Credit Repair & Restoration. Process & Procedures

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1 Credit Repair & Restoration Process & Procedures

2 Have you ever been turned down for a loan or an apartment lease and wondered why? It could be due to your credit history. Let s face it our credit says a lot about who we are and how we handle our personal business. It is our financial report card, and can affect many aspects of our lives as well as hinder the lives of our loved ones. When you apply for credit (such as a loan or a credit card), the lender has to decide if you are a good candidate for receiving their goods and services. The lender s decision is based heavily on your credit history. They have to assess the level of risk involved if they are to extend credit to you. If your credit report displays a poor repayment history, it is less likely that you will not be approved for the loan or a line of credit. What is a Credit Report? When you apply for credit, the lender reviews your credit report before approving your application. The three major credit reporting agencies are Equifax, Experian, and TransUnion. These agencies, which are also called "bureaus," collect and report information about consumers' financial habits and put the information into a credit report along with a rating, referred to as your FICO Score. Each agency's report contains the same basic information: name; Social Security number; current and previous addresses; current and previous employers; details about how you have your opened and closed accounts/ loans; public-record information, such as bankruptcies, court judgments, or liens; and a list of companies that have reviewed the credit report.

3 How Businesses Asses Your Credit A Few Important Tips To Know: A Credit Report is a summary of one s past credit history, public records and their potential estimated credit worthiness. Everything begins with an individual s Credit Report. The reason individuals seek out these services is to repair Credit Report problems which are typically items on their reports identified as being inaccurate, misleading and unverifiable. Experian, TransUnion, and Equifax are the three main national Credit Reporting Agencies that maintain these records and data. Each of these Credit Bureaus work independently from each other to gather information from Lenders and Creditors and other businesses with the intention to maintain accurate and up to date consumer credit profiles.

4 This information is then requested by other Creditors, Lenders, Insurers, Employers and Landlords to be used in evaluating an individual s financial responsibility. After you ve obtained a copy of your credit reports, you must review them carefully to identify any items that are negatively impacting your credit score. These could be negative inaccuracies related to: Bankruptcy Filing Records Items Included in Bankruptcy Charge-offs (Paid and Un-paid) Collections (Paid and Un-paid) Late Payments Negative Duplicate Accounts Negative Closed Accounts Inquiries Wage Earner Plan Foreclosures Judgments (Civil or Small Claims) Repossessions (Legal or Voluntary) Tax Liens (State or Federal) Inaccurate Accounts, unauthorized inquiries, incorrect public records, incorrect late payments and other errors. The law states that if the credit bureaus are unable to validate the accuracy and completeness of an item, then they are required to remove them from your credit report. Charge Off: When there has been no payment on a debt after one hundred and eighty (180) days, a creditor will typically charge off a debt, or have it written off as a loss for tax purposes. Credit Disputes are extremely effective in fixing credit, but they must be processed correctly to avoid the complex credit bureau computer e-oscar. Getting the dispute into a human s hands is essential to have any reasonable chance of having the item completely and legally deleted permanently. *Inquiry Tip* --Too many credit inquiries can injury your credit score and therefore, your credit score will suffer due to the numerous inquiries. One reason for reviewing one s scores is to identify if you will qualify without businesses pulling your credit. To curb multiple inquiries, before you apply for credit, ask for their minimum credit score, minimum income requirement, and finally their interest rate/ payment schedule. Too many times people apply for credit without knowing the minimum requirements and specifics of the account for which they are applying. If additional credit is what you are looking for, you can call your existing credit card company and ask for a credit line increase based on your excellent payment history with them. You want to make it clear that you do not want your credit pulled.

