The concept of trust is something that looks straightforward on the surface but is actually one of the most complex we have ever created. Being able to rely on one another to perform tasks without doubting each other is the basic form of trust. Sounds simple right? Well in the financial world, trust is seen as an illusion until it is proven to be real. There are also complex legal frameworks that combine trust and obligation so that each party involved knows the repercussions of not staying true. The crash of 2007/8 has blunted the public’s imagination of how trustworthy banks and financial institutions really are. For the majority of us average Joe’s, we have to paint the picture of these banks in our minds because, well, we’ve never been inside a corporation before. But with the help of Hollywood and insiders, we now know that the crash and the subsequent recession was due to a total fraud in the housing market. It seems like the gun is pointed one way, but actually, trust works both ways.
Showing your worth
In the film series ‘Pirates of the Caribbean’ there’s a curse by the name of ‘the black spot’. It’s a mark on the hand who has been deemed to be an enemy by a vicious sea captain, who releases a kraken monster to kill the person market. Well in the financial world there are no beasts of the deep that come and snatch you away. But, there is such a thing as a black spot and it comes in the form of a bad credit score. Every single financial institution you talk to and want to get a loan, credit card, insurance or set up an account, will be warned about your untrustworthiness. Have you been or are still in debt? Have you been reckless with the number of credit cards or loans you have taken out? Well, the bankers and loan companies all know about you even before you’ve stepped through their door. Having a bad credit score means you won’t be approved for any further financial apparatus. If you want to regain their trust, your credit score needs to be healed. Look at these credit repair reviews and see which company and plan suits you best. Some features and obligation may or may not be to your liking so read and choose wisely.
What your trust is worth
When consumer confidence in business falls, the supply and demand dries up. In that case, the price of goods lowers in order to attract customers back. The same thing happens in the financial world. Financial companies and institutions are always looking to improve their customer experience. To maintain an advantage in this, banks are constantly trying to make financial packages that are attractive to the majority of their customers. It can be anything from a new type of account, loan, insurance policy or interest rates. Usually, the first to be altered in a situation is the interest rates as they don’t necessarily interfere with the progress of other products.
Customers hold a lot of power in the financial world. Some might even say all of it, but the truth is, trust works both ways. A bad credit history is a sign that you aren’t worth it, but consumers voting with their feet and business also makes the financial world loosen their standards a little bit.
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