......... "Half of Americans Believe Lenders Control Credit Scores"

Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149 posted an article yesterday which stated that "Half of Americans Believe Lenders Control Credit Scores".  This is amazing that the lack of personal responsibility has reached to this extent.

So I guess that now Lender are responsible for people maxing out their credit cards, and not paying their bills.  These poor people, how dare creditors expect them to pay their debts and use their credit cards responsibly? 

At what point did the American public sink to this level of thinking and total lack of personal responsibility? The fact is that people are in complete control of their credit.  Yes if you are out of a job or are hit with a major illness, you might not be able to make your payments, but it was not the Lenders or Creditors that put these people in that position.

I think that Carrie Coghill, director of consumer education for, statement in this article hits the nail on the head.  "Consumers are in control of their financial lives, not lenders.  And, the most important factor in maintaining good credit is to pay your bills on time.  By being up-to-day on payments, consumers are in the driver's seat when it comes to managing their credit status,".

America needs to get back to the values that made this Country great.  This means taking responsibility for your own actions, and not putting the blame on everyone else.



      Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or


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Barbara Altieri
Kinard Realty Group - RealtyQuest Team, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

George -- Many people will blame anyone but themselves for their problems.  I once heard someone who was purchasing way beyond her means say she will just file bankruptcy if it comes to that. 'Just' file bankruptcy?  Clueless.

Mar 28, 2012 06:25 AM #22
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Wow, that's an amazing stat George!  It points to a general lack of financial education as well as failing to take responsibility for our actions.

Mar 28, 2012 09:00 AM #23
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

George, I dunno.  I get your point about personal responsibility and all that.  But there is life, and it throws a lot of stuff at a lot of people who, even though they handle it as well as they can, a sick kid or layoff can create havoc.  I think we need to combine a bit of compassion with an expectation that people will be responsible - or at least as responsible as they can be.

Mar 28, 2012 12:19 PM #25
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

George - I had no idea that people believed this.  It doesn't even begin to make sense to me.

Mar 28, 2012 04:15 PM #26
Teresa Cooper
Home Solution Real Estate Services - North Charleston, SC
SC Lowcountry - Charleston, Dorchester, Berkeley

Interesting post, George.  I had not read the article, but have read client's explanations of problem items on their credit report.  You're right - it seems to always be someone else's fault!  Check lost in the mail, credit card company didn't send me statements, set up on auto-pay but the bank didn't draft the payment, etc., etc.  And my all-time favorite:  "No, I haven't had any re-possessions.  I just gave the car back!"

Mar 28, 2012 11:21 PM #27
Steve Barker
Movement Mortgage - Bel Air, MD
Steve Barker

George, I learned along time ago that we as lenders also put termites in the house, brought radon to the world, cause all title issues, and are too invasive...

Mar 29, 2012 12:04 AM #28
Sylvie Stuart
Realty One Group Mountain Desert 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagsta

Excellent post! Until we take ownership of our piece of the mess, we will never fully recover. We need to take responsibility and control what we can.

Mar 29, 2012 12:06 AM #29
Michael Deery
Citywide Financial Corp - Pacific Beach, CA

This is actually incorrect as these figures were quickly disputed after this survey....."The Web site was quick to call these beliefs “mistaken” in a related statement. “Consumers are in control of their financial lives, not lenders. And, the most important factor in maintaining good credit is to pay your bills on time. By being up-to-date on payments, consumers are in the driver’s seat when it comes to managing their credit status,” Carrie Coghill, director of consumer education for, said in a statement. The results found that more than four in five consumers, or 80.8 percent of respondents, agree with notions that their credit scores remain firmly in their control.

Mar 29, 2012 12:29 AM #30
Dora Griffin
D A Griffin Financial.LLC - Fort Thomas, KY
NMLS 6380

That is an astonishing number indeed. There seems to be a thread here of agreement that too many think they should not be held responsible for their own actions. I'll add my own personal annoyance that we now have a 500 million dollar consumer finance protection agency at taxpayer expense, so those who don't read contracts can contact them,  have them contact the lender and resolve problems. Sometimes a lender may be pulling a scam, but for the most part consumers may make bad decisions and have to live with them.

Mar 29, 2012 12:31 AM #31
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Simply watch the news at night and you can see the entitlement generation demanding more and more for less and less effort on their part. It's disgusting.

