By Rawlins Gilliland, KERA 90.1 Commentator
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-507683.mp3
Dallas, TX –
Most of us enjoy feeling we're ahead of our time. Being a victim of identification theft in 1996, I most certainly did not. Ten years later, I'm still being eaten by financial piranha capitalizing upon the undercapitalized. But hey; our bottom feeder credit system wouldn't have it any other way!
After I discovered a swarming nest of suspicious charges on my Visa, American Express, and MasterCard like $3,000 for Sears termite control in Ohio (Who's been to Ohio?), or $500 dinners in Tuscany, (I wish I'd GONE to Tuscany), I paid off any legitimate charges and closed out every account. A few years later, the I.R.S. billed me for unpaid balances on these credit cards that had inexplicably been written off as "cardholder defaults". I became double jeopardy liable for thousands of dollars, because - ready? - charge-offs are taxable as "gift" income.
Talk about the gift that keeps on giving!
We've all learned that when your payment is even a day late on any credit card you carry, that institution can raise your rates precipitously - 27 to 35 percent. Hit it! (sung) "Chain, chain, chain..." Imagine my amazement; all your other cards can follow suit, even if you have exemplary payment history with them. Card companies charge usury rates in optimum times. Compounding this interest rape, mine became 19 percent after requiring sizable "deposits" they might some day return. Outraged, I cut up one card. Holy Suze Orman! Who knew? It actually lowers your credit score when you cancel a credit card! Up your assets!
Credit lobbyist bloodlust has legalized unleashed pile-on opportunism upon the hapless and helpless that would make even drunken frat boys blush. It is such open season on those whose social security number instantly reveals damaged details that even though, for instance, my home is 100 percent mortgage free, I couldn't qualify for a home equity loan even with a prayer circle of walk-on-water co-signers. So much for Burning Bush capitalism!
My insurance rates are sky high despite zero claims. Interest on a five year car loan translates to 45 percent actual, making a $17,000 car cost $25,000. But the fox and hound hunt "Tally Ho" doesn't stop there. Now utility companies are asking to charge low credit score customers higher rates.
High-Ho Silver!
TXU Electric made an error and disconnected my power. Despite a payment receipt and 20 year customer history, to restore service required deposits, disconnect fees, "reconnect" fees. Total? $700 plus, of course, paying the already paid original bill. Ultimately, this megawatt menace credited the duplicitous payment and most gratuitous fees, but held all refunded funds in escrow against future bills citing "spotty credit factors". I'm not Jason but, who got the Golden Fleece?
Welcome to "trickle up economics". Despite "laws" that bad credits are removed after seven years by financial profiling companies, ten years later, like an Anne Rice novel, newer vampire collectors eternally buy these old bogus bills, and the renamed debts live again. Meanwhile, my having paid off a house in 17 years without a late payment, paying off three cars like clockwork, after seven years, these positive credits drop off any Equifax, Esperian and TransUnion reports.
Give me credit for being robbed!
Rawlins Gilliland is a writer from Dallas.
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