3/13/2013. US Consumer Credit Restoration Association 2013 All Rights Reserved

Size: px
Start display at page:

Download "3/13/2013. US Consumer Credit Restoration Association 2013 All Rights Reserved"

Transcription

1 1

2 FREE REPORT How to Settle Collections and Request That They Be Deleted! Jim Hogle Your Credit Expert Resource Internationally known public speaker Author of numerous publications, articles and training manuals Recognized Credit Law Expert Over 15 Years Working With Credit Challenged Buyers Founding Board Member (NARLO) Healthy Credit & ID Theft TV& Radio Interviews Executive Director USCCRA, LLC Formerly approved CE trainer for Mortgages in the State of Indiana Board Member Indiana Chamber of Commerce Jim Hogle 83% checked their scores 42% want to improve credit scores but DON T KNOW HOW!!! 65% checked score before applying for a loan or skipping a payment. January 31,

3 1 in 4 consumers identified errors on their credit reports that might effect their scores. 1 in 5 consumers had an error that was corrected by a CRA after it was disputed, on at least one bureau. 4 out of 5 consumers who filed disputes experienced some modification to their credit report Slightly more than 1 in 10 consumers saw a change in their scores after the CRA s modified errors on their reports 1in 20 consumers had a max score change of more than 25 points and only 1 in 250 consumers had a max score change of more than 100 points Healthy Credit Tip.. Credit Bureaus Make Money by Selling Private Information 3

4 Credit Myth Exposed!! There Is No Law That Says Negative Information Has To Be Reported For 7 Years, 7 months, 7 days, or 7 seconds!! The Law Simple States That Negative Information CAN Stay On Your Credit Report For UP TO 7 10 Years Market Changes. Lenders Minimum Scores are going up Changing Loan Guidelines (Dodd Frank has almost 400 laws in it only 100 or so have been implemented) 70% or more of all buyers are denied credit US Consumer Credit Restoration Association All Rights Reserved 4

5 What If You Could Help Your Credit Challenged Buyers Improve Their Credit Scores? HELP get a copy of their credit reports? (you may already have one) HELP them understand what makes up their scores and a good credit mix? HELP them find errors or mis reporting items on their reports? HELP them Get Mortgage Ready? Step 1 Where Your Borrowers Can Get a Copy of Their Credit Reports From you or any lender who has recently turned them down for a loan. One Free credit report from each bureau every 12 months. $1 for first 30 days $1 for first 30 days Step 2 What Makes Up a Mortgage Credit Score? Credit Scoring Components 1. Past Delinquencies 2. Revolving Debt & Ratio 3. Average Age of File 4. Mix of Credit 5. Inquiries 5

6 To Have A Credit Score You Have To.. Have an account at least 6 months old with updates in the last 6 months and NOT be under dispute. Older Models of Scoring have caused zero s You have to have a?????? 772 Mid 1 Rev Trade Line No SS# What Does The Credit Score Mean? Predicts the statistical chance of a consumer becoming 90 day late on a particular loan obligation over 24 months The Score is generated by analyzing the information contained in the consumers credit report at that point in time Only available for the three bureaus, not Innovis the 4 th Bureau 6

7 How Is The Credit Score Calculated? Take 1,500,000 credit reports over a 2 year period and monitor for late payments Form scorecards 1 late, 2 lates, down to BK and foreclosure, current model using 10 scorecards (FICO 08 will have more) Each scorecard has its own predictable variables by Credit Bureau (that s why they all have different scores!) What Are The Odds of Going 90 Days Late? or less 15-1 Step 3 Reason Codes Most Bureaus only list 4 of top codes How reason codes affect scores (coming later) Ranked from top reason to bottom why did consumer score less than 850? Each has its own predictable variables by Credit Bureau (that s why they all have different scores!) I have never seen an 850 score. 7

8 Step 3 Reason Codes Step 4 Finding Errors & Misreporting Information Public Records- Ask are they yours? Are they Paid? Tax Liens- If they are paid Federal Tax Liens they can be deleted (some states are doing this too) Late payments on Open Accounts 30 day late can cost you points! Revolving Accounts You need one reporting to all 3 bureaus for a good credit mix Collections. #1 Dispute In Fact Almost 40% of Disputes Handled by CRA's Can be Linked to Collection Items. The CRA's (Equifax, Experian, and Trans Union received approximately 8 million contacts from consumers in 2011! Each one disputed one or more items to one or more CRAs 8 million contacts resulted in million disputed items on your consumers credit files! (According to the CFPB New Report "Key Dimensions and Processes in the US Credit Reporting System Dec

9 $51 Collection Drops Score182 Points! Step 5 Dispute Inaccurate or Un verifiable Information The Federal Trade Commission states that anyone can repair and challenge their own credit reports. Getting results may be a whole different issue. If people can t read or understand the credit report or the data, how are they going to dispute it? Mis Reporting Collections 9

