02/20/2023 Weekly Credit Update: Happy President's Day!
Due to President’s Day, we don’t have a video for you this week. However, we do have some interesting trivia regarding Presidents and the credit.
Per The Ethics in Government Act of 1978, Presidents are required to submit financial disclosures to avoid any potential conflict of interest. Their individual credit scores are not included in these disclosures.
The President of the United States is held to the same laws and regulations as individual consumers. This means that they can be sent to collections or be impacted on their credit score if they don’t maintain healthy credit practices.
Some Presidents, such as Harry S Truman, dealt with money and credit problems. Truman filed bankruptcy due to a failed business, and had serious debt issues. This resulted in him living in his mother-in-law’s house after his presidency, and never owning a home himself.
Richard Nixon signed the Fair Credit Reporting Act on October 20, 1970. This was the first major piece of legislation protecting consumers from secret databases and biased lending decisions in what was the beginning of the information age.
We hope you have a wonderful President’s Day!