Two Major Credit Reporting Agencies Have Been Deceiving Us – Is Your Credit Score A Scam?

As the world is pressed ever closer to a cashless society, individual control over one’s own wealth will become a thing of the past and our personal finances will be lorded over by government and the ‘official’ agencies contracted to manage our financial lives. The pieces are already in place, as is evidenced by the ubiquitousness of credit reporting agencies; and in this brave new world your credit score will be even more important than it is now.

Managed by a handful of private companies and based on secret scoring processes, credit reports can have a dramatic impact on the financial prospects and overall lives of individuals and organizations. But though credit rating plays a necessary role in the overall banking system, the industry’s approach to assessing creditworthiness can harm both consumers and lenders. [Source]

Today, you cannot rent a place to live without a credit report, and if you try to sign your children up for the local soccer team you might even find yourself having to authorize a full credit check which will consult one of several major credit reporting agencies who keep track of your financial well-being…. continue reading

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