10 Mis Reporting Collections Step 6 Don t Forget the Personal Information Names, sur names (Jr. Sr. II etc.), middle names and AKA s. Is it a common name? Addresses (Home and work) Request to remove if they are not yours Social Security Numbers Scan the whole report completely Birthdays is the month day year the same on all 3 bureaus? Step 6 Don t Forget the Personal Information 10

11 Step 7 Credit Scoring Tips Revolving accounts more important. Installment accounts a very small factor New Problem is as you pay off cards the banks are lowering YOUR upper limit! Pay as close to zero as possible (some banks are closing credit lines!) Pay before your reporting date, so lower balance shows up (can provide score boost) Credit Scoring Tips Con t Spreading balances in new models won t have same effect (Newer Model will be different) Authorized User still works with the Credit Bureaus (its the mortgage lenders that reject it) Credit Bureaus can report a 30 day late if its one day past due date (99% Don t ) Paying off a collection, tax lein etc will NOT increase your score Scoring Effect by Age of Account Older the account the better (more history) Don t close old credit cards (helps utilization ratio) Accounts closed and not used for 10 years may fall off your report Authorized User still helps scores (doesn t look at age or birthdays) (FICO 08 may fix that) Student Loan(s) in Deferment payment history is NOT used & utilization ratio is NOT calculated 11

12 The Price You Pay for Credit Credit Scoring Recap Make up of a Credit Score 90 Day Default Odds Reason Codes Mis information on credit report Disputed Accounts Verifying Data 12

13 DOWNLOAD: How to Settle Collections & Request that it be Deleted free report in subject line to Free Report to help your clients with those collections! - If you would like your credit reviewed (Jim will do it personally) Thanks for joining us! Jim Hogle 13

Credit Score Secrets Revealed

Credit Score Secrets Revealed Credit Score Secrets Revealed This Complementary Special Report was prepared by: 2 The Secrets Behind Your Credit Scores Your life is your credit. And your Credit Score is the key to everything. As important

More information

Solving the Credit Puzzle. L G & W Federal Credit Union

Solving the Credit Puzzle. L G & W Federal Credit Union Solving the Credit Puzzle L G & W Federal Credit Union Knowledge Check How much do you already know about credit scoring? Sample Credit Report Credit Bureaus Equifax TransUnion Experian Who Can Pull Your

More information

Understanding Credit Reports and Scores and How to Improve It!

Understanding Credit Reports and Scores and How to Improve It! Understanding Credit Reports and Scores and How to Improve It! Robin Minor, CCCC What Will We Cover? When we are finished, you will understand: Credit Reports and Credit Scores - What they are and how

More information

Reviewing C Your Credit Report

Reviewing C Your Credit Report chapter 2 Reviewing C Your Credit Report What do your creditors have to say about the way you handle money? Having a good credit score can help you turn your home-buying dream into a reality. There s much

More information

2/7/2015 Credit Scoring Handbook. https://vip.vantageproduction.com/htmltemplate/44909/37d8475b-cf7b-46fa-8091-5d80543e1511/render?

2/7/2015 Credit Scoring Handbook. https://vip.vantageproduction.com/htmltemplate/44909/37d8475b-cf7b-46fa-8091-5d80543e1511/render? We r eher et ohel p. Cal l T oday! 4808324343 https://vip.vantageproduction.com/htmltemplate/44909/37d8475b-cf7b-46fa-8091-5d80543e1511/render?preview 2/10 2/7/2015 Credit Scoring Handbook Notes YourCreditScore

More information

$uccessful Start and the Office of Student Services Present: THE WINNING SCORE

$uccessful Start and the Office of Student Services Present: THE WINNING SCORE $uccessful Start and the Office of Student Services Present: THE WINNING SCORE QUESTIONS TO BE ANSWERED How is a credit score calculated? Why is a credit score important? How can I improve my credit score?

More information

Credit Reports & Credit Scores

Credit Reports & Credit Scores Credit Reports & Credit Scores Reviewing: Information that is and isn t in your credit report. What information determines your credit score. Tips to improve your credit score. What s In Your Credit Report

More information

Understanding Credit. Megan Stearns, Credit Counselor

Understanding Credit. Megan Stearns, Credit Counselor Understanding Credit Megan Stearns, Credit Counselor Obtaining your free credit report will lower your credit score. Closing old accounts can help your credit score. Paying off the balances on your credit

More information

Credit 101. Learn how to get and keep your credit in shape! From Silverton Mortgage

Credit 101. Learn how to get and keep your credit in shape! From Silverton Mortgage Credit 101 Learn how to get and keep your credit in shape! From Silverton Mortgage Table of Contents What is a credit score? 2 Why is it important? 2 How is a credit score determined? 3 How can I see my

More information

UNDERSTANDING YOUR CREDIT REPORT (Part 1) By Bill Taylor

UNDERSTANDING YOUR CREDIT REPORT (Part 1) By Bill Taylor UNDERSTANDING YOUR CREDIT REPORT (Part 1) By Bill Taylor Most studies about consumer debt have only focused on credit cards and mortgages. However, personal debt also may include medical expenses, school

More information

TABLE OF CONTENTS. CHAPTER 1: Credit Report.. Page 1. CHAPTER 2: Credit Score...Page 3. CHAPTER 3: Credit Reporting Agencies.

