Mind on My Money: Black Personal Finance 101
they don't want you to know
Credit Card Companies don't want you to know...
...That you can lower your interest rates legally. It's true. Working with a Certified Credit Counseling organization, you can lower your interest rates up to 80% or more.
...That there is no legal restriction as to how much they can raise your interest rates.
...That they actually make more profit on your fees than on your interest!!!
...That they don't ever want you to pay off your balance. As long as you have a balance, you will pay interest. And that's fine by them.
Collection Agencies don't want you to know...
...ANYTHING!!! Just shut up and pay!!!
...About your rights under the Fair Debt Collections Practices Act (FDCPA).
...About your rights under the Fair Credit Reporting Act (FCRA).
...That they have legally established boundaries as to what they can and can't do in an attempt to collect on a debt.
Credit Reporting Agencies don't want you to know...
...That they are not government agencies. In fact, Credit Reporting Agencies are For-Profit companies that make their money collecting information on each individual, and selling it to potential creditors, employers, and even you.
...Your rights as a consumer. In fact up until 2001 a consumer couldn't get their own credit report. In fact, your lender was contractually prohibited by the Credit Reporting Agencies from disclosing YOUR score to YOU!!!
Your Potential Creditors don't want you to know...
...How to improve your score. Since the amount of interest (read: profit) they can charge you is based on your credit score, lenders want you to have a good enough score for them to get paid, but a low enough score to charge you higher rates.
Credit "Repair" Organizations don't want you to know...
...That anything they can do for you, you can do for yourself. And for far less.
...How to maintain your credit rating once you have improved it.
next: dirty little secrets