Josh:                        Okay, so how and why did credit history start?

Samira:                  That’s interesting, I do like people to know about the history of credit because I think it’s important so that they understand the future of credit. The history of credit was basically three bureaus, and the way they started was like every other capitalist business trying to make money off of selling information. Now, the information and the product is you. They want to sell information about you, and of course they’re selling it to lenders, and they’re selling it to car dealers, and finance companies. The more negative information they have about you the better.

They’re not looking out to make sure your credit is accurate, they’re not looking out to make sure that it’s correct and it’s not misleading, they’re looking out to sell the product. So, it’s our responsibility as consumers to make sure we check our credit. And if there are errors, we take action.