TABLE OF CONTENTS. CHAPTER 1: Credit Report.. Page 1. CHAPTER 2: Credit Score...Page 3. CHAPTER 3: Credit Reporting Agencies. TABLE OF CONTENTS CHAPTER 1: Credit Report.. Page 1 CHAPTER 2: Credit Score.....Page 3 CHAPTER 3: Credit Reporting Agencies.Page 6 CHAPTER 4: How to get a FREE Credit Report Page 8 CHAPTER 5: The 4 th

More information

Your Credit Score. 800-491-2328 www.congressionalfcu.org. score of at least 620 for approval and 760 for the best interest rate.

Your Credit Score. 800-491-2328 www.congressionalfcu.org. score of at least 620 for approval and 760 for the best interest rate. 800-491-2328 www.congressionalfcu.org Your Credit Score Your credit score can have a major impact on your life. Not only do creditors typically check your score when deciding whether or not to approve

More information

Understanding your Credit Score

Understanding your Credit Score Understanding your Credit Score Understanding Your Credit Score Fair, Isaac and Co. is the San Rafael, California Company founded in 1956 by Bill Fair and Earl Isaac. They pioneered the field of credit

More information

Establishing and maintaining good credit is an important part of financial planning. Typically most individuals do not have enough cash on hand for

Establishing and maintaining good credit is an important part of financial planning. Typically most individuals do not have enough cash on hand for Basics of Credit Establishing and maintaining good credit is an important part of financial planning. Typically most individuals do not have enough cash on hand for emergencies, or to make major purchases

More information

Why Credit is Important

Why Credit is Important Page 1 Why Credit is Important Page 6 How to Protect Yourself from Identity Theft Page 7 Cosigning and Money Lending Tips Page 8 How to Avoid Credit Card Interest Why Credit is Important Learning to build

More information

Understanding Credit Reports and Scores and How to Improve it!

Understanding Credit Reports and Scores and How to Improve it! Understanding Credit Reports and Scores and How to Improve it! Apprisen What Will We Cover? When we are finished, you will understand: Credit Reports and Credit Scores - What they are and how they are

More information

Road to Good Credit.

Road to Good Credit. Road to Good Credit. Now is the time for you to start building your credit. Why is credit important to you? Where can you fi nd your credit history? How do you get started? Have you ever wondered how to

More information

Credit Repair 101. Learn how to legally repair your own credit

Credit Repair 101. Learn how to legally repair your own credit Credit Repair 101 Learn how to legally repair your own credit The myth is, that you need to spend hundreds or even thousands of dollars with a large company to have your credit repaired. This is just not

More information

Improve Your Credit Put Bad Credit Behind You

Improve Your Credit Put Bad Credit Behind You Improve Your Credit Put Bad Credit Behind You Improve your credit While it s possible to get by without credit, access to credit is essential for buying a home, financing a car or getting a credit card.

More information

FICO Vantage Will Include Rent # of People in this category

FICO Vantage Will Include Rent # of People in this category What You Must Know About Your Credit Report and Score Must Know: There is more than one company reporting on your credit; you need to know most websites and rental companies use vantage scores and most

More information

Credit Histories & Credit Scores

Credit Histories & Credit Scores Credit Histories & Credit Scores Credit Histories - Definition A continuing record of a borrower s debt commitments and how well they have been honored. (Similar to a transcript) Credit Score - Definition

More information

Managing Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com

Managing Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Apprisen 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Your credit score is one of the most important aspects of your personal finances. From

More information

Credit Repair Made Easy

Credit Repair Made Easy Credit Repair Made Easy A simple self help guide to credit repair By Don Troiano Introduction My name is Don Troiano and I spent over 15 years in the mortgage industry. Knowing how to guide customers in

More information

Your Credit Score What It Means to You as a Prospective Home Buyer

Your Credit Score What It Means to You as a Prospective Home Buyer Ken Buckery Mortgage Lender Alpha Mortgage Phone: (910) 256-8999 Fax: (910) 795-4922 ken.buckery@alphamortgage.com www.kenbuckery.com Your Credit Score What It Means to You as a Prospective Home Buyer

More information

Financial payment profile Fair Isaac Corporation (FICO) 300 to 850 the higher, the better

Financial payment profile Fair Isaac Corporation (FICO) 300 to 850 the higher, the better What is a credit score? Financial payment profile Fair Isaac Corporation (FICO) 300 to 850 the higher, the better National distribution of FICO scores What a low score could cost you? Tens of thousands

More information

Your Credit Score What It Means to You as a Prospective Home Buyer

Your Credit Score What It Means to You as a Prospective Home Buyer Dan L' Altrella Certified Mortgage Planner L'Altrella Lending Group Phone: 203.521.2905 Fax: 203.712.1188 danlaltrella@yahoo.com Your Credit Score What It Means to You as a Prospective Home Buyer Introduction

