My main issue with using it is that it is very HARD to dispute inaccurate information off your report. I still am fighting Transunion to remove a bank charge-off that was the fault of MY bank.
erikistired
Diamond Member
- Sep 27, 2000
- 9,739
- 0
- 0
Originally posted by: Vic
Read closely. EVERYONE has misfortunes in life. EVERYONE. You are not special in your misery, and it does not entitle you to not pay back the money that you borrow from others. The difference in people's characters is those who have the ability to discipline and prepare themselves, and those who don't.Originally posted by: fisher
if you're living paycheck to paycheck how can you afford life insurance?
oh, and not paying your bills != stealing. now, if you buy stuff with the intention of not paying for it, then i see your point. if you find yourself not able to make a monthly payment because you had a misfortune in life then i don't think that's quite stealing.
Personally, I don't know how these people live paycheck-to-paycheck without a dime to their name and tens of thousands in debt. I guess they love their brand new SUV, their fancy house, and their Ethan Allen furniture, but of course it shouldn't be held against them that they never saved up a few months' income to get them through a brief period of uneployment or illness? :roll:
i'm not saying that i advocate not paying your bills because you have misfortunes, but stuff happens, you get behind on your payments (savings only goes so far and hospital bills are a nightmare) and your credit score goes in the tank. the credit companies decide you are whatever and jack your apr to some insane number and then not only can you not pay your minimum but you can't afford to cover the interest. heck the minimum payment doesn't even cover the interest. your credit score continues to go into the tank. does that make you a theif? if you're honestly making an effort to pay off your debt should you be denied for a job? and yes there are groups that will help you out with things like this, but they aren't going to help you get a job when you're denied because your credit rating sucks.
anyway, it's not my misery or whatever. i was smart enough to marry a cpa who makes sure we have savings. but i love how some people on here pass blanket judgments on anyone less fortunate than they are.
oh btw, you can have a crappy pickup truck, an apartment in the slums you can barely afford and no furniture and still live paycheck to paycheck these days.
and one more thing now that i'm going. you guys preach learning the importance of money management, let's talk about the credit card companies here. i don't know how it is these days, but when i was a freshman in college they were on campus giving out cards like candy. i didn't have "money management 101" in high school and hell, no payments for a year, no interest for a year sounded great. until that year came up and i got hit with the year's worth of finance charges. but hey, even tho you're over your balance, we'll bump it up a bit so you can spend some more. and hey, we see your other card is max'd, how about you use ours to transfer the balance plus we'll give you a bit more (no interest of course, for now). yeehaw, and people wonder why we have so many folks who can't manage credit or money worth a damn. but there's no fault with the companies handing out these cards and we'll punish the guy who can't get a job now.
whatever.
Sorry Vic, but I don't think I can agree with you here.Originally posted by: Vic
Read closely. EVERYONE has misfortunes in life. EVERYONE. You are not special in your misery, and it does not entitle you to not pay back the money that you borrow from others. The difference in people's characters is those who have the ability to discipline and prepare themselves, and those who don't.Originally posted by: fisher
if you're living paycheck to paycheck how can you afford life insurance?
oh, and not paying your bills != stealing. now, if you buy stuff with the intention of not paying for it, then i see your point. if you find yourself not able to make a monthly payment because you had a misfortune in life then i don't think that's quite stealing.
Personally, I don't know how these people live paycheck-to-paycheck without a dime to their name and tens of thousands in debt. I guess they love their brand new SUV, their fancy house, and their Ethan Allen furniture, but of course it shouldn't be held against them that they never saved up a few months' income to get them through a brief period of uneployment or illness? :roll:
I don't know if you understand what it is like to be poor. If you really think that poor people have a brand new SUV, a fancy house and Ethan Allen furniture, you need to visit North Portland.
SP33Demon
Lifer
- Jun 22, 2001
- 27,928
- 142
- 106
Yup, my college incorrectly had on my TU Cred report that my loan payments were 30-60-90-120 days late! In the meantime, I had applied for a line of credit, and consequently denied. Fvcking pisses me off, took me 2 full months of writing letters to TranssexualUnion before it was removed. I wish they could take less than a week to remove stuff, it's a PITA.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,336
- 136
I don't think that about poor people. I already posted in another post in this thread that the biggest misconception about bad credit is that people think that only poor people have it. Not so at all. There are a lot of people with excellent incomes that have bad credit and lot of people with low incomes who have great credit. I see it everyday. I was once told by a borrower with poor credit but with a household income of $250k/yr. that they "didn't have a pot to piss in".
Sure, low income people are more in danger of falling into bad credit, but the first rule of money management is that it's not what you make, it's what you spend.
Do I know what it's like to be poor? No offense, but you don't know me that well. Let's just say that as a kid, I always wore hand-me-downs and got the free lunch at school.
