Our nation’s credit reporting system impacts almost every American. Many have experienced financial and emotional distress due to incomplete or erroneous information on their consumer credit reports. According to the Federal Trade Commission, one in five, or roughly 40 million consumers, have had an error on one of their reports.
It’s a liability. When Americans pay off their cars, credit cards, houses, etc., their credit scores decrease. The current process wants the American people to stay in debt.
We should transition to solely focusing on on-time payment history and financial ability and REWARD the American people for paying off their debt, not penalize them.