5 Start Improving Your Credit Worthiness Today! Credit improvement is a 4 to 10 month process!

6 Gain A Our Game Plan... To WIN!!! M ore pproval with E effort 1. GET A CREDIT CARD IF YOU DON T HAVE ONE. Don't fall for the myth that you have to carry a balance to have good scores. You don't, and you shouldn't. But having and using a credit card or two can really build your scores. If you can't qualify for a regular credit card, consider a secured credit card, where the issuing bank gives you a credit line equal to the deposit you make. Look for a card that reports to all three credit bureaus. 2. PAY DOWN YOUR CREDIT CARDS. Paying off your installment loans (mortgage, auto, student, etc.) can help your scores but typically not as dramatically as paying down -- or paying off -- revolving accounts such as credit cards. Lenders like to see a big gap between the amount of credit you're using and your available credit limits. Getting your balances below 30% of the credit limit on each card can really help; getting balances below 10% is even better. Though most debt gurus recommend paying off the highest-rate card first, a better strategy here is to pay down the cards that are closest to their limits. 3. BE SMART ABOUT SPENDING. Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month. What's typically reported to the credit bureaus, and thus calculated into your scores, are the balances reported on your last statements. You often can increase your scores by limiting your charges to 30% or less of a card's limit; 10% is even better. If you're having trouble keeping track, you can set up or text alerts with your credit card companies to let you know when you're approaching a limit you've set. If you regularly use more than half your limit on a card, consider using other cards to ease the load or try making a payment before the statement closing date to reduce the balance that's reported to the bureaus. Just be sure to make a second payment between the closing date and the due date, so you don't get reported as late.

7 How to Get a Credit Card Open Positive Accounts-Secured Cards You want to have an average of 3 or more open accounts with a 12 month or longer history. A new account less than that will not be sufficient to show the lender you have been responsibly enough to pay your bills on time each month. Also, keep in mind you can have a combination of revolving and installment accounts. Those of you starting with low limits like $200 and $300 every 6 months remember to call your credit card company to request a credit limit increase. Over time you will see your credit scores increase drastically because of your high credit limits. No matter the limits just be responsible and pay your bills on time. VALUED SECURE CREDIT CARDS

8 Your Duties For Me! I will need a copy of your Credit Report. It is important that we receive a report dated within the last two months with information from all THREE credit reporting agencies, Equifax, Experian and TransUnion. Sometimes this is called a tri-merge or a three-in-one report. If you are currently working with a mortgage broker they should be able to provide one for you. If not, you must obtain one and forward it to us, some suggestions for obtaining one on your own are: MUST PROVIDE: Copy of Drivers's License Copy of a Utility Bill Copy of Social Security Card The Fair Credit Act entitles consumers to ONE free credit report each year from each of the credit reporting agencies. The report is free but if you want to know your credit score there is an additional charge. Many clients find it an easier and quicker process to use a paid service and save their free report for another time. At the close of this message is information on how to obtain your reports. **I want you to be aware that throughout this process, the credit bureaus may try to stall, delay and play games in response to our disputing efforts. We expect this behavior from them, but we don't tolerate it. Keep in mind that the credit bureaus will only correspond directly with you, not your credit repair firm. They sometimes send letters stating that they won't investigate because the dispute was submitted by a 3rd party. They have NO way of knowing that you have hired us. It's simply a lazy excuse that they are sending to some of our clients and thousands of consumers nationwide who are disputing on their own. If you ever receive such a letter, don't be concerned. It is simply a stall and bullying tactic meant to intimidate consumers, so please do not be concerned. We know the credit laws thoroughly and will fight tirelessly on your behalf.

