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Given the importance of a credit score (after all, it’s among the keys to your individual credit kingdom), I am fascinated by the idea that people have the tendency to conceal this info from each other.
While it’s obviously not socially proper to truly put on a sign with your credit rating on it (as the title of this information suggests), what I am attempting to comprehend is the psychology behind one’s capability to talk about his/her credit rating with the people closest to them. What’s it about a credit score that causes people to never speak of the number?
The Shame Factor
Like it or not, your credit rating is fundamentally tied to your ability to handle your money well. Yes, there might’ve been external aspects such as a medical emergency or ailment that wreaked havoc on your credit, but you are regrettably still on the hook for any future financial ramifications of those heartbreaking occasions. In a minute of desperation, your credit score might be the last thing on your mind.
However, the impact of those stressful days can long be felt as you move on from your brush with monetary spoil. Despite how you come into it, a reduced credit rating is a source of shame for a lot of individuals. In a system ruled by numbers, how can you potentially feel great about having an abysmal score which immediately delegates you to the pits of high rate of interest and restricted loan choices?
The Privacy Factor
Given the high event of identity fraud and credit fraud found in our society today, it’s no wonder some would go to fantastic lengths to protect any and all info about their credit scenario. Recently, I review an information describing an expanding trend where daters under the age of 40 are now considering their mate’s credit score as a deal-breaking little details they should understand earlier than later in the relationship. Exactly what’d you think if you went on a date and the relative complete stranger sitting throughout from you asked what your credit score is?
The Lie by Omission Factor
This is particularly striking for me when thinking about the concept of sharing or not sharing your credit score– married couples who’ve no idea squat about their spouse’s financial circumstance because the details is never shared or refused. Aside from having an iron-clad prenup, any assets or financial obligations obtained throughout a marriage can become the duty of both people. Stay tuned for a follow-up post about why someone would go to such fantastic lengths to conceal such perilous monetary details from their family.
What’re your ideas on sharing your credit score with others?