More information

Topic 3 Credit Report

Topic 3 Credit Report Topic 3 Credit Report Questions to Think About: What are the different types of credit and why is credit important? What are its advantages and disadvantages? What is a credit report? How do you read it

More information

CREDIT REPORTS WHAT EVERY CONSUMER SHOULD KNOW ABOUT MORTGAGE EQUITY P A R T N E R S

CREDIT REPORTS WHAT EVERY CONSUMER SHOULD KNOW ABOUT MORTGAGE EQUITY P A R T N E R S F WHAT EVERY CONSUMER SHOULD KNOW ABOUT CREDIT REPORTS MORTGAGE EQUITY P A R T N E R S Your Leaders in Lending B The information contained herein is for informational purposes only. The algorithymes and

More information

Credit Reports. published by AAA Fair Credit Foundation

Credit Reports. published by AAA Fair Credit Foundation Credit Reports published by AAA Fair Credit Foundation Credit Reports 1. What is a Credit Report?..........................................................2 2. What Your Credit Report Reveals About You...................................4

More information

Understanding Your Credit Score and Credit Report. George Williams, CPA, JD, LLM Ross, Rosenthal & Company, LLP June 21, 2012

Understanding Your Credit Score and Credit Report. George Williams, CPA, JD, LLM Ross, Rosenthal & Company, LLP June 21, 2012 Understanding Your Credit Score and Credit Report George Williams, CPA, JD, LLM Ross, Rosenthal & Company, LLP June 21, 2012 What is a Credit Score? What is a Credit Report? A credit score is a number

More information

Tracking Your Credit History By Mark Schug

Tracking Your Credit History By Mark Schug By Mark Schug Financial institutions (banks, savings and loan associations, credit unions, and consumer finance companies) are private, profit seeking businesses. They expect to be paid back most of the

More information

Office of Student Financial Management

Office of Student Financial Management February 2015 Office of Student Financial Management Kasia Palm: Director of Student Financial Management What is Credit? - The ability to obtain goods/services before payment based on the trust that a

More information

Understanding Your Credit Score and How You Can Improve It

Understanding Your Credit Score and How You Can Improve It Understanding Your Credit Score and How You Can Improve It How is your score calculated? The exact formula is a mystery and protected by the Federal Trade Commission Think of it as a secret recipe. Credit

More information

UNDERSTANDING YOUR CREDIT SCORE WHAT S THE BIG DEAL? WHAT MAKES UP YOUR CREDIT SCORE? WHAT S THE NEXT STEP?

UNDERSTANDING YOUR CREDIT SCORE WHAT S THE BIG DEAL? WHAT MAKES UP YOUR CREDIT SCORE? WHAT S THE NEXT STEP? UNDERSTANDING YOUR CREDIT SCORE WHAT S THE BIG DEAL? WHAT MAKES UP YOUR CREDIT SCORE? WHAT S THE NEXT STEP? SO WHAT S THE BIG DEAL? A credit score not only influences your homebuying potential, but is

More information

Your Credit Score What It Means to You as a Prospective Home Buyer

Your Credit Score What It Means to You as a Prospective Home Buyer Brian Berman President / Sr. Loan Specialist Mortgage Atlanta, LLC Phone: 678.564.1522 Fax: 888.727.0145 bberman@mortgage-atlanta.com Your Credit Score What It Means to You as a Prospective Home Buyer

More information

Understanding Your FICO Score

Understanding Your FICO Score Understanding Your FICO Score 2013 Fair Isaac Corporation. All rights reserved. 1 August 2013 Table of Contents Introduction to Credit Scoring 1 What s in Your Credit Report 1 Checking Your Credit Report

More information

Your Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net

Your Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net Your Credit Report 750. 670. 620. 575. You may not think about them every day, but your credit reports and the three little digits that make up your credit score probably influence your life in many ways.

More information

CREDIT REPORTING. A Presentation by NLSP

CREDIT REPORTING. A Presentation by NLSP CREDIT REPORTING A Presentation by NLSP DISCLAIMER: Please note that the information contained in this presentation is only general background information about credit reporting and student loans: This

More information

Office of Student Financial Management

Office of Student Financial Management September 2013 Office of Student Financial Management Kasia Palm: Director of Student Financial Management What is Credit? - The ability to obtain goods/services before payment based on the trust that

More information

GREENPATH FINANCIAL WELLNESS SERIES

GREENPATH FINANCIAL WELLNESS SERIES GREENPATH FINANCIAL WELLNESS SERIES UNDERSTANDING YOUR CREDIT REPORT & SCORE Through financial knowledge and expertise, we provide high-quality products and services that enable people to enjoy a better

More information

NOTES. 12 Your Credit Score Your Credit Score 1 CONTENTS:

NOTES. 12 Your Credit Score Your Credit Score 1 CONTENTS: 12 Your Credit Score Your Credit Score 1 NOTES CONTENTS: Introduction...2 The History of Credit Scoring...2 Why Your Credit Score is So Important...3 The Five Factors of Credit Scoring...3 How Does a Low

More information

Your Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net

Your Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net Your Credit Report 750. 670. 620. 575. You may not think about them every day, but your credit report and the three little digits that make up your credit score probably influence your life in many ways.

