The recent economic meltdown has a lot of ties to credit reporting agencies. Individuals and small businesses borrowed heavily as their dreams slipped away, leading to dismal credit scores. Now, even as individuals and small businesses are slowly recovering, many are still stuck with very poor scores. This has proven to be a bit of a hindrance on our consumer economy.
Ex: John Doe from Ohio was out of work for 1 year and lived on unemployment, credit cards, etc. He can’t take full time work in Montana or New Jersey because his credit rating cannot get him into an apartment.
Lessons learned but time to move forward. When credit reporting agencies reset scores for individuals and small businesses, responsible borrowing would pick up again and help move our economy forward.
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