I got one too many speeding tickets a couple years ago, and was ordered to take a defensive driving course or lose my license. My idea is to have a similar course for money and credit. My credit isn't wrecked by any means, but I would like to know more about how it works, and possibly improve it if I could. That is part of the problem, -you need money to make money. Banks won't lend, or issue you a card unless you have some proof that you a responsible financially, and have a good credit history. If you have no history, your on your own, and can get entangled in the predatory snares of devious lending firms. As of yet the only way to improve your FICO credit score is with good credit. There should be a program that educates you what it all means, and can teach you when to spot a fraud, or a scam. Kids could also benefit from a class like this, and it could possibly make a dent in the total # of bankruptcies declared.
I agree
No opinion
I disagree
Add your comment
I like this idea. I also like the idea of much more clarity, equity, and transparency about how credit scores and credit records are handled. And I would very much like to see a much more approachable process for correctly, ethically, and honestly fixing errors in credit records as well.
I tutor for a charity called the Worker's Education Association in the North of England, and I have long felt that a course like this would be invaluable. If I ever get any free time, I am going to sit down and write one. We recently had a parliamentary enquiry into credit cards - and the CEO of one company admitted that he would need a Nobel Prize in Math to understand the cost of borrowing on various cards, and another more recently said that he wouldn't use his own company's cards to borrow under any circumatances. Any contributions to a UK course gratefully received.
Christopher UK