More information

Credit Scoring. 1-800-444-RATE www.gogsf.com

Credit Scoring. 1-800-444-RATE www.gogsf.com Credit Scoring 1-800-444-RATE www.gogsf.com Your credit score is a major factor that will be considered by the lender when they review your loan application. They want to know what your credit history

More information

Understanding a Credit Report! April 21, 2011. New York City Department of Consumer Affairs. All rights reserved.

Understanding a Credit Report! April 21, 2011. New York City Department of Consumer Affairs. All rights reserved. Understanding a Credit Report! Questions to Think About What are the different types of credit and why is credit important? What is a credit report? How does credit impact future financial goals? 3 What

More information

Your Credit Score What It Means to You as a Prospective Home Buyer

Your Credit Score What It Means to You as a Prospective Home Buyer James Lindquist Mortgage Planner / Broker Cendera Funding Phone: (214)616-9067 Fax: (214)547-8225 jlindquist@cenderafunding.com Your Credit Score What It Means to You as a Prospective Home Buyer Introduction

More information

Your Credit Score What It Means to You as a Prospective Home Buyer

Your Credit Score What It Means to You as a Prospective Home Buyer Dan Keller Mortgage Advisor Pacific Trust Mortgage Phone: (425) 350-7136 Fax: (206) 339-6343 dan.mortgageadvisor@gmail.com www.mylenderdankeller.com Your Credit Score What It Means to You as a Prospective

More information

How to Use Credit. Latino Community Credit Union & Latino Community Development Center

How to Use Credit. Latino Community Credit Union & Latino Community Development Center How to Use Credit Latino Community Credit Union & Latino Community Development Center How to Use Credit Latino Community Credit Union & the Latino Community Development Center www.latinoccu.org Copyright

More information

Taking Charge of Your Financial Future

Taking Charge of Your Financial Future Taking Charge of Your Financial Future Why is Your Credit Score Important? Understanding credit scoring can help you manage your credit. By knowing how credit risk is evaluated, you can take actions that

More information

Introduction The History of Credit Scoring Why Your Credit Score is So Important

Introduction The History of Credit Scoring Why Your Credit Score is So Important Introduction The subject of credit scoring has become an increasingly hot topic, and for good reason. For many years, the general public only associated the concept of credit scoring with the need to purchase

More information

Credit Reports Credit Scores. Understanding reports and scores Correcting errors Obtaining a free report

Credit Reports Credit Scores. Understanding reports and scores Correcting errors Obtaining a free report Credit Reports Credit Scores Understanding reports and scores Correcting errors Obtaining a free report What goes into your credit report...and who uses it? A A credit report is a summary of your financial

More information

The Truth About Credit Repair

The Truth About Credit Repair The Truth About Credit Repair Discover The Insider Secrets Of How The Credit System Really Works and How To Beat The Credit Bureaus At Their Own Game. David Shapiro Esq. Applied Credit Repair Solutions

More information

Credit Reporting and Repair for Domestic Violence Survivors

Credit Reporting and Repair for Domestic Violence Survivors Credit Reporting and Repair for Domestic Violence Survivors Chi Chi Wu April 27, 2010 Presented by The Consumer Rights for Domestic Violence Survivors Initiative, a partnership of the Center for Survivor

More information

Understanding Your FICO Score. Understanding FICO Scores

Understanding Your FICO Score. Understanding FICO Scores Understanding Your FICO Score Understanding FICO Scores 2013 Fair Isaac Corporation. All rights reserved. 1 August 2013 Table of Contents Introduction to Credit Scoring 1 What s in Your Credit Reports

More information

Credit Repair For Court Reporters. When Bad Dings Happen To Good People. By Julie Samford Realtime Ready. Julie Samford julie@realtimeready.

Credit Repair For Court Reporters. When Bad Dings Happen To Good People. By Julie Samford Realtime Ready. Julie Samford julie@realtimeready. Credit Repair For Court Reporters When Bad Dings Happen To Good People By Realtime Ready 1 $96,634.00 difference! That s $5,496.00 straight out of your pocket when you could have had 0% interest! (Info

More information

How to Score on Credit Score?

How to Score on Credit Score? How to Score on Credit Score? Quick tips and ideas to improve your credit rating Powered by Table of Content What You Need to Know About Credit Scores Topics covered under this section are: 5 Myths About

More information

PA HealthCare Credit Union. The Credit Clinic. The PA HealthCare Credit Union contributes to the financial success of our members.

