Do You Even Know If You Are a Deadbeat?
Tens of thousands of people across this great land pay more than they should for everything from automobile insurance to gasoline.
The saddest part? A lot of times, they don't even know it.
There is a Chinese saying, "A mountain is just a big pile of dust.
" It means that every little bit counts where money is concerned.
Spending an extra dollar a day on car insurance, an extra dollar a day on credit card interest rates, and an extra dollar a day on health insurance adds up to over $1,000 a year.
Over ten years, that is a substantial amount of money when you consider the effect of compound interest.
A lot of people are spending that extra dollar a day on those things.
They are doing that because their credit scores are low.
Here is the kicker: Their low credit scores are not even their fault in many cases.
How do these mistakes occur? There are many possible causes of an undeservedly low credit score:
The end result is the same: People lose a lot of money over time.
Even if you have always paid every bill on time, you could be considered a deadbeat in the eyes of the Big Credit Computer in the Sky.
If anybody ever told you life was fair, they were either passing along bad information or just plain lying.
Life is not fair.
Even when mistakes are someone else's fault, it is up to you to correct them.
When is the last time you checked your credit reports and scores? If it has been a while, you should definitely check, especially if your auto insurance rate went up or your credit card interest rate shot through the roof.
It is possible that you have developed an undeserved reputation as a deadbeat.
The saddest part? A lot of times, they don't even know it.
There is a Chinese saying, "A mountain is just a big pile of dust.
" It means that every little bit counts where money is concerned.
Spending an extra dollar a day on car insurance, an extra dollar a day on credit card interest rates, and an extra dollar a day on health insurance adds up to over $1,000 a year.
Over ten years, that is a substantial amount of money when you consider the effect of compound interest.
A lot of people are spending that extra dollar a day on those things.
They are doing that because their credit scores are low.
Here is the kicker: Their low credit scores are not even their fault in many cases.
How do these mistakes occur? There are many possible causes of an undeservedly low credit score:
- People become victims of identity theft.
This happens ten million times per year in the U.
S.
, according to FTC statistics. - The credit bureaus make mistakes.
Data entry errors happen.
Confusion happens when you share a name with someone else.
Maybe the person at the credit bureau was just having a bad day and decided to mess somebody's credit up a little to exact their revenge on the world. - A lender could mistake one person's information with someone else's.
The end result is the same: People lose a lot of money over time.
Even if you have always paid every bill on time, you could be considered a deadbeat in the eyes of the Big Credit Computer in the Sky.
If anybody ever told you life was fair, they were either passing along bad information or just plain lying.
Life is not fair.
Even when mistakes are someone else's fault, it is up to you to correct them.
When is the last time you checked your credit reports and scores? If it has been a while, you should definitely check, especially if your auto insurance rate went up or your credit card interest rate shot through the roof.
It is possible that you have developed an undeserved reputation as a deadbeat.
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