Friday’s Fabulous Financial
As mentioned in one of my previous posts, credit is becoming less of a financial measure (ability to repay a loan) and more of a character measure (can you be trusted). Businesses are relying on your credit report and that infamous three digit number when making decisions moreso now than ever before. In fact, bad credit can even cost you your job, according to this MSN article written by Liz Pulliam Weston.
As noted in the article, employers are scrutinizing credit reports as much as criminal histories when performing background checks. A few late payments or a collection account can make you look as bad as a tried and true convicted criminal. To some extent, I understand why employers are doing this, especially in the financial and defense industries where the livelihood of the organization can be threatened if put into the wrong hands. However, I’m not fully convinced that credit alone is a fair measure of character in any other situation.
Since this is becoming standard procedure, we must take the necessary steps to ensure our credit stays in tip top shape. So if you have problem credit, I highly recommend getting assistance from a non-profit organization or a reputable firm to get that cleaned up with the quickness. If you’re a DIYer like SingleMa, I’d recommend going over to creditboards.com and poke around a bit. I’ve been a member of that forum since October 2004 and I have to say I’m impressed with the level of expertise and industry knowledge available and the FREE information and assistance provided.
For those of you who already have good credit, keep up the good work and stay fabulous!
Peace & Blessings
-SM
This blog is a personal account of my journey to achieve financial freedom. If you like what you've read, feel free to subscribe via (feed reader) or (email) to follow along.
I seriously feel you on that credit reports are now a measure of character bit. I worry for the tons of poorer, disenfranchised (and let’s keep it real, black) people who don’t get how credit really matters.
I’m feeling you. That’s one of the things I had in mind when I started this blog. Many of us are not on the internet, but for those who are, I honestly and truly hope my blog entertains, as well as educates.
Happy Friday sis!
I realized the importance of good credit when I first had thoughts of buying a home. At the time, I definitely had some work to do! After much sacrifice I was able to close on my home in Oct 02. Best day of my life. Once I got on the right track I made a vow to stay there. Not just for me but for the kids too … they need a positive financial role model to follow.
The information that you provide is fantastic!
Yeah, that is very true. I’ve only once had a job that wanted to check my credit, and that was at a bank. I’ve had employment agencies TRY to get me to sign a document saying they could check my credit, but I refused and told them they do NOT have permission to check anything but my criminal background. I just don’t want ‘em in my business, particularly since they don’t need to check my credit for what I do. But you are so right about how bad credit makes you look! (*thinkin’ about all the brothas losing points with a cool sista because of it*)
*waving* Hi SingleMa!!!
LOL. Yeah, see..a sista get good credit & think she don’t need ya no more. LOL!!!
I always got cha back, Ms. Fabulous. :)
chele I agree, it’s very important to maintain good credit and good financial habits. Our children learn by example. Thanks for checking me out! I hope you visit more often.
onecoolsista I know what you mean. No one (except a current creditor) can legally pull your credit without your permission. I’m very particular about who I give my ss# to. I didn’t even want to give it to the Dr’s office on my first visit. They was like Ms. SingleMa, we need it to file your ins claim or you’ll have to pay the bill yourself. I was like oh ok, here’s the number. LOL
And I’m witcha on the cool points. My shyt is tight, so I gots no luv for bad credit or a broke brotha. I aint sayin I’ma gold digga….LMAO!
supa Just like a n…neva mind. LOL I will always have luv for you sista. ;-)