PA HealthCare Credit Union. The Credit Clinic. The PA HealthCare Credit Union contributes to the financial success of our members. PA HealthCare Credit Union The Credit Clinic The PA HealthCare Credit Union contributes to the financial success of our members. 1 Copyright 2006 Agenda Welcome & Introduction Overview Product Rate Credit

More information

PRACTICAL MONEY GUIDES CREDIT HISTORY. Your credit history and how it affects your future

PRACTICAL MONEY GUIDES CREDIT HISTORY. Your credit history and how it affects your future PRACTICAL MONEY GUIDES CREDIT HISTORY Your credit history and how it affects your future YOUR CREDIT HISTORY THE RECORD OF HOW WELL YOU HANDLE CREDIT To get a glimpse of your financial future, many businesses

More information

Introduction. The History of Credit Scoring

Introduction. The History of Credit Scoring Your Credit Score 1 CONTENTS: Introduction...2 The History of Credit Scoring...2 Why Your Credit Score is So Important...2 The Five Factors of Credit Scoring...3 How Does a Low Credit Score Affect My Interest

More information

12 Your Credit Score Your Credit Score 1

12 Your Credit Score Your Credit Score 1 12 Your Credit Score Your Credit Score 1 Notes CONTENTS: Introduction...2 The History of Credit Scoring...2 Why Your Credit Score is So Important...2 The Five Factors of Credit Scoring...3 How Does a Low

More information

YOUR GOOD CREDIT The Importance of Your Credit Report and Your Credit Score Maintain Good Credit Combat Identity Theft FACT Act Rights

YOUR GOOD CREDIT The Importance of Your Credit Report and Your Credit Score Maintain Good Credit Combat Identity Theft FACT Act Rights YOUR GOOD CREDIT The Importance of Your Credit Report and Your Credit Score Maintain Good Credit Combat Identity Theft FACT Act Rights WHY YOU NEED TO KNOW ABOUT CREDIT REPORTS & CREDIT SCORES Having good

More information

Managing Debt: Steps in the Right Direction. Melanie C. Hardie, MA, CFP, AFC, LADC

Managing Debt: Steps in the Right Direction. Melanie C. Hardie, MA, CFP, AFC, LADC Managing Debt: Steps in the Right Direction Melanie C. Hardie, MA, CFP, AFC, LADC 1 Objectives Prepare you to address most debt related challenges common when engaging with pro-bono clients Go over the

More information

How to improve your FICO Score in perilous times By Blair Ball. National Distribution of FICO Scores

How to improve your FICO Score in perilous times By Blair Ball. National Distribution of FICO Scores How to improve your FICO Score in perilous times By Blair Ball When you re applying for credit whether it s a credit card, a car loan, a personal loan or a mortgage lenders want to know your credit risk

More information

Your Credit Report. P.O. Box 15128 Spokane Valley, WA 99215 800.852.5316 www.hzcu.org

Your Credit Report. P.O. Box 15128 Spokane Valley, WA 99215 800.852.5316 www.hzcu.org Your Credit Report P.O. Box 15128 Spokane Valley, WA 99215 800.852.5316 www.hzcu.org You may not think about them every day, but your credit report and the three little digits that make up your credit

More information

IMPROVE YOUR CREDIT SCORE. Effective Credit Management At Your Fingertips

IMPROVE YOUR CREDIT SCORE. Effective Credit Management At Your Fingertips IMPROVE YOUR CREDIT SCORE Effective Credit Management At Your Fingertips Introduction In this ebook, you will get valuable information including: What is a credit score The score breakdown Managing your

More information

CREDIT BASICS About your credit score

CREDIT BASICS About your credit score CREDIT BASICS About your credit score Your credit score influences the credit that s available to you and the terms (interest rate, etc.) that lenders offer you. It s a vital part of your credit health.

More information

Take control of your credit score

Take control of your credit score Take control of your credit score A guide to understanding and improving your credit. What is a credit score? Your credit score is a number between 300 and 850, assigned to you by a credit bureau, that

More information

CREDIT REPORTS & SCORES:

CREDIT REPORTS & SCORES: CREDIT REPORTS & SCORES: A Guide to Understanding and Improving Your Credit NYLAG Financial Counseling Division Workshop Financial Counseling Division New York Legal Assistance Group (212) 613-5000 NYLAG

More information

CREDIT REPORTING FOR A SMALL BUSINESS

CREDIT REPORTING FOR A SMALL BUSINESS CREDIT REPORTING FOR A SMALL BUSINESS Objectives Northern Initiatives is committed to entrepreneurs like you, because you are the people who are creating jobs and enabling the communities of our region

More information

Credit Scoring and Wealth

Credit Scoring and Wealth the Problem In most games, it is wise to understand the rules before you begin to play. What if you weren t aware that you were playing a game? What if you had not choice whether to play or not? Everyone

More information

Your Credit Report. Trade lines. The bulk of a credit report is dedicated to your history of handling credit. It includes:

Your Credit Report. Trade lines. The bulk of a credit report is dedicated to your history of handling credit. It includes: Your Credit Report The three major credit bureaus in the United States are Experian, TransUnion, and Equifax. These companies acquire data from banks, credit unions, mortgage lenders, and retail establishments.

More information

Credit Score Management Seminar. Manage, protect and improve your Credit Score!

