There are 3 credit reporting agencies that snoop around people's financial activities.

These agencies generate a report called the credit report that lists the borrowings and repayments made by an individual.

Based on these listings, a numeric value ranging from 300 to 800 is generated and this is called the credit score.

This credit score is supposed to represent the individual's credit worthiness or the ability of an individual to repay the money he or she has borrowed within the stipulated time frame.

The need for such a report is very debatable.

What an individual borrows and repays has become public information, thanks to these agencies.

Also personal information like social security number and date of birth is known to these agencies.

It is an infringement of a person's private financial dealings.

STOP CREDIT AGENCIES FROM SELLING YOU FOR PROFIT

THE CREDIT DEHUMANIZING GAME

The 3 credit reporting agencies are Equifax, TransUnion and Experian.

They collect information related to application for a bank loan or credit card, payment of dues within the time frame, non-payment of money, delays in payment, bankruptcies, tax liens and every other financial transaction.

There is no regard to the personal and financial problems and emergencies that an individual may be going through that can make it impossible for them to pay their dues on time.

The whole practice is very materialistic and lacks the personal human touch that every individual may require at the time of a crisis.

A CREDIT REPORTS MISLEADING INFORMATION

This credit report that is generated and distributed to various institutions by the 3 Credit Reporting companies have a profound impact on an individual's life.

A person may not have been in a position to pay his or her dues due to a downturn in their life like the loss of a job or the loss of a loved one.

It is madness to penalize them for something that was not in their control.

When they don't pay their dues, the institution that is supposed to receive their money reports to these credit agencies.

They in turn will include it in the report and the credit score plummets.

This score, in no way reflects the qualities of an individual. It is merely a number that affects their life in every way.

CREDIT SCORE PUNISHMENT

Credit score is used everywhere in the US to assess an individual.

A good score is required to rent an apartment, to buy a car, to borrow money for personal emergencies, to get an affordable rate of interest and so on.

When the credit score calculated by the 3 Credit Reporting companies is low, it makes it all the more difficult to have access to the basic necessities in life.

So, the individual has to move into a rundown apartment or may have to pay huge percentage of interest which they may not be able to afford and this in turn will further reduce their score.

In short, a numerical value that has nothing to do with the inner-self of an individual and can create havoc in their lives and penalize them for events that are beyond their control.