The usual suspects will say that a bad credit report shows that a person has a poor sense of responsibility. These people have obviously never had a long term health problem or a long term layoff.
amen..
Or identity theft or wrong information on credit files. Try dealing with the credit bureaus on these issues---sheesh.
Maybe a credit check is a poor way to judge someone, but it's not racist.
No more racist than checking someone's criminal record.
An applicant with a long criminal history could claim that it's racist to check criminal records because "studies indicate that minorities are more likely to have a criminal record."
But that would be a crock too.
Or a lawsuit:
http://www.freerepublic.com/focus/f-chat/1776804/posts
>>These people have obviously never had a long term health problem or a long term layoff.<<
Or a divorce.
To your point - I was laid off and out of work last year for about six months. If it wasn't for savings we would have been trashed. The irony is that our credit score actually increased during this period, yet we are now living on half the income and with zero savings.
However, to a certain extent, I agree that a credit report can yield a view to a person's sense of responsibility. In an extreme example, it is better to see indication of bankruptcy instead of numerous creditors suing and reposessions ocurring.
My perspective here is also from that of a former Credit Manager (NACM trained, 11 years of commercial, wholesale, and retail experience). My experience proved that credit evaluations are not an exact science and data obtained is occasionally incomplete or inaccurate in determining character, capacity, conditions, and capital.
My FICO is 720. I have never missed a house or car payment or had anything repo'd or foreclosed. I do have 15 negative items on my credit report resulting from a lengthy illness and dispute over a DX with my husband's doctor.
I will spare you the details but I really think it should be illegal to refer any medical debts to collections.
Ney withdrew from the race, citing concerns about legal issues facing him; he pleaded guilty to charges related to the Jack Abramoff Indian lobbying scandal on October 13. The Ohio Republican party selected State Senator Joy Padgett to replace Ney in a special primary. She was dogged by questions about a business bankruptcy which she and her husband had filed.