Credit Score Management Seminar. Manage, protect and improve your Credit Score! Credit Score Management Seminar Manage, protect and improve your Credit Score! Overview What is a Credit Score How Lenders Use Your Credit Score How Your Credit Score Impacts You What Makes Up Your Credit

More information

Business Funding Evaluation YOUR BUSINESS NAME

Business Funding Evaluation YOUR BUSINESS NAME Business Funding Evaluation Prepared Exclusively For: YOUR BUSINESS NAME YOUR ADDRESS & CONTACT Prepared By: The Credit and Funding Pros Thank You For Allowing Us to Serve You! Business Funding Evaluation

More information

Your Credit Report What It Says about You

Your Credit Report What It Says about You Your Credit Report Your Credit Report What It Says about You Most people finance their homes with mortgages and pay for their cars with loans. Young people often obtain loans to pay for college. And, of

More information

Credit History CREDIT REPORTS CREDIT SCORES BUILDING A STRONG CREDIT REPORT

Credit History CREDIT REPORTS CREDIT SCORES BUILDING A STRONG CREDIT REPORT CREDIT What You Should Know About... Credit History CREDIT REPORTS CREDIT SCORES BUILDING A STRONG CREDIT REPORT YourMoneyCounts Understanding what your credit history is what s in it, what s not in it

More information

Credit Report Info Packet

Credit Report Info Packet Credit Report Info Packet Information in this Packet What Is a Credit Report?.....................3 What Is a Credit Score?..................... 4 Who Can See Your Credit Report?.............. 5 Ordering

More information

Fair Credit Reporting Act (as amended in 1996): Adverse Action Notices

Fair Credit Reporting Act (as amended in 1996): Adverse Action Notices NAA/NMHC Guidance: Using Consumer Credit Reports in the Rental Screening Process Adverse Action, Risk-Based Pricing and Credit Score Disclosure Obligations The Fair Credit Reporting Act (FCRA) was enacted

More information

Understanding Your Credit Report

Understanding Your Credit Report Understanding Your Credit Report What is credit? Credit is the use of someone else s money in exchange for a promise to pay it back on a given date. There are two major types of credit: Revolving and Installment.

More information

Credit Reports. published by AAA Fair Credit Foundation

Credit Reports. published by AAA Fair Credit Foundation Credit Reports published by AAA Fair Credit Foundation Credit Reports 1. What is a Credit Report?...2 2. What Your Credit Report Reveals About You...................................4 3. Getting a Copy

More information

A Credit Smart Start. Michael Trecek Sr. Risk Analyst Commerce Bank Retail Lending

A Credit Smart Start. Michael Trecek Sr. Risk Analyst Commerce Bank Retail Lending A Credit Smart Start Michael Trecek Sr. Risk Analyst Commerce Bank Retail Lending Agenda Credit Score vs. Credit Report Credit Score Components How Credit Scoring Helps You 10 Things that Hurt Your Credit

More information

Must Know: There is 11% 29% 21% 300-499 501-599 20% 19% (Cost $1..00) a year) compare. will help FICO. Vantage. Primary Search.

Must Know: There is 11% 29% 21% 300-499 501-599 20% 19% (Cost $1..00) a year) compare. will help FICO. Vantage. Primary Search. Must Know: There is more than one company reporting on your credit; you need to know most websites and rental companies use scores and most mortgage companies use FICO scores. The chart below will help

More information

David Nishan, CMPS Certified Mortgage Planning Specialist McLean Mortgage Corporation 620 Green Valley Dr., Suite 101 Greensboro, NC 27408 Direct:

David Nishan, CMPS Certified Mortgage Planning Specialist McLean Mortgage Corporation 620 Green Valley Dr., Suite 101 Greensboro, NC 27408 Direct: David Nishan, CMPS Certified Mortgage Planning Specialist McLean Mortgage Corporation 620 Green Valley Dr., Suite 101 Greensboro, NC 27408 Direct: (336) 215-5597 Fax: (866) 519-3860 E-Mail: dnishan@mcleanlending.com

More information

The materials presented during the webinar are for informational purposes only. They are not offered as and do not constitute an offer for a loan,

The materials presented during the webinar are for informational purposes only. They are not offered as and do not constitute an offer for a loan, The materials presented during the webinar are for informational purposes only. They are not offered as and do not constitute an offer for a loan, professional or legal advice or legal opinion and should

More information

Facts On Credit Bureaus

Facts On Credit Bureaus Facts On Credit Bureaus The following information relates to the understanding and use of a credit score. Listed are details regarding the determination of a credit score, how you can find out what your

More information

Improving Your Credit

Improving Your Credit Teacher Homebuyer Guide to: Improving Your Credit By John Godbey, Founder and Broker of Teacher Homebuyer Real Estate Introduction Thank you for signing up for our Ebook "Improving Your Credit." We find

More information

GL 04/09. How To Improve Your Credit Score

GL 04/09. How To Improve Your Credit Score GL 04/09 How To Improve Your Credit Score Table of Contents 1. What is Credit and What is Debt? 2. The 4 C S of Credit 3. Keeping Score With Your Credit 4. The FICO Score Breakdown 5. How to Rebuild Your