9 In particular, TransUnion has been relentlessly sending out a form stall letter which states that they won't investigate because the dispute was submitted by a 3rd party. TransUnion has NO WAY of knowing that you have hired us. It's simply a lazy excuse that they are sending to some of our clients and thousands of consumers nationwide who are disputing on their own. If you ever receive such a letter, don't be concerned. Simply send it to me and we will follow up with TransUnion to make them accountable. An unpaid bill will most likely get you a Technical Foul by way of a COLLECTION ACCOUNT ON YOUR CREDIT REPORT. Imagine what that looks like to a potential employer or to a lender that you have applied for a line of credit for your business. FOR YOUR INFORMATION The initial process takes about (45 days) before you receive any documentation or dispute results from the Credit Bureaus. Keep Old Positive Accounts Open. Length of credit history is another important credit score factor, so it can be to your advantage to keep open older accounts that are in good standing. While it is important to keep the total number of open accounts manageable, it may be more hurtful to your score to close an old account than to keep it open even though it increases the number of open accounts. All information regarding your credit report is forwarded to my office. You begin the cycle by forwarding to us copies of your credit reports from all three of the major credit bureaus. Keep in mind that the credit bureaus/collection agencies will only correspond directly with you, not our company. Without receiving these updated reports we have no way of knowing which items were removed successfully. Updated reports should be mailed to our office, faxed or ed.

10 Sign up with a Credit Monitoring Company and provide me an updated copy once a month to review your progress and scores. If you have credit scores below where you truly want to be and you are looking to increase them during this process it's in your best interest to immediately signup for credit monitoring before working on your credit. This way you are not pulling a report each month and walking in the dark guessing where your scores may or may not be. Recommended report.com---(free every 12 months) Most of us realize that our credit report is reviewed when we apply for a credit card, mortgage, or car loan. However, it is often forgotten that your credit report may also be reviewed when you apply for auto or homeowner's insurance, utility services, or a cell phone. Landlords often use credit reports to decide among rental applicants. A potential employer may even assess an applicant's credit report before extending a job offer. Your personal credit score is often used when a creditor is deciding whether or not to extend your business credit. Many of these same creditors will also report to the credit bureaus if you do not pay your bill. Beware of what we at Credit Coach call Technical fouls. If you decide to change your cell phone company, change your insurance company, or move to a new apartment, make sure you pay your final bill in full.

11 REMINDER!! PAYMENT HISTORY IS THE MOST IMPORTANT ELEMENT OF YOUR CREDIT HISTORY Your payment history is the most important element in a credit report. Late payments will affect your credit score based on the frequency and the recentness of the late payment. Typically companies will report that your account was late if your payment is received over 30 days past the due date. A Single late payment on an account can reduce your credit score from as little as 5 to well over 100 points. If you frequently have late payments your credit score will have been affected the greatest by the first late payment. Subsequent late payments would have less effect on your credit than the initial late payments. The first late payment for someone with exceptional credit could reduce their credit score by up to 100 points in the first month. The longer the period of time passes since the late payment; the less it will affect your credit score. DEBT TO CREDIT RATIOS WILL SIGNIFICANTLY IMPACT YOUR CREDIT SCORE The amount that you owe on credit cards and other revolving accounts have the second greatest impact on your credit report. The ratio of what you owe on a single account versus your total available credit can drastically affect your score. In addition to the single accounts the amount that you owe overall versus your entire available credit is also considered in the calculation of your score. The ideal situation is to not owe anything on your credit cards however if you do have debt it is better to have it spread across several accounts than to have too much on a single account. The maximum ratio that you can have before it starts to affect your score is 30%. To calculate the ratio, divide the amount that you owe by the available credit.

12 REMINDER!! DO NOT CLOSE OLD ACCOUNTS The length of time since accounts have been established plays another crucial role in the calculation of your credit score. Accounts that have been established for several years should NEVER be closed. The media and bankers previously advised clients to close accounts if they are not in use. As I stated in section 3 the amount that you owe versus the total credit available Ratio plays a significant role in your credit. If you have accounts that are open and have zero balance, it will reduce the total ratio of available credit. Showing consistency in keeping accounts for many years will consistently increase your credit score. YOU NEED TO HAVE SEVERAL ACCOUNTS TO GET A CREDIT SCORE The number of accounts that you currently have open will also affect your score. The Credit reporting agencies must have enough data to create a score for you. If you only have one account the CRA will not have enough information to create a score. It could take several years to establish a strong credit profile however; in a single month you can ruin what took years to create. If you want to have the ideal credit score; a mix of several types of accounts will be necessary to establish. Three or more credit cards, a car loan, an installment loan, a department store card and a mortgage is a good combination. Again, keeping the balances low or zero will optimize the score.

