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Credit Repair

What Role Should Banks, Credit Unions, Govts Play in Increasing Credit Scores?

Online, there grows a rumbling that’s a calling for the powers-that-be to change the way they view those with poor credit scores. Instead of looking at these folks with disdain and as people not to do business with, banks, credit unions and perhaps even the government should see them as people who need to be educated on how to repair credit scores and how to make wise financial decisions.

Propagated on the blog of Felix Salmon and within the pages of The Atlantic, the thought behind this groundswell is that people these days are not given much, if any, personal finance education in high school, college or university, an especially troubling fact since a sad credit score can prevent people from finding housing, employment and, of course, credit.

The supporters of this idea liken it to what Home Depot does with its free do-it-yourself classes. When done in this manner, everyone wins with the consumer learning how to install a new toilet and the hardware store attracting new customers. Banks and credit unions could give credit repair classes in the same way.    

The core truth is that everyone will benefit as the average credit score increases. As more people have better credit scores, more credit will be issued meaning that there will be an increase in economic activity from shore to shore. 

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