More information

Chapter 6. Credit Report Secrets Revealed

Chapter 6. Credit Report Secrets Revealed Chapter 6 Credit Report Secrets Revealed Your credit score now affects so many different areas of life, it is crucial to take your score seriously and take steps to improve it. Even if you have great credit,

More information

The nuts and bolts of consumer and business credit reporting

The nuts and bolts of consumer and business credit reporting The nuts and bolts of consumer and business credit reporting Making sure your personal credit report doesn t cause a credit breakdown for your small business 2014 Experian Information Solutions, Inc. All

More information

Understanding Your Credit Score

Understanding Your Credit Score Understanding Your Credit Score Contents An Introduction to Credit Scores...... 1 How Credit Scoring Helps You........ 2 Your Credit Report The Basis of Your Credit Score........ 4 How Scoring Works................

More information

UNDERSTANDING Your CREDIT REPORT & SCORES

UNDERSTANDING Your CREDIT REPORT & SCORES UNDERSTANDING Your CREDIT REPORT & SCORES www.credit.org Promoting Financial Literacy About Springboard Springboard is a non-profit organization founded in 1974. We offer personal financial education and

More information

The AFI Resource Center is pleased to provide this presentation about credit reports.

The AFI Resource Center is pleased to provide this presentation about credit reports. The AFI Resource Center is pleased to provide this presentation about credit reports. This is one of several presentations developed for AFI grantees on a variety of financial education topics, including

More information

Unlock Your Financial Future

Unlock Your Financial Future CREDIT SERVICES Unlock Your Financial Future planning, managing & results Success Credit Services We saved thousands of dollars on auto insurance, homeowners insurance, life insurance--whatever you name

More information

Introduction. Purpose. Student Introductions. Agenda and Ground Rules. Objectives

Introduction. Purpose. Student Introductions. Agenda and Ground Rules. Objectives Introduction Instructor and student introductions. Module overview. 1 2 Your name. Student Introductions Your expectations, questions, and concerns about credit. Purpose will: Show you how to read a credit

More information

A.MORTGAGE LENDER B. CREDIT CARD ISSUER C.HOME INSURER E. ELECTRIC COMPANY F. LANDLORD G.ALL OF THE ABOVE D.CELL PHONE COMPANY

A.MORTGAGE LENDER B. CREDIT CARD ISSUER C.HOME INSURER E. ELECTRIC COMPANY F. LANDLORD G.ALL OF THE ABOVE D.CELL PHONE COMPANY 1. WHICH OF THE FOLLOWING MIGHT USE CREDIT SCORES? A.MORTGAGE LENDER B. CREDIT CARD ISSUER C.HOME INSURER E. ELECTRIC COMPANY F. LANDLORD G.ALL OF THE ABOVE D.CELL PHONE COMPANY 1. WHICH OF THE FOLLOWING

More information

CreditAbility: Build a Strong Credit History. Brought to you by Duke University FCU

CreditAbility: Build a Strong Credit History. Brought to you by Duke University FCU : Build a Strong Credit History Brought to you by Duke University FCU Seminar Objectives Learn: Who needs to build good credit, and why Significance of credit report and score How to establish credit if

More information

Understanding How Insurers Use Credit Information

Understanding How Insurers Use Credit Information Understanding How Insurers Use Credit Information UNDERSTANDING HOW INSURERS USE CREDIT INFORMATION Many personal auto and homeowners insurance companies look at several factors, including consumer credit

More information

BalanceTrack. The World of Credit Reports

BalanceTrack. The World of Credit Reports BalanceTrack The World of Credit Reports Credit reports and credit scores influence our lives in many ways. Your history of credit management can affect the cost of the credit you receive, your ability

More information

Understanding Credit

Understanding Credit Understanding Credit Topics covered: Establishing Credit Credit Scores Repairing Credit Why is credit necessary? Applying for a loan Applying for a credit card Applying for a mortgage Renting an apartment/house

More information

REVIEW.The Credit Process

REVIEW.The Credit Process REVIEW.The Credit Process Credit when goods, services, and/or money are received in exchange for a promise to pay back a definite sum of money at a future date. Wants to acquire an item Does not have enough

More information

Credit Reports and Student Loans. Presented by: Chris Dlugozima Certified Consumer Credit Educator

Credit Reports and Student Loans. Presented by: Chris Dlugozima Certified Consumer Credit Educator Credit Reports and Student Loans Presented by: Chris Dlugozima Certified Consumer Credit Educator Who is GreenPath? Nonprofit financial counseling agency (HUD approved) Established in 1961 Seven offices

More information

Solving The Mystery of Credit Reports

Solving The Mystery of Credit Reports Solving The Mystery of Credit Reports 800.456.4828 www.tinkerfcu.org Credit reports and credit scores are increasingly important to our lives. They affect the cost of credit we receive, where we live,

More information