As for NoPo, Eli, have you been following the home values up there? Up like a rocket.
People with bad credit are simply more likely to be dishonest or steal.
This is basic knowledge.
My employeer does a FBI background check with a credit check. In my job you can't be dishonest so I would agree on not hiring/firing someone.
Thanks
This is basic knowledge.
My employeer does a FBI background check with a credit check. In my job you can't be dishonest so I would agree on not hiring/firing someone.
Thanks
I didn't really mean to sound like I knew you.. you're right, I was just making an assumption based mostly on your post. Sorry.
I do agree with you though. Too much stereotyping in this thread.
I was just trying to say that for people who live paycheck to paycheck, it's virtually impossible to save up a rainy day fund.. and like you said, it's very easy to get into trouble.
On one hand, I have no sympathy for people that think they aren't in control of their own lives, but on the other.. I know what it's like to be stuck.
I can't decide if I agree on this or not. It certainly shouldn't be a sole indicator of employment worthiness.
DrPizza
Administrator Elite Member Goat Whisperer
I'm suffering on my FICO score as a result of a student loan mix-up...
I have aobut eleventy billion different student loans... (or so it seems)... one is from AES, one is from Sallie Mae. AES is a subsidiary of Sallie Mae...
Sallie Mae calls: your payment is late... "I just made a payment, I thought... I can pay again on Friday..."
Friday comes, pay on the student loan again. Then a couple of calls on the answering machine... never manage to get a hold of the person and refuse to sit on hold for 20 minutes.
It took a long time before we realized it was the AES loan that we overlooked.. big ding on the FICO.
(and I've been working on a consolidation for what seems like forever so this doesn't happen again... it always seems that something's not quite right - they were in all sorts of different stages of payment/deferral/etc. I was in school, continuing to pay some of them, but leaving some in deferral while I was taking classes, etc. It got super confusing.
edit: but there would have been NO problems is Sallie Mae would have correctly identified the loan on the phone rather than being ambiguous about it.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,336
- 136
It's never the sole factor, but among other factors taken as a whole. And like I also posted earlier, it depends on the job. The lady in the OP's article was applying for a job where she would have had access to the company's trade secrets and pending patent applications. This is a secure position where it has been generally accepted for years that good credit and background checks are a must.
Exactly. Same for my job in financial services. In fact, the state government requires that my employer perform the credit and criminal background checks as a requirement of my license (and hence, my employment). But then, I already posted that in this thread, so I am now leaving the thread as I'm tired of repeating myself.
SP33Demon
Lifer
- Jun 22, 2001
- 27,928
- 142
- 106
Overall, I think if they're going to use credit as an indicator, it would have to not hold much weight... maybe in a pass/fail system, anything greater than, say 550, would pass. Although I don't like it, this would probably be the best way. If they fail, find out why they did and hear their side of it. If it's a misunderstanding on something you're in a dispute over, or if you've paid all of your past overdue debts but they're still on your record (but penalize your FICO), then you should pass. I could live with something like this.
Is it really that hard to take initiative & make sure things are done correctly? At least when it comes to finances, folks, a little attention goes a LONG ways.
Yes, mistakes happen. But mistakes big enough to hit your credit report don't just happen.
Less than 30 days late doesn't even get reported to the credit bureaus. It almost requires willful negligence for something to go wrong enough to hit your credit report.
Viper GTS
I agree.
Yeah, I understand.. I can agree with that.
I wonder if my Dad's employer did a credit check. I don't think he has very good credit(bankruptcy like 10 years ago). They did a background check, though. He delivers millions of dollars worth of prescription drugs a day, to nursing homes all Oregon and Southwest Washington.
I wouldn't want someone working for me dealing with my finances who wasn't even responsible with their own.
It just sucks that one little report can screw you life over forever and there isnt anything you can do about it. Life happens and you do the best you can to deal with it but anything that happens in todays day and age costs no less than a few thousand dollars. When you bring home only $300/wk its a little difficult handle situations that life deals you so you have to pick and choose which one is the most important at that moment. That makes me an irresposible idiot that should not be allowed to get a better job? It takes money to get the perfect credit score everyone expects but because of your low credit score your SOL with very little hope of ever getting out of it.
Until your in a similiar siuation with little money to pay off bills you have no right to talk about those people like me who have poor credit due to the fact that we dont make a lot of money to pay off everthing the second it comes in. Companies that tell you Bad Crdit ok, Poor Credit ok, or No Credit ok are lying. They want perfect credit and income no less than $50,000 a year.
What sucks even more is that all them employers getting your credit report are adding another inquiry which will reduce your score by a few percent each time.
