Should Your Credit Report Cost You a Job?

Checking someone's credit may have been a good idea up until the "crash". Since then too many people have been affected by circumstances beyond their control. There are too many problems contributing to this. But one big one is that for months now the banks that got bailed out are not lending. Small businesses are in trouble because they can't borrow. Few people qualify for mortgages, and when they do, the banks are refusing values from appraisers. People can't pay their mortgages and can't sell their homes. And now the banks are lowering credit card limits on many people with good credit. Someone with good credit who owed 40% of his limit and had it reduced by the bank to what his current balance is, appears to be "maxed out". This lowers his credit scores and makes him look like a dead beat. Mortgage and loan applicants who are rejected get a negative mark against their credit. So looking at credit reports no longer tells the real story about many people. Personally, I believe this is all part of a plan that the banks have put into play so they can rebuild their base and force interest rates up. I am still wondering how all that bail out money could have been given to them with no strings attached or conditions that they must start lending again. Unless things open up soon, no one will have good credit.

David of NY 5:29PM July 31, 2009

What happens to people, like me, that have a zero credit score since my house, cars, etc are all paid for and I pay cash or use a debit card. More and more people are subscribing to the Dave Ramsey theory of pay cash and no debt, no credit score. www.daveramsey.com

I have 1 credit card that never gets used. The others were canceled 5 years ago when I became debt free. The banks/cc companies will never get any business from me or my family again.

Jack Ramos of OH 2:38PM July 30, 2009