7 secrets your credit report won't reveal

I agree with everyone that says that the credit scoring system is a scam. First of all how they want to charge a person high rates who makes little money and has had it bad in the past but are presently doing good. So while a wealthy person pays $1500 on their mortgage with a low rate the person who has been struggling probably lost their job so they had a few late payments in the past has to pay a $2500 mortgage cause the interest is much higher. I dont get that because if you are willing to give the loan why can I just pay as much as a person with a so called excellent score. Of course I may default if the rates Im paying on my stuff are twice as high as a person who has the exact same house in the same neighborhood etc. However it would be much easier for me to stay on track if I had that $1500 mortgage payment. The middle class will stay middle class or broke just because we are given high interest rates and end up paying twice or more the amount of the thing we are purchasing.

Personally I was laid off from my last job it took me almost two years to find a job so of course I had a lot of late payments. What did not make it easier was that some jobs turned me down because of my credit score. I was beside myself when I saw the reason as to why I wasnt chose for the job. This is rediculous because of course you are going to fall behind on bills without a job but I cant get a new job because I was laid off and paid bills late. I think that this credit scoring systems should be eliminated because all it does is hurt people more than help anyone.

Not only cant you get a house, car, credit card or loan, these days a bad credit score keeps you from Getting an apartment, Getting a job, Getting good insurance rates.

The credit scoring company has gotten out of hand. I dont know about most people but I dont need my boss knowing who I owe money too or what I own or have owned. God forbid your boss is some type of stalker. He will know where you live now, where you used to live, what type of loans you have, if you have a house etc. I dont think that is anyone's business. I dont see how your landord or boss has to have this information. And as for insurance companies what does it matter to them as long as I pay my insurance on time and never default that is all that matters, specially when you take the money out from my bank every month.

My wife and I married at 18 and all the money we had in the world was what I was paid at the end of boot camp. We didn't even own a car and started with nothing. I worked my way through college with some GI Bill help and we both supported each other while each of us continued our educations. We raised our kids modestly and worked hard all our life and have always lived well below our means. We have a single credit card which we pay off in full prior to the due date every month. We own our home and everything else and have no debt except monthly utilities, insurance, etc.

Why is it so difficult for some people to accept that I expect others and most importantly, our government, to conduct themselves in a similar manner?

Three years ago, I started monitoring my credit report after a bout of indentity theft.  I run my scores every 60 days, and review my accounts monthly.  I have utilized the "score simulator" available through Equifax in an attempt to get the best score possible.  After three years of paying off all of my credit cards, my score was slowly creeping up.  Last month, I paid off the last revolving account.  Yesterday I was excited about getting my new score.  I was certain that it would be higher than ever.  I was wrong.  My score actually dropped 20 points.  The "score simulator," with all of it's infinite credit wisdom just informed me that I do not have enough diversification in my credit portfolio, and I need to obtain a credit card with at least a $1,500 limit for my score to go back up, but if there is a credit inquiry on my account, it will go down.  Amazing!  This is a no-win situation.

I could not agree more with the comments below.  The credit reporting agencies are a scam.  I will be paying cash whenever possible.  The banks will have to make their money on someone else.

tHese credit bureaus have too much control over your spending life.  First off there are three major credit companies, each have a different  score.  Why are they differrent ?  And when you have a discrupency, it takes them sometimes up to a year to straighten your scores up.

In the mean time, I have never checked my scores... I rarely buy big ticket items that would need your scores.  I pay my bills, but iM ON A fixed income and still the credit agencies want to increase my credit... yeehaw !!

I hope I leave this world owing millions !!