Please Stop Dependence on Credit Scores for Creditworthiness

I am petitioning the Federal Trade Commission to please put a stop on the dependence of banks, credit card companies and other lending institutions on credit scores as sole metric for determining a person's creditworthiness. Credit scores are inherently flawed and don't present a complete picture when it comes to a person's financial stability and sense of responsibility.

Credit scores should not be the only factor when it comes to assessing if a person applying for a loan or a line of credit should be granted one. Lending institutions should also look at how consistently the borrower has paid their non-credit card bills, such as rent, medical bills and utility bills. These institutions should also consider if the borrower has savings or other investments.

Additionally, a person's credit score should not preclude them from getting an apartment, getting a job, or purchasing items such as mobile phones. Such practices are unfair to the 26 million Americans that the credit reporting agencies have deemed "credit invisible" who are otherwise financially stable, especially when credit scores can be manipulated. It's really about time that the role and value of credit scores in our daily lives be reassessed.

Respectfully,
Kendra Waters
Project Manager, FreeCreditReportGov
http://freescorereportgov.com