When Credit Was REALLY Messed Up
The Stacking Benjamins Show
Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP
4.4 • 2K Ratings
🗓️ 6 July 2022
⏱️ 57 minutes
🧾️ Download transcript
Summary
You think your credit score is a jumbled mess now? Luckily, the three major credit bureaus just stopped counting most medical debt into your score. But it used to be that credit was based on so much more (and less), because the credit "bureaus" were run by people who could be paid off or who could raise or lower your credit just because they liked you. Or they didn't.
Dr. Josh Lauer joins us today to continue our dive into American financial history, helping us understand the early days of credit in our country. We'll chat about how it worked, the interesting nuances of your "score," and more.
Plus, on this rewind episode from 2017, Mandi Woodruff from the Brown Ambition podcast joined us as our special guest co-host! She'll help us with a couple of headlines, answer a question on the Haven Life Line, and much more.
This episode originally aired in 2017 so be sure to ignore any mention of current events. Check out the original show notes here.
Enjoy!
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Pre-recorded from Joe's mom's basement, welcome to another rewind episode of the Stacking Benjamin Show. |
| 0:11.5 | Hey everyone, I'm Griffin the intern, or like the credit companies call me, uh, Fintern. |
| 0:17.2 | I have to say, I'm pretty proud of my credit score. It's a perfect hundred. I always strive for straight A's and I finally got it with my credit score. Bam! So easy. All you have to do is open a store card every time someone asks you to and load up on a whole bunch of cool stuff. The best part? To score 100, don't even pay for it all at once. You can just pay a little |
| 0:38.1 | beat each month. It's basically free money. For a while, anyways, maybe that's why Doug |
| 0:43.7 | handed me a USB fob and told me to play this episode today. He says I'm doing this whole credit |
| 0:48.9 | thing all wrong, but I'm fairly certain he's the one who doesn't get it. So today we're |
| 0:53.3 | continuing our Fourth of July week theme of crawling back into the history books |
| 0:56.7 | as we take a look at the history of credit in the USA |
| 0:59.4 | and how the current credit system came to be. |
| 1:02.1 | He says it's a lot more frightening than I think, so let's check it out. |
| 1:05.6 | This podcast originally aired in 2017, |
| 1:08.5 | so make sure to ignore any giveaways or mentions of current events. |
| 1:11.9 | Enjoy the show. |
| 1:13.0 | Fintern out. |
| 1:15.1 | Good evening. I'm Ron Burgundy, and this is what's happening in your world tonight. |
| 1:24.5 | Live from Joe's Mom's Bas, it's the stacking Benjamin show. |
| 1:34.4 | I ever wonder about the companies that know everything about your financial identity and your credit. |
| 1:44.7 | On today's show, we'll share with you the hidden secrets of the credit bureaus |
| 1:48.5 | as we talk to the author of Creditworthy Josh Lauer. |
| 1:52.6 | Also, with an important headline about identity protection, a guy from one of those bureaus |
| 1:57.7 | from Experian, Michael Bremer. |
| 2:00.5 | Plus, we'll throw out the Haven Lifeline to a lucky caller, take one of your letters, |
... |
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