We Have A Dream!
Remember your Consumer Education class in high school? Do you remember that chapter in credit with the pros and cons of it? Exactly. Of course you don’t because it was never taught. Even to this day, most schools focus on balancing a checkbook as the primary item taught. In their defense, managing your day-to-day personal finances is one of, if not the most important thing to understand and know, but if this is item 1A), then credit is probably 1b). Debt-to-income, purposes of credit, home ownership, types of home loans, equity, interest rates (in-depth), APR, derogatory reporting, collection agencies, the list never ends. Most, if not all of these topics are not mentioned, even slightly. After high school, people focus on college, jobs, becoming an adult in the real world, and/or figuring out a direction for their life. An additional event shouldn’t be learning about credit on your own. How and where would you even start? CreditImpress.com does not support one political party or ideology more than another, and thinks everyone should be able to operate with free will. In which most individuals do. However, wouldn’t it be helpful and useful if a basic credit course was a requirement in high school? And maybe a website presented by a government agency that offers a test, or a way to easily explain the fundamentals of credit. Yes, the United States has agencies that aid consumers already in place (FTC being the most prominent), but let’s be honest: The greater majority of the population cannot take countless hours getting the necessary information to be a pro when it comes to managing credit. How can the average consumer even know what needs to be known and/or is required to learn?
So here’s our idea:
1) Educate the youth before credit even becomes an option (Minimum of Consumer Education in High School)
2) Offer basic (not required), easy to understand credit courses to anyone over the age of 18, regardless of schooling.
3) If we really wanted to become aggressive, have everyone who completed either of the items above to take a ‘final test’ in which a license would be issued, which would allow you to be granted a mortgage or a line of credit over $3000. Very similar to obtaining a drivers license. Everyone has to take a written course and test for that, so why not another important feature in life. Granted, you can say that takes away a civil right and even more so free will, so as mentioned – it’s a pretty aggressive option.
We understand that it’s just our opinion, and won’t fix every issue, but what if it eliminates bankruptcies by 30%? That then lowers the amount of debt a bank will write off/lose money on (which would probably create a lot more lending since they are not losing a 1/3 of their outstanding loans, which would lead to some job growth since businesses can operate with credit again), and eliminate some court/legal services costs for the Federal Government (reducing federal debt), and most importantly – avoid damaging credit issues to a portion of the population (which impairs the ability to obtain credit/mortgages for themselves).
In conclusion, we hope our website aids you in creating and/or maintaining a positive credit profile. A simple 3 digit score shouldn’t determine, limit, nor defeat opportunities in your life.