I May Have Bad Credit, But I Am NOT A Thief

People...I am here and fighting this sickness. I hate being sick ya'll! I've been confined to my bed for too long, so I thought I'd reach out.

I was doing a little reading (like I usually do) and came across an article titled "Credit Checks: A Civil Rights Issue?". The article discussed a case where a female of colour was denied employment at Harvard because she had bad credit. In reaction to that she filed a complaint w/ her lawyer. It is their belief that this is a clear case of racial discrimination. Now before you go throwing your hands up in the air because you think she pulled the race card, read this:

• Studies indicate that minorities are more likely to have bad credit, but credit problems have not been shown to negatively affect job performance.


• In 2004 a study involving 2 million people, Texas department of insurance said blacks had an average credit score roughly 10% to 35% worse than whites; Hispanics scored 5% to 25% worse than white.


• Credit checks are a growing factor in hiring; 35% of employers checking credit histories ( a 19% increase from 1996) -SHRM

I think that it is important that employers take these facts into consideration. I understand that an employer may reserve the right, when someone is employed to handle money; however it seems like a credit check is the wrong type of background check. Shouldn't they do a criminal background check? There has been no studies linking poor credit to theft.

Unfortunately these are the types of struggles that continually create an economic divide. If denied for a job for poor credit, the applicant should at least have the opportunity to appeal.

I know that these statistics reflect American studies, but I feel that Canadians go through a similar feat. I know that with those student loans your debt ratio increases and they [loans] seem almost impossible to get rid of.

Universities are business. I came to this realization after they took all my money and some! I kept thinking that they wanted the best for me...so naive. They were thrilled if you failed a course; more money in their pocket. Never ending school...they loved it. Someone should have told me I needed a PhD to get anywhere with my degree. I would have went straight to college and became my own boss. I would have put that $40,000.00 somewhere else. I also blame the parents. They believe all the hype. "You must go to university!". It's all so they can say that my son/daughter is a graduate of something. All that debt to feel like a graduate? A somebody? Think about it. When the degree is attained and the piece of paper worth $40,000 is in hand, why is it so hard to find a good-paying job? As a result we can't pay the loans or the debt. The loan then becomes the least important on our list of bills to pay; all the while affecting our credit score.

I think the hardest thing about credit is that growing up the importance of good credit is not learned until it's too late. So many of us are victimized by parents that take our good credit and trash it or are lured into signing agreements that promise "perks". In my high school, there was one class on financial planning. It was a very good class, but I think that there should have been more units integrated on all levels of schooling.

Lesson: It is important to pay your bills first, then go buy that hot new piece Club Monaco has on sale!

For all of us (unless you are just born into an infinite supply of wealth), we need to be taught how to manage our money. I mean, you can always pay someone else to do it for you, but they could be scamming you too--Toni Braxton...need I say more.