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Let’s take those 90,000 unemployed workers who once had manufacturing jobs in Ohio. They lost their livelihoods because of the
indiscriminate economic downturn….through no fault of their own. That they cannot pay their bills and obligations places them into a credit
report nightmare. Yet there does not seem to be any plan out there that eliminates unfair derogatory credit information which will inevitably be
posted by Equifax, Experion and Trans Union. These innocent credit casualties may suffer consequences for years to come, even as the
rougue institutions who created this incomprehensible money mess rebound and walk down a reassured Wall Street in the months to come.
Long after the recession passes and America regains its new form of economic footing, new jobs in a stronger economy will be found by the
currently unemployed. However, those tarnished with the stigma of being without a means to make a living due to lay offs and plant closures in
these dark days will continue to suffer by having to live with negative comments on their individual credit reports. Created through no
malfeasance on the part of these debtors, those disparaged credit records will last between seven to ten years. Presumably the ability of
each affected reportee to obtain reasonable credit terms may result in a legacy of punishment with excessively high interest rates, and in some
cases, lost opportunities to rebuild responsible financial futures.
Congress must do something substative to assist these economic refugees by eliminating bad credit reports for those who have lost their jobs
due to the severe landslide in all sectors of financial life. Under the Federal Fair Credit Reporting Act, which regulates credit bureaus
and their reporting activities, lawmakers should establish strict criteria to allow deletion of negative data for the blameless who seek to
rebuild their economic standing. This can be accomplished by identifying those who created their own financial mess by intentionally not
paying obligations when they had the means, from those who did everything they could to protect their financial reputations, but could not due
to forces far beyond their control. Such is a national recovery imperative. Failure to recognize that the effects of the current disaster may linger
for up to a decade for those who deserve clean bureau histories is to ignore a clear and present danger which stands in the way of a genuine
recovery which is meaningful to all.
http://sharedemergency.wordpress.com/2009/03/19/fighting-the-post-recession-repression/ 6/17/2009
Fighting the Post-Recession Repression « Page 2 of 8
Bad credit notations for the innocent should not be permitted, or the spiral of economic punishment of the innocent will linger, for
years to come.
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from → Bailout, Credit, Economic Recovery, Economy, Fincancial Literacy, Obama Administration, The Little Guy
1.
2009 March 19
Ellis permalink
You’re right! That’s very likely to cause a problem. And I do feel sorry for those who are caught in that trap.
On the other hand, the problems we’re facing right now come largely from the fact that bad loans were given to credit-UNworthy folks in
large measure because the government stepped in and virtually ordered the banks to do it.
If the problem has been that people don’t save up for those rainy days and insist on mortgaging their futures and their kids’ futures to live
for the moment, might it not be that this mechanism is working as it should? Might it not be the right kind of lesson? I’m not into
punishing folks for bad decisions; but I can support their learning from them. And might it be just the wrong way to go to have the
government step in and “declare” these folks credit-worthy? After all, just the fact that they lost everything for no fault of their own
doesn’t mean that they’re any more capable of paying down loan payments or not running up their credit cards to the limit again. They
simply can’t afford things, and that’s the bottom line for a credit report.
This is something that’s going to make keeping up with the Jones’s and living beyond one’s means almost impossible. A large dose of
that across the country should put us back on a much stronger economic footing. You can bet that these people who can’t qualify to
borrow are going to have to wait until they’re on solid financial footing before they try again to live high on tomorrow’s earnings.
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