Until your in a similiar siuation with little money to pay off bills you have no right to talk about those people like me who have poor credit due to the fact that we dont make a lot of money to pay off everthing the second it comes in. Companies that tell you Bad Crdit ok, Poor Credit ok, or No Credit ok are lying. They want perfect credit and income no less than $50,000 a year.
What sucks even more is that all them employers getting your credit report are adding another inquiry which will reduce your score by a few percent each time.
They can't, they don't know who is going to actually get the message and they can't leave confidential information.
:roll:
Wrong. If your a week late they can report and it will go to 30 days late as that is the lowest indicator that the credit bureaus are willing to use.
Most worthwhile and level headed post in the thread.
Wow, apparantly I'm not the only one who sees this about amused. What's sad is his inability to comprehend that the world isn't black and white. His opinion comes from the very comfortable life he leads currently. Some sort of financial ruin or problem might give him some perspective, though I highly doubt it.
What is the legality of this practice by employers? Is it even on the books? This seems to be very close to infringing on ones rights to privacy.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,336
- 136
First off, let me say that no one is arguing that credit scores are perfect. There will always be those who honestly got hit by something that was no fault of their own.
But the vast, vast majority of folks with poor credit scores EARNED those poor credit scores.
The insurance companies have statistical data that show undeniable correlations between people with poor credit scores and higher claims. Ignoring cause and effect here, if the company has an indicator that shows them, with a high degree of accuracy, that this insurance customer is likely to require higher claims payouts than other customers, does it not make sense that that person will pay higher premiums?
Obviously this isn't true in every single case. But until someone can find a better indicator, I have to sympathize with the insurance companies on this one.
But the vast, vast majority of folks with poor credit scores EARNED those poor credit scores.
The insurance companies have statistical data that show undeniable correlations between people with poor credit scores and higher claims. Ignoring cause and effect here, if the company has an indicator that shows them, with a high degree of accuracy, that this insurance customer is likely to require higher claims payouts than other customers, does it not make sense that that person will pay higher premiums?
Obviously this isn't true in every single case. But until someone can find a better indicator, I have to sympathize with the insurance companies on this one.
Are you sure about that?
My understanding is that most creditors don't report you until you're >30 days late, but that's a courtesy, not a requirement. One day late is late and you can be reported to the credit bureaus for being late on your payment.
EDIT: The lowest that the credit bureaus report, IIRC, is <30 days late. One day late qualifies. Vic, I don't see anything in that FAQ that's relevant.
I have viewed my report from Experian and the only indicators that where on it are 30, 60, and 90 days.
It would be nice if there was a spot for comments for each of the negative items.
It would be nice if there was a spot for comments for each of the negative items.
DrPizza
Administrator Elite Member Goat Whisperer
And, in my case, 90% of the phone calls I received were about my consolidation... most of the calls were a complete waste of my time. - to sit on hold for 20 minutes simply to tell them that I wasn't currently enrolled, but was going to be enrolled by the time the consolidation is completed (which really screws them up.) Granted, it was my mix-up over loans... 3 different bills to the same lender, the 3rd being the one I missed - it just came out of the grace period. (actually, it's my wife who makes the payments - she handles the checkbook for our bills... but I still feel it's an honest mistake.) But, having just made a payment a few days earlier, why would I even suspect that the phone call was about a lack of payment.
Imagine you have a regular Sears charge card, and a sears major purchase charge card... On the major purchase card, you have a 6 month grace period. At the end of 6 months, you get a call saying "Hi, this is Sears, you forgot to make your payment." So, you pay again. Meanwhile, you've been doing other business with sears (trying to order a part or something) and have been on the phone with them a dozen times. Sears shows up on the caller ID. Would you even suspect that the call was over the same missed payment? That's what happened to me.
One of the loans had come out of the grace period while I had 2 other loans that went to the same place, but different divisions. Since I wouldn't make a payment on it for a while, they reported me as in jeopardy of defaulting. I had no intention whatsoever of defaulting on a loan - I just didn't know I had one that came out of its grace period. Each semester resulted in 2 loans: a subsidized and an unsubsidized student loan. I swear they took all of the loan documents, threw them in the air, and whichever ones fell closest to each other were rolled into one payment... there seemed to be no rhyme or reason for the way they are split. (and soon to be lumped into one.)
On an additional note, if credit score was a factor, I'm sure all the intelligent hiring HR personel would look at why a certain individual would have a low score and investigate into a specific incident rather than going by a score chart. NOT!
Vic, I still think you're wrong on this one:
http://www.cardweb.com/cardlearn/faqs/2002/jun/26.amp
My credit reports are at home, but I recall <30 days is the way it's printed.
http://www.cardweb.com/cardlearn/faqs/2002/jun/26.amp
My credit reports are at home, but I recall <30 days is the way it's printed.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 21K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 15K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter