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Credit-reporting companies know more than they tell you
Philadelphia Inquirer ^ | 02/03/2013 | Jeff Gelles

Posted on 02/03/2013 11:52:41 AM PST by Kid Shelleen

--snip-- It's the biggest privacy breach in our time, and it's legal and no one knows it's going on," one critic, who runs an employment-background firm, told Sullivan. "It's like a secret CIA."

As a frequent critic of the credit-reporting system, I'm heartened when others are shocked at disclosures about the industry's practices. But here's the truly scary thing: If you ask some of the lawyers and privacy advocates who pay even closer attention, the Equifax disclosures don't seem so shocking.

"If people are outraged by this, they should be outraged by the whole idea of credit reporting and background checks,"

(Excerpt) Read more at philly.com ...


TOPICS: Front Page News; News/Current Events; US: Pennsylvania
KEYWORDS: creditreporting
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1 posted on 02/03/2013 11:52:45 AM PST by Kid Shelleen
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To: Kid Shelleen

Bump.


2 posted on 02/03/2013 11:56:53 AM PST by gov_bean_ counter (Hope and Change has become Attack and Obfuscate.)
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To: Kid Shelleen

Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it.

And, your free...


3 posted on 02/03/2013 11:59:43 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: Kid Shelleen

The only people who would be outraged by the whole idea of credit reporting are the deadbeats.


4 posted on 02/03/2013 12:01:17 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Kid Shelleen

Their opinion of my credit-worthiness doesn’t affect me in the slightest. Why would I want to rent somebody else’s money?


5 posted on 02/03/2013 12:04:35 PM PST by LearsFool ("Thou shouldst not have been old, till thou hadst been wise.")
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To: Kid Shelleen

I was turned down for a job because my credit rating was “0”, the banker the company used, told me that most people make the mistake of canceling their credit cards instead of keeping a balance. Interesting.


6 posted on 02/03/2013 12:10:26 PM PST by notted
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To: Kid Shelleen

“What difference does it make?!”

I’ve got too many credit cards, use only two of them, paying them off every month, get offers for others and blank checks all the time, and never think of this “credit rating”, which, if you don’t know, is a “product” invented, when? 20 years ago (?) to sell to worrywarts like you.


7 posted on 02/03/2013 12:16:54 PM PST by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: BenLurkin

> The only people who would be outraged by the whole idea of credit reporting are the deadbeats.

And the deadbeats usually put down false info on their credit apps anyway so it works to their advantage when people try to catch up with them later. If you take away credit reporting...what are you supposed to just hand out funds just because the applicant looks nice? Conmen and their accomplices are usually attractive people and for some reason most dummies believe what they say and like them (at first until they get conned by them). No. Credit reporting is in place because its consists of historical information on whether that applicant is trustworthy and financially responsible and that’s the type of people you want to lend to - people that will pay you back. Lenders lending money without having it repaid would go out business in no time. Of course, lowering standards is exactly what got us on the current chaotic economic mess we’re in, in the first place but try telling that to a deadbeat liberal and all common sense flies out the window because they just want what they want like a spoiled child that eats sweets all the time then wonders why the weigh 350 lbs when they become an adult. Dumb actions have consequences.


8 posted on 02/03/2013 12:21:55 PM PST by jsanders2001
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To: Kid Shelleen
bought a car last year, my score was 805 and i got a 1.9% loan...

i keep two cards, one i put everything on and pay off monthly, the other i have for segregated use, certain events or vacations etc so i can see everything associated at once and not have to sift through all the other purchases

9 posted on 02/03/2013 12:22:10 PM PST by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
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To: BenLurkin

> The only people who would be outraged by the whole idea of credit reporting are the deadbeats.

And the deadbeats usually put down false info on their credit apps anyway so it works to their advantage when people try to catch up with them later. If you take away credit reporting...what are you supposed to just hand out funds just because the applicant looks nice? Conmen and their accomplices are usually attractive people and for some reason most dummies believe what they say and like them (at first until they get conned by them). No. Credit reporting is in place because its consists of historical information on whether that applicant is trustworthy and financially responsible and that’s the type of people you want to lend to - people that will pay you back. Lenders lending money without having it repaid would go out business in no time. Of course, lowering standards is exactly what got us on the current chaotic economic mess we’re in, in the first place but try telling that to a deadbeat liberal and all common sense flies out the window because they just want what they want like a spoiled child that eats sweets all the time then wonders why they weigh 350 lbs when they become an adult. Dumb actions have consequences.


10 posted on 02/03/2013 12:22:10 PM PST by jsanders2001
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To: Kid Shelleen

I put a credit security freeze in place years ago. It blocks any inquiries into your credit rating. It’s a good way to prevent ID theft, since no one can get credit in my name. I’d have to jump through several hoops to unfreeze it, which is a good thing.


11 posted on 02/03/2013 12:25:25 PM PST by Ken H
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To: American in Israel

I’ve reverted to using cash for day-to-day purchases.


12 posted on 02/03/2013 12:25:37 PM PST by Paladin2
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To: Kid Shelleen

In the last few paragraphs there is a puff piece about the Consumer Financial Protection Bureau - this new federal agency which will be in place to protect us from the evils of those nasty error-prone credit-rating agencies!


13 posted on 02/03/2013 12:32:19 PM PST by Ken522
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To: Ken522

Uh huh or push them out of the buiness and take over it.


14 posted on 02/03/2013 12:36:21 PM PST by jsanders2001
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To: BenLurkin
“The only people who would be outraged by the whole idea of credit reporting are the deadbeats.”

Way over 50% of credit reports are full of misinformation that can cost you a job. It also raises the price of car and homeowners insurance you will pay. Low credit score means you pay more.

Half of the uses of credit reports has nothing to do with getting a loan or credit.

15 posted on 02/03/2013 12:42:20 PM PST by Beagle8U (Free Republic -- One stop shopping ....... It's the Conservative Super WalMart for news .)
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To: American in Israel

Yep. Went ot buy a Mercedes 12 years ago on credit.

They wanted to know how I had managed to live without any loans or redit cards, except the loan on a car from 20 years prior, which they noted I paid off early.

Told em I didn’t care for the interest and no one calls me for anything except donations or to sell me credit cards.

They offered me a lease with a serious amount if cash down. I laughed and told them having a mercedes isn’t that important. Besides, I could buy a new car for what they were asking.

Went down to Ford that afternoon and drove off with a new Taraus, cash, debt free....


16 posted on 02/03/2013 12:45:07 PM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: Kid Shelleen

Of course if you DON’T MAKE A HABIT of borrowing money every time it’s offered to you, there’s really not much that these agencies can do to you.

But then borrowing is the AMERICAN WAY, I guess...


17 posted on 02/03/2013 12:54:56 PM PST by BobL
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To: Kid Shelleen

“Credit-reporting companies know more than they tell you”

Gee, ya think?

I’d like to meet a FReeper who was surprised by this....


18 posted on 02/03/2013 1:08:50 PM PST by Chad N. Freud
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To: American in Israel

Yes live debt free. It can be done and it brings freedom. Debt is a racket and those that engage in lending to create debt are unfortunately in control of a lot of people’s lives.


19 posted on 02/03/2013 1:20:37 PM PST by Hostage (Be Breitbart!)
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To: American in Israel
"Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it."

They keep a dossier on you even if you have no debt. If you have bank account, a phone, a utility bill, etc. They sell this info and they share it with government. They are a wing of Big Brother.

20 posted on 02/03/2013 1:27:45 PM PST by UnwashedPeasant
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To: American in Israel

Its also anti-social and simplistic.


21 posted on 02/03/2013 1:32:46 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: BenLurkin
"The only people who would be outraged by the whole idea of credit reporting are the deadbeats."

That is like saying, only people with something to hide are outraged by getting spied on by the private-sector agents of the fascist state.

"Law-and-order" conservatives love the State as much as any liberal does.

22 posted on 02/03/2013 1:34:40 PM PST by UnwashedPeasant
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To: notted

“the banker the company used, told me that most people make the mistake of canceling their credit cards instead of keeping a balance.”

Total BS!!

I’ve never carried a balance on a credit card and MBNA wouldn’t tell me what my credit rating was only to say it was in the top 5%.

The reason he wouldn’t tell me is because i’m too cheap to pay $7 to find out.


23 posted on 02/03/2013 1:47:25 PM PST by dalereed
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To: driftdiver

24 posted on 02/03/2013 1:58:11 PM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: American in Israel; All
Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it.

And, your free... ...to stand stranded at the effing airport because you can't rent a car to get to that business meeting.

25 posted on 02/03/2013 2:14:43 PM PST by Rodamala
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To: UnwashedPeasant

You said it.


26 posted on 02/03/2013 2:17:51 PM PST by GOPsterinMA (Time to musk up.)
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To: Kid Shelleen

Pretty bad when your employer gets involved in your finances. And you can get or not get a job not based on merit but on personal finances, IMHO, your employer expects you to have a certain amount of debt. Have too much debt, you will steal from your employer. Have very little or none, your employer cannot have you by the b@!!$ where they can control you especailly if they want to throw you under the bus or do something unethical.

When I worked at Lockheed Martin, we had this one new college graduate who came from a well to do family. Management didn’t care for him too much. He had a new house and new truck. One of the low level execs made the comment on how he hasn’t paid his dues to society and doesn’t know his place. He didn’t talk about it but some managers were pretty nosy to check him out. My manager showed his disapproval when he found out I had no mortgage on my house and had no car loans. Most of the mgt structure were former IBM’ers.


27 posted on 02/03/2013 2:27:33 PM PST by CORedneck
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To: CORedneck

My manager showed his disapproval when he found out I had no mortgage on my house and had no car loans. Most of the mgt structure were former IBM’ers.
____________________________________________

Most former IBMers IMHO, are jerks. Only one I have liked is Ross Perot.


28 posted on 02/03/2013 2:52:09 PM PST by Chickensoup (200 million unarmed people killed in the 20th century by Leftist Totalitarian Fascists)
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To: Kid Shelleen

Going on a year of debt freedom now...including my house. Don’t care one bit about what credit reporting agencies say.


29 posted on 02/03/2013 2:57:13 PM PST by Domandred (Fdisk, format, and reinstall the entire .gov system.)
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To: Beagle8U; All
misinformation that can cost you a job...

So, what's a good source to contact to get a copy of your own credit report? In view of them having more info than they generally give you, is there a source that is more complete than others? Speaking of secret dossiers, what about checking what your background check shows?

30 posted on 02/03/2013 3:34:22 PM PST by C210N (When people fear government there is tyranny; when government fears people there is liberty)
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To: American in Israel

living debt free and living without credit are not the same thing, and they don’t necessarily exclude the other. i am debt free but have a credit rating. i have cards i pay off every month.


31 posted on 02/03/2013 3:37:19 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: Kid Shelleen
If people are outraged by this, they should be outraged by the whole idea of credit reporting and background checks

And I am indeed... Credit score cannot serve as an effective surrogate barometer for one's character. They serve as a gauge of how much usurious lenders can make off of a consumer.

Credit rating, which developed in the early 1970s with Fair and Isaac, was never intended for use against individuals - only businesses.

32 posted on 02/03/2013 3:40:41 PM PST by Lexinom
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To: jsanders2001
Conmen and their accomplices are usually attractive people and for some reason most dummies believe what they say and like them (at first until they get conned by them).

Sounds like our current President.

33 posted on 02/03/2013 4:06:06 PM PST by Hardastarboard (The Liberal ruling class hates me. The feeling is mutual.)
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To: All


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34 posted on 02/03/2013 4:12:20 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: dalereed; notted

From a credit score perspective there’s a difference between having a card but never carrying a balance and outright cancellation of the card.


35 posted on 02/03/2013 4:29:15 PM PST by ken in texas (I was taught to respect my elders but it keeps getting harder to find any.)
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To: Kid Shelleen

From the article:

“Thankfully, the new Consumer Financial Protection Bureau is stepping up efforts at oversight.”

Is this making you happy? It doesn’t make me happy.


36 posted on 02/03/2013 4:49:58 PM PST by ConservativeMind ("Humane" = "Don't pen up pets or eat meat, but allow infanticide, abortion, and euthanasia.")
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To: American in Israel
"Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it."

The lack of borrowing doesn't mean you don't have a credit history, employment info, and a lot more held by the big 3 bureaus. You'd be pretty shocked how much they know about you - more then what's in your credit report. I know because I worked at one of them.

37 posted on 02/03/2013 4:51:00 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: Chickensoup

Ross Perot is an infamous a-hole.


38 posted on 02/03/2013 5:10:50 PM PST by 9YearLurker
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To: ken in texas

Excuse my poor grammar, on that last post.

I knew my credit score would be affected when I canceled my AX, however, I was a little surprised finding out that it effected my employment chances, especially considering the low level position which I applied for.

Nevertheless, I respect their decision.


39 posted on 02/03/2013 5:18:55 PM PST by notted
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To: ken in texas
"From a credit score perspective there’s a difference between having a card but never carrying a balance and outright cancellation of the card."

True. The cards without a balance gives a person a higher total credit limit. Carrying a balance reduces available credit amount and associated ratio. Having a higher available credit boosts a person's score. That's why it's good to keep balances down and credit lines open (if there's no annual fee on a card - it's better not to cancel it if you want a higher score).

40 posted on 02/03/2013 5:38:55 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: C210N
"So, what's a good source to contact to get a copy of your own credit report?"

Go to each of the 3 credit bureaus to order a free credit report - which you can do once a year. If you create a login to the bureaus instead of freecreditreports.com, you can flag errors for correction and make sure they were done correctly. If you use the free site, you con't to the disputes.

