A recent Washington Post article on credit scores (“Credit Score Shell Game“) is very illuminating. It’s one more example of how the world of credit cards is getting less warm and fuzzy and how struggling Americans can get scammed in the process.
The gist of it is that:
- Credit scores are becoming more important as credit tightens and banks are less willing to lend.
- Many Americans’ credit scores have been decreasing as people face more financial challenges.
- As a result, people are more interested in checking their credit scores on a regular basis.
- However, it’s not so easy to figure out what your credit score is because there are a few different systems in use. (“FICO score” is the one most people are familiar with.)
- Many people are paying $14.95/month for credit-monitoring services (e.g., FreeCreditReport.com and TrueCredit.com) only to find out that the score they’re given is inflated and not the same as the score that lenders are using. (That is, they get a “fake-o score” instead of a FICO score, according to Even Hendricks, author of Credit Scores and Credit Reports and editor of The Privacy Times.)
The bigger picture is that times are tough. Even if you’re doing everything you’re supposed to be doing, the playing field may still feel like it’s tilting against you. And while our government has taken some steps to help out its citizens, the general message for most average New Yorkers has been, “You’re on your own. Good luck with everything.”
Also, any time there are lots of changes going on and people are scared, there will always be scams and semi-scams to take people’s money. Such as the “free credit reports” that you see advertised all over the internet as well as TV and radio. Just one more reminder that, no matter how difficult or stressful things might feel, it’s still important to keep your guard up.
If you’re struggling with credit card debt or mortgage debt or any other kind of debt, and you think you may need Chapter 7 Bankruptcy Attorney Brooklyn NY or Chapter 13 bankruptcy Attorney Brooklyn NY help in New York City (including Brooklyn) or in Suffolk County, Long Island, please feel free to get in touch with us for a free consultation. We’ve been around a long time and we’ll continue to be around to give solid advice and help people avoid scams, get out of debt and start over with their financial lives.