13 FACEBOOK TESTIMONIALS #Money - if you start fixing your credit today...after 2 years when the economy comes back...you will be a better position to purchase/refinance a home/car...even better odds getting that promotion or new job. Holla at the coolest "Credit Chick" on FACEBOOK...Valerie Resume-Credit Specialist Wells #affordable and #shegetsresults... I would like to give a big shout out to Valerie Resume-Credit Specialist Wells, thanks chic for the great work you have done with my credit! Listen ppl this is for real start getting you credit improved now! It's an amazing sense of confidence when your credit is right; knowing that you don't have to worry about being denied for anything! Valerie, I have been sharing with several people what you have been doing for me in the quest of my financial freedom. Your experience and wisdom > has transformed my credit. I went from a middle score of around 540 to a middle score of over 740 within 7 months. Your program is "THE TRUTH!!!!!" Within the past few days, I have open up an account with a major card companies for $3,000 credit limit and now I just got an approval from Conn's for $9,000 credit limit. To all of those who FOLLOW your Step-by-Step your process works. The keys are to be patient and to be disciplined. And then most of all learn from your mistakes. Don't do the same things you did, to get into the same situation. In the coming year, at my church, I want to see if we can bring you in to share your program. I know we are not finished yet but I had to share the positives. God Bless you!

14 Welcome to CreditDiva: Credit Repair Services Client Responsibility Agreement for your services with CreditDiva. Please initial the blue boxes and sign on the refund policy page and the checklist page to indicate that you agree that: If indicated, you are responsible for applying for your 3-4 secured card/cards to rebuild your credit within 45 days after signing up for the program. Secured cards include Conns, Capital One, Credit One Bank, First Premier, First Progress, Fingerhut and Merrick Bank; You are responsible for paying down the balances on your positive open revolving trade lines to aid in increasing their credit scores keeping them under 30% credit utilization; You must sign up with a Credit Monitoring Company to be alerted of any changes to your credit scores and accounts during this process within 45 of signing up for the program. You must receive alerts and score monitoring at minimum of every 30 days. You must send me your updated reports and scores monthly; You must fax/ /mail/drop off any and all letters that are received in the mail from the Credit Bureaus and the Collection once received for proper handling; You must not apply for or acquire any OTHER ADDITIONAL INQUIRES DURING THIS PROCESS EXCEPT FOR YOUR SECURED CARD/CARDS; You must notify me promptly if a new negative item has been added to your credit report so that I can begin to work on it

15 Welcome to CreditDiva: Credit Repair Services Client Responsibility Agreement for your services withcreditdiva. SERVICE AND REFUND POLICY: "Immediately after your sign up, Resumes by Valerie begins the process of sending letters and doing work to repair your credit. It is your obligation to adhere to the responsibilities assigned to you that initialed on the previous on the page. Effective March 1, If you have been inactive for 90 days or more you will need to pay a fee of $125 to be reinstated to the program. If you continue to neglect this agreement; Resumes by Valerie will cease to work on your behalf and you will forfeit your service fee. No portion will be refunded to you. Client Signature Date

16 IMPORTANT YOU MUST INCLUDE THE FOLLOWING LEGIBLE COPIES WITH YOUR CREDIT REPORT: Copy of Driver s License Social Security Card (or Number) Current Utility Bill, where letters aregoing to be mailed Credit Restoration Prices: $ per person or $ for couples $ restoration fee for previous clients As always, if you have any questions or concerns, do not hesitate to contact us. Sincerely, Resumes by Valerie Office: Efax: Client Signature Date

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