“Even after the strike is over and the concessions have been won, the union worker still loses. Realistically, most of the advances made during negotiations are loss or offset by the bad credit created during this extended period without pay,” says Dr. Grayson.
BOLIVAR, Tenn., Nov. 10, 2023 /PRNewswire/ — Today, Dr. Michael C. Grayson, CEO of the Credit and Debt Management Institute (CDMI), introduced Operation Reset, a program that will offer free credit restoration to 100,000 union members nationwide, a program to allow striking workers an opportunity to raise their credit scores 50-100 points, and maintain perfect credit before, during and after strikes. “No one in the United States should suffer the harassment of creditors, the stigma of bad credit and the loss of access to the American Dream, especially for exercising rights guaranteed by law,” said Dr. Grayson.
The introduction of this program comes as several high-profile strikes are currently taking place in across the country, including workers with the United Auto Workers. CDMI supports unions and their mission to ensure fair wages and medical benefits for their members. This program offers the top ten unions free credit restoration for 10,000 of their members. The members will be selected by the union leadership.
The threat of extermination of the striking workers’ credit rating is singly the greatest tool in any company’s arsenal. Once the workers’ credit is destroyed and their savings are lost, the worker will put pressure on the union leadership to resolve the action no matter the terms. It is very stressful for the union worker to go out on strike for months or weeks at a time when after the resolution they now must deal with debt collectors, extremely high interest rates, diminished access to capital and loss of the American Dream (home and car ownership). By asking a worker to strike without credit protection you are really asking them to strike for seven years, because that is how long they will suffer the consequences. Without proper counseling and a cohesive pre-strike credit plan, the bad credit created during the strike could plague the workers for the next seven years or longer. At best losing their credit rating translates into a 20-40% pay cut. Keep in mind that the interest rates that you pay is tied to your credit score. Therefore, a drop of 50-100 points could mean the difference between a 0% credit card versus a 29% credit card. A 5% mortgage versus a 9% mortgage. A 6% car loan versus a 19% car loan. These often-overlooked eventualities cost each worker $800 – $3000 per month for years. What about all the late fees and collection costs incurred by the worker, who is going to compensate them for that? That is why most strikes don’t result in a major change in the workers’ finances. There is currently no contract remedy available to cure this loss. That is why CDMI created this revolutionary new program that eliminates the bad credit and bad debt created by striking and allows union members the ability to quickly bounce back after the strike is over.
This program is powered by a proprietary Credit Restoration & Development Algorithm. CDMI invented the algorithm for credit restoration and currently holds all three credit industry records including the highest credit score in the world (990). In the year 2000 this country and most of the industrialized world switched from the “Old Credit System” to the new “Credit Scoring System“. The new system is radically different from the old. Most people in the credit business are still using old credit system methodologies that is why credit repair has such a bad reputation, in fact the Consumer Financial Protection Bureaus has recently fined the two biggest credit repair operations in the country $4 billion for consumer fraud. These companies still use outdated methodologies because; (1) they do not possess the Credit Restoration Algorithm which CDMI invented); (2) demand for this technology is limited because the general public is unaware of this major transition; (3) using flawed obsolete technology is extremely profitable; (4) colleges and universities refuse to teach strategic credit restoration and development (pioneered by CDMI) and finally (4) unlike CDMI they are not experts in debt law, credit law (see Grayson v Equifax) and finance. “Remember, it takes more than just good credit to get true access to capital. The new credit system is based on complex algorithms that convert your credit report data into a numerical value. Therefore, it takes an algorithm to beat an algorithm.” Says Dr. Grayson. Thanks to this program union workers can control, restore and or enhance their credit and score at will, free of charge.
CDMI is proud to offer this program on a first come first served basis. “This program ensures striking workers will receive the benefits that they are entitled to and makes sure strikers, and their families are not discriminated against. Strong credit and debt protections are the best defense against the negative impact of strikes, I am grateful to spearhead this program on behalf of CDMI at a critical moment for striking workers and unions.”
“We’re seeing workers exercise their rights across the country by going on strike to demand better wages and working conditions. That’s why our program, Operation Reset, is more important now than ever. We need to reset workers credit, and ensure all working families are able to make ends meet.” “Every union worker who is walking the picket line needs to know that we at CDMI have their backs.
If you are a union member with credit or debt issues, would like credit protection or have a credit score less than 800, please contact your union leadership to enroll in this program immediately. If your union is not currently enrolled in Operation Reset, please have them contact our office at 888-551-5533 or visit our websites, CDMIcredit.org or PerfectCredit4Free.com.
Contact:
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SOURCE Credit and Debt Management Institute Inc
