Author Corey P. Smith wants to dispel the many myths about your credit.
This Memphis-native a penned a tome called “Conspiracy of Credit” to provide readers with the shocking answers to the questions of why the credit bureaus want you to have bad credit and why credit is assumedly for poor people.
Smith also shares that he believes that identity theft is nothing more than a new product created by the credit bureaus and banks to make money.
This credit awareness expert tactfully breaks down the reason behind retail and grocery store loyalty cards as well as the use of re-identification software.
AlwaysAList.com asked Smith a few questions about his book and credit in general. He also shares his thoughts on Suzie Orman![divider]
What is the biggest misconception about credit?
The biggest misconception about credit is that it’s a good thing. Credit is for poor people and a financial strategy created by the wealthy to create debt. The problem with that is most poor people do not know how to leverage debt.
What is the easiest thing people can do to repair their credit?
There is no easy way to repair your credit once you have created a treadmill of financial ruin. People must learn to fight creditors with affidavits and utilize resources such as the Better Business Bureau and the Consumer Financial Protection Bureau.
What in your book will enlighten readers about the myths regarding their credit?
Once again, most people believe that credit is a good thing, but in reality it’s not. Banks and other lending institutions view everyday people as consumers not customers. Credit is a product, and people have to remember when they accept credit it comes at a cost. For example, the credit bureaus and banking institutions have lead people to believe that you must buy some type of identity theft protection. Imagine 100 million people paying $14 or $10 a month for identity theft protection, that’s a whole new revenue stream. There are other precautions people can use that do not cost a dime, or there is only a onetime fee. By law when a person is a victim of identity theft, they are only responsible for $50 worth of unauthorized credit card charges. So why would you pay more for a product that exceeds $50?
What do you think of television credit and financial experts like Suzie Orman?
Always remember that people would rather be entertained, than educated! And that’s exactly what you get from offers presented by companies like freecreditscore, creditkarma, lifelock and creditchecktotal. Financial experts like Suzie Orman may provide great information, but to who? I look at most financial experts on television and think about preachers. Most people do not have a savings account, 401k, stocks and bonds to liquidate or homeowners. Don’t tell me to negotiate my credit card debt or pay a collection agency when it’s not going to help my credit! Because in the end, most people are broke. Remember, “Credit is for Poor People.” If a person is lead to believe that a bank or any other business does not have provisions in place to protect themselves from a financial loss, than you were tricked from the beginning when they extended you credit.[divider]
Smith’s book “Conspiracy of Credit” is available now where books are sold![box_light]READ: Oprah: Offers Definitive Words Of Wisdom In New Book