Should There Be A Surgeon Generals Warning on Credit Scores?

I think everyone would agree that hazardous materials should be marked with a skull and cross bones; the universal message "bad things will happen to your health if you're not careful" symbol.

Now I'm asking -shouldn't there be a warning for financial health? Today credit scores have serious power over almost every financial aspect in our lives. Shouldn't consumers be warned before we fill out forms or applications that will adversely effect credit scores?

First look at the traps. If you're in a checkout line at a grocery store, department store or even at a trade show. You can be asked to apply for a credit card in exchange for a substantial discount of 10% to 20% off a purchase at point of sale. What seems like a great way to save some extra cash can actually end up costing you thousands of dollars in the long run. When "whoever" pulls your credit at point of sale (and they most certainly will) it may drop your credit scores 0 - 50 points depending on the type of credit you have established in the past. Even if you don't use the credit you just applied for; there is potential for lower scores and other consequences. Perhaps the "type" of credit offered gets a low rating with the credit bureaus and you now have that hit to your credit scores. Which means if you're about to buy a home or make another major financial purchase you pay more due to an increase in rates or fees. In the case of a home loan over the life of that 30 year mortgage .25% rate increase on a $250,000 loans means adding over $10,000 to what you could have paid with a slightly better credit score. This is repeated over and over with auto loans, insurance premiums and even dream jobs that harvest scores to see how worthy you are for what they offer.

Inquires do not stay on your record forever. But do you know when an inquiry is being put on your credit rating that will effect your score? How about the last time you test drove an automobile? Did the salesman ask you to sign a form before climbing behind the wheel? Have you answered a credit card ad in the mail telling you they offer 0% interest and you're "pre-approved"?

Would you be enticed to enter a drawing if at the top of the form a bold box said: "Warning! filling out this form will check your credit; increase the chance of identify fraud and injure your short or long term financial health"

Would you think twice before using a 90-day-same-as-cash account if there was a warning in a box that stated "This type of credit typically lowers credit scores"?

I like the idea of "Credit Hazard Warnings" but since they don't exist today, try reading a FICO booklet about credit scores.