While most people don’t realize it, the fact is there is one special interest group that virtually everyone in this country belongs to: the consumer.
If the majority of people in this country someday realize that fact — and the power that flows from it — there is no telling how many positive changes this country can make for consumers.
Think about it. Why is there so much untapped power that we, as consumers, have but don’t see or use? The bottom line is this country is one of laws that is run by politicians. And the most important thing to a politician is to be elected, and then to be re-elected. So, how can we, as consumers, band together and use that untapped power to force politicians to enact and enforce laws and regulations that help us all?
First, an example of a time this “power” worked. In 2006, the Bush administration strongly backed a plan to sell management contracts for a large number of major U.S. ports to DP Worldwide, a company state-owned by the United Arab Emirates. This led to a huge backlash from politicians in both major parties over the prospect of allowing Middle Eastern-backed companies to control strategic ports in the U.S., a huge security mistake. Ultimately, the Bush administration folded and the port operations were sold to the American International Group’s asset management division.
Why couldn’t U.S. voters band together in similar ways on other consumer-related issues? For instance, all Americans are greatly affected by their credit scores and credit reports. Whether one gets a job, an insurance policy or mortgage loan, all are now greatly affected by their credit.
Unfortunately, the manner in which credit scores and credit reports are compiled is extremely subjective. Worse, trying to correct negative information on one’s credit report is virtually impossible, due mainly to the horrible customer service provided by credit scoring companies.
Let’s suppose the majority of consumers were made aware of these facts and sent letters, telegrams and emails to their representatives stating that unless they take the steps to rewrite the laws and regulations governing credit reporting and scoring, each person would vote against them in the next election cycle.
Don’t you think such a consumer campaign would have an effect?
Sound crazy? Impossible? It may be difficult to organize, but it certainly is not crazy nor impossible. It simply takes awareness to show American consumers they do possess this power, and urge them to finally use it.
Rick Shaffer hosts “The Money Show” Monday-Friday afternoons from 4-6 on Boston Herald Radio.