Try www.equifax.com www.transunion.com www.experian.com

41 posted on 02/03/2013 5:51:10 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: Chickensoup

>> My manager showed his disapproval when he found out I had no mortgage on my house and had no car loans. Most of the mgt structure were former IBM’ers.
____________________________________________

> Most former IBMers IMHO, are jerks. Only one I have liked is Ross Perot.

Yep, definitely ! And I had a low level exec who was formerly w/ IBM. She complained about me parking my old beatup truck by the building and I was told to park it in the back lot. I didn’t listen though.


42 posted on 02/03/2013 5:52:28 PM PST by CORedneck
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To: American in Israel
Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it.

Doesn't work. My boss tried that and had trouble buying a car and a couple of other big ticket purchases. No credit rating (because of no debt), no sale!

43 posted on 02/03/2013 6:08:19 PM PST by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: Kid Shelleen; Revolting cat!; Slings and Arrows
They know which way your toilet paper hangs.


44 posted on 02/03/2013 6:16:23 PM PST by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: Chickensoup

You like the man who gave us Bill and by default Hilary Clinton? What til their daughter runs.


45 posted on 02/04/2013 1:39:35 AM PST by 1010RD (First, Do No Harm)
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To: BobL
DON’T MAKE A HABIT of borrowing money every time it’s offered to you...

I learned that lesson the hard way. I was in serious debt. Finally pulled my head out about 7 years ago and started paying off ALL debts.

It was tough at first but now there's light at the end of the tunnel.

I'm constantly harping on my kids not to make my mistake (so far they're doing well).

46 posted on 02/04/2013 5:52:52 AM PST by Toadman (To anger a Conservative, tell a lie. To anger a liberal, tell the truth.)
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To: American in Israel
"Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it."

Not wanting to be disrespectful but that's bs. Both my wife and I have had our ID's stolen with credit cards and loans having been taken out in our names without our knowledge. We are still trying to clear up the mess the thieves created. We are of the belief that we are to "owe no man nothing" as the scriptures say but when some sleazy creep becomes you and begins to use your ID to buy homes, cars, businesses or any other merchandise you, not him, are responsible for the debt. The authorities will hunt you down and charge you with all kinds of crime not the least of which is fraud. And they will throw you in jail.
Used to be you were innocent until proven guilty but with the current credit reporting agencies, IRS and the communists that have taken over our once great nation you are now guilty until you prove your innocence. It took my mother in law 2 and a half years to prove that she hadn't purchased and run a daycare center in San Diego. Some ID thief ran up $150,000 in debt in my mother in laws name then went back to Mexico before anyone knew what was going on.

Don't be deceived. The three credit reporting agencies collect every scrap of data they can get their creepy little hands on. They don't verify s*** then they sell that s*** to anyone dumb enough to pay them for the bogus information. And please... Don't anyone try to tell me that all you have to do is XYZ and it will all be cleared up. The credit reporting agencies may pull something off your report but six months later it will return or.... The will leave the claim against you to stand with whatever rebuttal you may submit to them still on your report. Remember... They get paid for every byte of data, true or not, that they can produce on you.

The problems with the credit reporting agencies and their unwillingness to check and verify what they are selling caused my wife and I, former property managers, to stop using their services. We would get applications from people wanting to either rent or to buy a property, pull their credit reports and then check out the data. Nine times out of ten, after doing our own research with the data the applicants provided (i.e. - Job history, place of residence, banking information, etc.) and the data the big three credit reporting agencies provided we found that it was more cost effective to dump the credit bureaus and do our own checking. We also found that we ended up with better buyers and tenants by NOT using the credit bureaus....

Forgive me. I don't mean to get started and to rant like this. I seriously could go on all day about the credit agencies and their fraudulent system and the dangers they pose to you and everyone else in this country.

47 posted on 02/04/2013 6:23:00 AM PST by Whats-wrong-with-the-truth
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To: Timber Rattler

No sale? You mean, no loan. You cannot live out of debt and in debt at the same time. To be honest, it has caused me to not be able to rent a car sometimes. I end up having to go to another rental agency.


48 posted on 02/04/2013 7:03:10 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: Whats-wrong-with-the-truth

Sorry to hear your story, quite shocking that they will prosicute someone who is innocent, with the excuse of some other thief. Seems thieves come in packs.

But in my case, after having no debt for years, I can’t get a discount card at a store. The sales people assure me that everyone qualifies, but I never do. At my level of credit rating, hovering around zero, I dont think anyone could open a loan for a hamburger in my name.

I have not taken out a loan or any payment schedule for 25 years. I would be curious to see what a credit agency would come up with under my name.


49 posted on 02/04/2013 7:06:59 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: Secret Agent Man

You are correct. I meant living without credit, not living without debt. Big difference.


50 posted on 02/04/2013 7:08:30 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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