BAD PARENTS + BAD CREDIT = BAD KIDS WITH BAD CREDIT When it comes to Credit Repair: You Can Do-It-Yourself
I know you’ve all heard the saying, ―The apple does not fall to far from the tree.‖ Most problems that afflict African American households begin in the home. This is where children receive their basic foundation about morals and values (whether good or bad). You would be surprised how quickly children pick up habits. They see how you handle financial pressures especially when there is too much month left at the end of the paycheck, they learn how to Rob Peter to pay for Paul, they hear the conversations you have with the creditors and they even mastered the art of lying, cheating and hiding from creditors. Children also learn about instant gratification at a very early age. It’s all about the ―here and now‖ mentality. ―I want, I want, I want.‖ Sometimes do you find yourself justifying your bad habits. ―Why should I spend months saving up for my wide screen TV when I can get it today by using a credit card or better yet I could always Rent-To-Own it.‖ If you have credit problems then there’s a strong possibility that your children will be in the same boat right along with you. It’s quite obvious that we are living in a ―Credit Driven‖ world. Creditors pull your credit for every single thing (don’t sneeze because they might very well pull your credit for that too). You will be shocked to see the amount of unnecessary inquiries made on your credit report from companies you don’t even do business with. If you are in search of purchasing a home these little inquires might create a red flag on your credit report. Prospective employers are even checking your credit history to determine whether or not they will hire you based on your credit profile. Ever wonder why employers haven’t responded to the numerous resumes you’ve submitted? With so much emphasis placed on credit histories, it’s imperative that African American consumers pay extremely close attention to what’s being reported to the credit bureaus. Identity thefts are increasing at an alarming rate. The most recent study by the United States Public Interest Research Group reported that over 80% of Americans have inaccurate, negative items reported on their credit reports. This cost African Americans millions of extra dollars in increased interest rates each year. Parents, safe guard your children’s Social Security number because ―Identity Thieves‖ do not age discriminate. The good news is, if derogatory information has been reported, you don’t have to pay someone to remove it - You Can Do – It –Yourself - or ignore it and hope that it magically disappears. I am pretty sure you have seen the following promises on TV: ―Good Credit – Bad Credit – No Problem, we can give you a fresh start by erasing your bad credit – 100% guaranteed‖, ―Create a new credit identity – legally. We can remove Bankruptcies, Judgments and Liens from your credit file forever!‖ Save yourself the headaches and the money. Don’t allow yourself to get misled by these ―too good to be true‖ advertisements. This is not the time to claim ignorance, my people. Only through time, a conscious effort and a debt repayment plan you can improve your credit report. Most of the time you end up spending hundreds or even thousands of dollars only to find out the company couldn’t deliver what they promised and to make matters worst, they have mysteriously disappeared with your hard earned money. Keep in mind that under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised. Avoid companies that suggest you try to invent a ―new‖ credit identity — and then, a new credit report — by applying for an Employer Identification Number to use instead of your Social Security number. If you follow illegal advice and commit fraud, you may be subject to prosecution. It’s also a federal crime to lie on a loan or credit application by misusing your children’s Social Security number. The truth is - no one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA): You’re entitled to a free report if a company denies your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. Besides, each of the nationwide consumer reporting companies — Equifax, Experian and TransUnion — is required to provide you with a free copy of your credit report, at your request, once every 12 months. If our children can’t look up to their parents, who are they going to look up too? When they come to you with financial challenges and concerns, what type of advice are you going to give them? After all, shouldn’t mommy and daddy know best? I agree that we are all being faced with tough economical times beyond our control due to bad decisions being made by our leaders in authority; however,
the enemy is in attack mode aiming to destroy the sacred foundation of the family. He knows that if he can attack the finances then he will be able to gain full control over your life causing you to lose faith in your heavenly father. My plea to you is to put on your full armor daily and fight the good fight for your family. We are children of the most high God so we need to reclaim our inheritance and Pray Until Something Happens (PUSH). Break these generational curses NOW before it’s too late. Having decent credit is an asset to most. It’s like owning a precious gem so safeguard it. Think twice about co-signing for anyone especially family. I’ve heard far too many horror stories. In order to end this vicious bad credit cycle and reverse the stigma, our communities need to undergo a massive educational overhaul. We must unite and combine resources offering a hand up to our fellow brothers and sisters rather than look down upon them as our next meal ticket. Why should only a select few get to own homes, drive nice fancy cars and hold down decent jobs while others struggle all their lives to make ends meet? Who is going to help the less privileged? The Government? My pastor Troy Owens always preaches, ―Each One Reach One‖. Doesn’t that make perfect common sense? We can all make a significant impact if EACH ONE REACH ONE. Don’t allow pride to get in the way of reaching out and asking for help in your times of need. The Financial Coach will be happy to assist you with the Do-It-Yourself process. Call Rae at 619-368-6558 or email bfc89success@yahoo.com