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Credit touches everything: your ability to get a home, a job, a car, even a cell phone. And yet, millions of people still don’t understand how it works, why it matters, or what’s broken about it. As someone who’s been in this industry since 1988, I’ve seen firsthand the good, the bad, and the painfully outdated.
Here’s a look at what I believe are the most urgent needs in today’s credit landscape and what we can do to fix them. I will be addressing these on this platform with a paid subscription. I will be addressing all of the following:
1. Financial Literacy Is Still Dangerously Low
Let’s be blunt: most people don’t know what affects their credit score.
We’re talking about:
Credit utilization
Trended data (like what FICO 10T uses)
How long-term habits affect scoring
How a single missed payment can haunt you for years
What’s needed?
We need early, ongoing credit education—starting in high school and continuing into adulthood. People shouldn’t have to make costly mistakes just to learn how credit works. I will be providing this on this platform.
2. Scoring Models Are Still a Black Box
FICO 8, FICO 10, FICO 10T, VantageScore… most people have no clue which score a lender is using, or why their score dropped 42 points overnight.
What’s needed?
More transparency. Credit bureaus and scoring companies should break down the scoring models in plain English and offer tools that actually help people take control of their credit. I will be providing this on this platform.
3. 45 Million Americans Are Still Credit Invisible
No credit history? That means no loan, no apartment, maybe no job.
This disproportionately affects:
Young people
Immigrants
People in marginalized communities
What’s needed?
More inclusive credit models. I have written a book on this topic that will be available at a discount.
4. Debt Collection Needs a Makeover
Too many people are still being harassed by outdated, aggressive debt collectors using fear as their main tactic. It’s harmful, unnecessary, and often illegal.
What’s needed?
Strict enforcement of the Fair Debt Collection Practices Act (FDCPA), modernized communication rules, and a shift from fear to fairness. Debt collection should be about resolution, not punishment. I have written a book on this topic and will be addressing the issues on this platform.
5. Credit Reporting Still Has a Quality Problem
Mistakes in credit reports are common—and costly. And trying to fix them can feel like shouting into the void.
What’s needed?
Better data accuracy from the start, and a dispute system that actually works. Consumers shouldn’t have to fight for months just to correct someone else’s mistake. I will be addressing this on this platform.
6. Fintech and BNPL Products Need Guardrails
Buy Now, Pay Later (BNPL) tools and other fintech services are everywhere—but they’re not always reported to credit bureaus. That means consumers might be building hidden debt that doesn’t show up… until it’s too late.
What’s needed?
Uniform reporting standards and clear consumer education on how these tools affect long-term credit health.
The Bottom Line
The credit system wasn’t built for the world we live in today. If we want it to serve everyone, we need to make it fairer, clearer, and more inclusive.
As I often say in my talks: credit isn’t just about borrowing money—it’s about access, dignity, and opportunity.
Let’s fix what’s broken. Together.
💬 Have thoughts or stories about your credit journey? Drop them in the comments—I read every one.
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