Chapter Sixteen
Credit System Mythology
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Of course the companies that control our credit system don't want you to know these things. Why not? Probably because some of them comprise the world's most powerful banking interests, and they desperately need you to believe that the world is put together in a certain way. Otherwise, they won't be able to keep average Americans paying their Mercedes Benz payment.
Not knowing the truth, though, can cost a consumer tens or even hundreds of thousands of dollars during an average lifetime.
Where credit reports are concerned, there are essentially two sets of "truth." On the one hand, there is the fairly meaningless happy patter creditors want you to believe, which you can find repeated in just about every credit-related book and Internet website. And then, of course, there's the real truth.
Unfortunately, in order to truly embrace stark reality we must first peruse the prevailing fiction. So we'll examine both here. This chapter aims to demolish the various social psychoses perpetuated by your creditors (and abusive debt collectors, if you happen to be acquainted with those) and transport you to a veritable Valhalla of consumer mental health. Even better, maybe you'll end up saving a few bucks.
Since one of this book's co-authors is a psychologist, we'll use the word "psychosis" to describe the craziness some of these large companies foist upon us.
Psychosis #1: The nature of credit bureaus.
Credit bureaus are official, perhaps even quasi-governmental agencies, and such vital American institutions work alongside your creditors to keep every adult citizen toeing the financial line.
- Credit Revolution: Path of the Smart Consumer
© 2007 John C. Heath, Esq., Dr. Randy Padawer, Jayson R. Orvis. All Rights Reserved.
Published by Far Cliffs Multimedia, LLC
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© 2010 Lexington Law®. All rights reserved. John C. Heath, Attorney at Law, PLLC, d/b/a Lexington Law. Lexington Law is a group of law firms that may also be referred to throughout this site as "Lexington," "Lexington Law Firm," "we," "us," or "our firm". The number of items removed represents the combined results of the group.