchase a home, get approved for car insurance, and land a job with many companies. It is an element that affects almost every person in this country but it is something rarely addressed in schools and is not well understood by a huge portion of the people it impacts.
What we are referring to here is the modern credit system. This is the system where credit bureaus collect, organize and save personal information about consumers provided by a variety of sources that is then sold to lenders, employers, and others. This information is used to make decisions about whether or not you are a stable, credit worthy individual.
After a short time dealing with banks and other lenders, most find out the rudimentary basics of the credit scoring system. They know that their credit files contain information about them and they know it is advantageous to maintain a high credit rating. They also learn through a constant bombardment from credit bureau advertisements that people can order copies of their credit reports. But from there, functional knowledge of credit dropps off and many of the things people believe to be true are in incorrect or flawed interpretations of the facts.
Many do not know how their credit score is derived, what steps they can take to raise their credit rating, the myriad of resources they have for disputing questionable credit listings, and how the law protects their right to receive fair treatment from credit bureaus, creditors, collectors, and credit repair firms.
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 lenders will err in favor of generating 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 knowledgeable enough about the credit system to do anything about it. They are allowing themselves to be victimized by those who are taking more of their money than is just.
The more people know about the credit system, the more empowered they become. Credit scores are a powerful and necessary tool, but as with all sources of power, it must be kept in check. Those people who understand how it works are the ones who will be 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 with this, Lexington Law has provided credit education resources including videos, lawyer interviews, expert articles and more.
What we are referring to here is the modern credit system. This is the system where credit bureaus collect, organize and save personal information about consumers provided by a variety of sources that is then sold to lenders, employers, and others. This information is used to make decisions about whether or not you are a stable, credit worthy individual.
After a short time dealing with banks and other lenders, most find out the rudimentary basics of the credit scoring system. They know that their credit files contain information about them and they know it is advantageous to maintain a high credit rating. They also learn through a constant bombardment from credit bureau advertisements that people can order copies of their credit reports. But from there, functional knowledge of credit dropps off and many of the things people believe to be true are in incorrect or flawed interpretations of the facts.
Many do not know how their credit score is derived, what steps they can take to raise their credit rating, the myriad of resources they have for disputing questionable credit listings, and how the law protects their right to receive fair treatment from credit bureaus, creditors, collectors, and credit repair firms.
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 lenders will err in favor of generating 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 knowledgeable enough about the credit system to do anything about it. They are allowing themselves to be victimized by those who are taking more of their money than is just.
The more people know about the credit system, the more empowered they become. Credit scores are a powerful and necessary tool, but as with all sources of power, it must be kept in check. Those people who understand how it works are the ones who will be 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 with this, Lexington Law has provided credit education resources including videos, lawyer interviews, expert articles and more.