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Free Credit Reports are the Answer

February 21, 2008

credit-slaves-internet-2.jpgYou’ve heard the old adage “the most valuable thing is a good name”. You might even hold this to be true. If you listen to the credit industry marketplace, you would be convinced that the protection racket is more concerned about your good name than you are. For example, our friends at are singing their way into your heart. They offer the latest in creative goodness and protection so that you can keep those crafty credit thieves at bay. The reality is that the consumer credit market is about selling you, the poor hapless consumer, the latest in protection against identity theft. It’s all about marketing, the profitability of monthly fees and a little simple multiplication.

For years, the American population has been held captive by the Big Four: the banking, finance and credit industry along with the government. Sloppy credit bureaus, an extension of the incestuous banking credit industry, and lax creditor practices have led to extensive identity theft over the years as Uncle Sam quietly nods agreement to laissez-faire economics. Congress has pretended to be very concerned as well. To its credit, Congress enacted the Fair Credit Reporting Act in 1970. It wasn’t a bad idea, but Congress has failed to realize that you cannot truly reform a terminally broken machine that the predatory credit industry runs. With true reform in mind, Congress patched credit reporting accuracy in 1996. More light was shed on dirty internal practices of the credit bureau. They pretended to make things right like they always do and behave themselves. Pressure from the marketplace and lobbyists brought new laws in 2003, followed by the new lobbyist-inspired bankruptcy laws. The new federal laws even put restraints on the ability of states to enact stronger consumer protections in most areas.

Credit reports and credit scores are now used in every consumer transaction and are accessible by everyone that does business with credit reporting agencies. The mistakes in reports are multiplied by the access of underpaid data entry employees. Your information is contained in credit reports which are bought and sold daily to nearly anyone that requests and pays for them. The reporting agencies won’t even tell you all the information on your credit report unless you pay them. You will never know your coveted credit score unless you pay to know it. It is all about the money.

The mine field of the credit industry is information kept on you. It is information that is generally proven to have a 75% accuracy rate. The credit bureaus hold you trial without a jury in a kangaroo court of their own making. You can file a complaint as the reporting agency nods with a benign smile and continues to agree with big business interests and support the interests of the Big Four. Credit reporting agencies know where their bread is buttered and they aim to please. Nobody wants to rock the boat. Most consumers are convinced that the system can work or somehow will work to their advantage if they just follow the rules. In the meantime, consumer rights vary widely by state, even with the presence of federal law and you are not entitled to keep your information from anyone, except in those states that allow a “freeze”. In those states that do allow for a credit freeze, you are warned by the industry that the freeze could have adverse affects. New laws have become a shell game of credit slavery. Isn’t it time you realized that you have the deck firmly stacked against you? They have you where they want you because you are part of their profit base. Buying a credit report and monitoring your credit is not the answer for universal business access to your personal information. Are you mad yet or are you singing harmony with the credit slaves?

Elvis Manning

One Comment leave one →


  1. Creditspeak

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