The Present Is Future History

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And among the People of the Scripture is he who, if you entrust him with a great amount [of wealth], he will return it to you. And among them is he who, if you entrust him with a [single] silver coin, he will not return it to you unless you are constantly standing over him [demanding it]. That is because they say, "There is no blame upon us concerning the unlearned." And they speak untruth about Allah while they know [it]. | But yes, whoever fulfills his commitment and fears Allah - then indeed, Allah loves those who fear Him. 

3. Surat Ali `Imran (Family of Imran; 75-76)

Sometimes history can be an indicator of the future but, sometimes history is just that, what happened in the past. When it comes to credit history however, it can go either way. Looking into a person's credit can be an indicator of the future because relationship with money is behavioral. We have so many things that requires attention yet money is often left at the mercy of our habits and urges (clearly Islamic personal finance should be on the forefront of all Muslims). Since behavior plays a big part, often, history repeats itself and can be an indicator of the future. So, those with great history in repayment of debt, will most likely continue the habit.

Step 5 and 6 requires looking into our history (requesting a credit report) and cleaning up mistakes. Important information from step 5 and 6:

The FACT Act gives every consumer the right to a free credit report every year from each of the three major credit bureaus: Equifax, Experian and TransUnion. To get your free report, simply fill out the request form. You can also visit www.annualcreditreport.com or call 877-322-8228.

If you find an error on your credit reports, you’ll need to know your rights. Your most effective weapon in dealing with the credit bureaus is the Fair Credit Reporting Act (FCRA). Legally, the FCRA protects you by requiring credit bureaus to furnish correct and complete information to companies requesting credit histories for evaluation. If you find an error on your report, simply follow these steps:

• Write to the credit reporting agency disputing the item and include any supporting documents. Keep a copy of all documents for your files.
• When the credit reporting agency receives your letter disputing the item, they must investigate the item in dispute (usually within 30 days) by presenting the information you submit to the creditor.
• By law, the creditor must review your evidence and report its findings to the credit bureau.
• The credit bureau must then give you a written report of its investigation and a copy of your report if the report results in a change.

You can also fill out an online dispute form provided by the credit bureaus. The websites for the three major credit bureaus are:

• Equifax www.equifax.com
• Experian www.experian.com
• TransUnion www.transunion.com

Credit history is a part of us that greatly influence our present and future. If we have a tarnished past, we may be judged based on it for as long as we let it be. Would you seriously lend money to someone who you know for sure would never repay you? Imagine having a tarnished past and trying to borrow for bigger purchases such as a home. Fear not, all is not lost. Credit history can be fixed by acting on the present so that we move toward a prosperous destiny.

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