Myth #2: Your credit report is reviewed carefully!

Consider this myth: Your credit report is reviewed carefully

The problem with that business model (i.e. your credit report is reviewed carefully) is that it isn’t very scalable. Scouring an individual’s credit report takes time, and it also takes skilled (with any luck, that is) human beings to render careful judgments. Unfortunately for fair decision-making, that’s just not manageable if you want to extend credit to hundreds of thousands or even millions of people on a national scale. Automation, of course, must save the day, and technology hasn’t yet allowed that to include an individualized reading and analysis of everybody’s credit reports.

That’s where the credit score comes into play. A seemingly wonderful solution, credit scores actually introduce a boatload of other new problems.

So squash myth #2 here and now. Of course creditors want consumers to believe that things haven’t changed, that life is as quaint as it was decades ago when customer service meant “personal service,” and that they actually pay attention to the report itself rather than treating potential customers as little more than impersonal credit scores.

Information by Lexington Law PsychDoc…www.lexingtonlaw.com

Myth #1: The Nature of Credit Bureaus
Myth #2: Your credit report is reviewed carefully!
Myth #3: Including A Credit Statement Is Helpful…
Myth #4: Negative Items Must Remain For 7 Years…
Myth #5: Seeking Help In Reparing Credit Is Unlawful