Mar 29, 2012 12:38 AM #32
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

That's not unusual, it's reported that over 47% of Americans don't pay any federal income tax and many more collect entitlements, therefore most of them are uninformed or misinformed, so until these Americans get educated, we'll always have a mentality of ignorance in our society.

Mar 29, 2012 01:07 AM #33
Raymond Denton
Homesmart / Evergreen Realty - Dana Point, CA
Capo Beach Realtor® -

I still find it hard to believe Lenders are blamed for the housing crisis.

Mar 29, 2012 02:06 AM #34
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi George, I agree.  I think it goes along with the "entitlement thinking" generation.

Mar 29, 2012 02:21 AM #35
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear George,

Indeed? I guess we have a new group of people to blame for our silly behavior then?

Mar 29, 2012 02:29 AM #36
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Humans...Can't change it. 

Mar 29, 2012 02:44 AM #37
Keith & Shannon French - Catonsville, MD
Baltimore's Best for Rent To Own Homes

Although I understand your point, I do have to offer another possible reasoning for this statistic.

Consumer credit scores are TOTALLY DIFFERENT from mortgage credit scores.  All of these resources available to folks where they can get their free credit report or pay $15 for their scores.......these scores are calculated using totally different formulas that what most lenders use.

So when someone checks their own score online and sees a 705, but when the lender pulls it and it's a 620...can you blame them for thinking the lender has something to do with it?

Furthermore, lenders will say pay this off and pay that off (usually old bad debt) and we can get you a loan when your score goes up.  Sorry, but it just doesn't work that way.  In fact, many times doing such will LOWER the score!

So when someone pays stuff off and they see their scores go down on the next lender pull...what are they to think???

I've known several clients who in the very same spirit of personal responsibility you speak of, are frustrated because they can't get a straight answer on what their credit score really is.  Even many so-called credit repair companies have in their ultra-fine print that their scoring system is not to be confused with a FICO score that lenders use.  Many of these other scoring systems have a point difference of 100!

Personally, I'm beginning to be believe all this press on free credit reports, credit monitoring, etc is just a  racket and a very misleading consumer product.  Wish the author of your article would investigate & write about that!

Mar 29, 2012 03:33 AM #38
Jack Snyder
Loan Officer in Orange County for Omni-Fund Inc. - San Clemente, CA
Loan Officer, San Clemente, Orange County, Califor

HI George,

Great post, this has sparked some core driven comments. Here's a take on it that I haven't seen in the comments.

Some things are beyond a person's control and that is how life works, God has given us the ability to overcome adversity whether brought on by our-self, others or the cosmos.

When our leaders come in and bail people out they got you in their pocket. Who would ever vote out someone that is giving you stuff? If the leaders can bail out a big group all at the same time that's like fishing with a net instead of a hook. The problem is, you're still caught.

A perfect example is, a guy loses a job for no fault of his own. His fault or not, he needs a job to survive and he will do anything to make some income even if that means taking less money at a lower position. If the feds give him extended long term unemployment benefits, the guy does not need to take a lower position or less money. Great right?

What happens when better jobs become available? The employer is going pass over the applicant that hasn't worked for two years and pick the applicant that is currently employed but looking for a better position.

The guy on extended long term unemployment benefits for two years has been systematically de-skilled by our government, all in the name of his own protection. The weak will fall for this everytime and a leader without integrity will use it in his favor.

When you rely on other's to save you from adversity you deny God the chance to make you stronger.

Mar 29, 2012 03:49 AM #39
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

George, it seems pretty silly that people would believe this, is it that they dont have responsibility or is it because we fail to teach finance in this country.  I am not a huge fan of credit scores though, generally they are not a very good judge of character, I have been burned by people with great credit scores just as often as those w poor scores, I think that more emphasis should be placed on witnesses such as landlords, employers, etc.

Mar 29, 2012 02:40 PM #40
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I think many credit card companies play games with things.  We don't have any.  I have had them "not get the check" and hit me with penalties and such.  I hate them.

Mar 30, 2012 12:58 PM #41
John DL Arendsen
Crest Backyard Homes "ADU" dealer & Contractor

It's no surprise. That's the byproduct of a dumbed down co-dependent society. Voila...........Greece! Here we come.

Apr 05, 2012 02:44 AM #42
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