Credit Scores: Class Warfare in disguise?

http://http://jrparrott.wordpress.com/

Credit Scores: The Progression of Class Warfare

You happily set your pen down having just filled out your umpteenth job application this month. The uncertainty of it all has you asking yourself why you haven’t gotten even one call back for an interview. Then one morning you sit down to read the paper as has become your routine since losing your job 6 months ago. An article leaps off the paper at you! The newspaper article reads: “Employers checking prospective employees’ credit scores, On The Rise.” Your heart sinks into your stomach and you feel queasy. You begin to breath rapidly and inconsistently. But, you remember what your doctor had told you your last visit before your medical insurance you had had through your previous employer lapsed, “Calm down, take slow deep breaths and if that doesn’t work breath slowly into a paper bag.” Damn this anxiety disorder, as the doctor had labeled it, you think to yourself. The doctor had prescribed a little white pill to help if the above mentioned remedies failed, but the prescription is too expensive to pay for. Besides if you had any extra money it would be thrown at the credit card bills, rent, and utility bills that have gotten out of control due to your decreased revenue and this recession the newspapers, t.v. and President keep saying has ended. After a few reps of your rhythmic breathing

techniques to calm your nerves you read the entire article.

The article suggests that employers are using your credit score to determine your “character“ (Are you reliable and trustworthy? Do you pay your bills on time? Do you pay your bills back at all?…etc.) while totally neglecting the fact that in doing credit score checks on prospective employees, employers are actually creating a new form of discrimination. This concocted formula also known as your FICO score does not take into account job loss, wage reduction, or medical emergencies as viable means of measurement. Instead, it analyzes and methodically, perhaps somewhat intrusively, catalogs an individual’s use of credit (applying, charging, paying, etc). Similarities between the FICO scores and Credit Ratings are undeniable. Credit Rating Agencies provide levels of ratings on financial instruments like government bonds, governments’ themselves, currencies, stocks, derivatives, etc. These ratings vary from AAA which is very good to C which is “junk” (aka: defaulting on the debt obligation), with a few kinks or variations here and there dependant upon which ratings agency is doing the rating. It is important to note that there are three major ratings agencies, Moody’s, S&P (Standard & Poor’s) and Fitch IBCA. These rating companies are at the heart of the fraud that has been perpetrated on the American people. By being the “cheerleaders” (providing junk bonds with AAA ratings) Moody’s and its counterparts, in essence, have used “credit scores” to dupe many investors (individual, pension funds, cities and municipalities) into buying something that is worthless. Why should the FICO score be seen any differently? In my humble opinion credit scores are an extension of “class warfare” under the guise of progress. Discrimination is discrimination no matter how you try and justify it.

In the end, I hope this story brings to light the mega-problems that these misguided attempts by employers to use FICO scores to “weed-out” unworthy applicants creates. Essentially employers who do this are discriminating these applicants due, in many times, not because of their “character;” instead due to external forces beyond their control along with current social structures that have been erected which prevent them from gaining any traction and necessary financial momentum for upward mobility. To compound the issue of losing one’s job with the added stress that knowing your credit score might be the reason for someone else’s application being held in higher regard than yours seems illogical to me. But what do I know. It seemed illogical to me to add a trillion dollar healthcare bill onto the nearly 13 trillion dollars ($13,000,000,000,000) are government owes already, but that didn’t stop it from being passed by our “elected” representatives. By the way, that breaks down to $117,000 per tax payer according to http://www.usdebtclock.org/. It seems that a downward spiral has begun in the United States and credit scores, rating agencies, and the government are only intensifying and perpetuating this trend.

Views: 104

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Marklar on April 24, 2010 at 1:37am
Indeed. They pay jack shit slave wage and expect to attract great employees with perfect credit ratings even though they help make it near impossible to earn a real living. If they want to know where poor credit ratings come from they need to look in the damn mirror and see themselves for the unproductive and overpaid leeches that they are.

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted blog posts
28 minutes ago
Doc Vega commented on Doc Vega's blog post Unusual Discoveries and Headlines
"Less Prone, Thanks Buddy! I'd like to volunteer as a historical reconstructionist! "
2 hours ago
Less Prone left a comment for t.me/TheIntelligenceLibrary
"Welcome to a revolutionary concept in public communication, the truth."
2 hours ago
pohonemas33 team is now a member of 12160 Social Network
3 hours ago
Less Prone favorited cheeki kea's discussion Tartaria
3 hours ago
tjdavis's 2 blog posts were featured
6 hours ago
Doc Vega's 7 blog posts were featured
6 hours ago
Less Prone commented on Doc Vega's blog post Unusual Discoveries and Headlines
"Some incredible pieces of history!"
6 hours ago
Less Prone favorited Doc Vega's blog post Unusual Discoveries and Headlines
6 hours ago
tjdavis posted a blog post
17 hours ago
Doc Vega commented on Doc Vega's blog post Government Issued Wearables? What’s Wrong With this Picture?
"cheeki kea Ha! Good one!"
Friday
tjdavis posted a video

This is Paris Now… You Won’t See This in the Tourist Brochures

In this video, I take you through Marché Barbès and its surrounding neighbourhoods — an area that reflects the modern, complex face of Paris most tourists ne...
Friday
Doc Vega posted a blog post

Trump's Big Beautiful Bill Passes Amidst Democrat Lies About a Tax cut for the Rich Being Averted

AP Photo/Rod Lamkey, Jr.It’s over, folks. President Trump and congressional Republicans aimed to…See More
Thursday
Doc Vega posted blog posts
Wednesday
cheeki kea commented on Doc Vega's blog post Government Issued Wearables? What’s Wrong With this Picture?
"I wonder what wearables must have been like before the last reset. "
Wednesday
Burbia commented on Burbia's video
Tuesday
Doc Vega commented on tjdavis's blog post National Blueprint For Biodefense
"Another scare tactic to push people into anew regime of vaccinations! Either that, or this is a…"
Tuesday
Doc Vega posted blog posts
Tuesday
Sandy posted a video

Dr. Mike Yeadon Speaks Out Against Digital ID, CBDCs, and Agenda 2030

Dr. Mike Yeadon, ex-Pfizer VP, urges public rejection of digital ID, CBDCs, and Agenda 2030, warning of future restrictions on freedom and privacy.
Tuesday
Burbia posted a video

"EVERYONE'S BEEN SHOT UP HERE": Arsonists Set Wildfire In Idaho, Open Fire On Firefighters, Police

- Shocking news just broke that multiple firefighters and officers were shot in an ambush at the Canfield Mountain Natural Area in Coeur d'Alene, Idaho.Acco...
Jun 30

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted