What if your credit was a snapshot of your character?

I pride myself in trying to make sure those things I do represent my ethical and moral character. I recently have been shaken by what seems to be a lack of this same principal in leadership whether it is in politics, churches, schools or homes.

Lately, the issue with me as a banker has been poor credit. Now, I realize that a credit report doesn’t always reveal the “true character” of a person. Circumstances such as loss of a job or a catastrophic illness can definitely have an impact. However, I am talking about simply the character of doing what you promise you will do. 

As part of my financial education class, I often compare credit with character. I simply ask my students to define good character.  Many times they will say, “Keeping a promise or doing what is right” to which I say, “you are exactly right”. I then say when you make a loan you sign what in the “banking world” is called a Promissory Note or a promise to pay it back. And guess what? THEY GET IT!   A few weeks ago, I witnessed a young person being turned down for a loan.  No, he didn’t have tons of medical bills; he was not married with small children. He was just out of high school and his credit report simply showed a rather large charged-off cell phone bill.

Now…what if your credit score was a snapshot of your character?  I recently read something that said, to our kids, the world is a place of moral clarity and their parents are their moral heroes. Don’t we teach our kids to keep a promise?  Of course we do! Why not take the opportunity to teach them how important your credit is as well?

Just my thoughts!