Credit reporting 101
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Credit reporting 101

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This presentation is on Credit Reporting 101: ...

This presentation is on Credit Reporting 101:
What is a credit report and what is in it?
What is a credit score and how can I improve it?
Where can I get a credit credit report?
Do errors happen?

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Credit reporting 101 Credit reporting 101 Presentation Transcript

  • Presenter: ROCHELLE N. BELNAP, Attorney at Law November 2013
  • WHAT IS BELNAP & FORBES, PLLC? We are a consumer advocacy law firm in Tempe, AZ. We practice in consumer debt & credit issues like: • Debt Settlement • Targeted Credit Repair, Restoration & Enhancement • Credit Counseling • FCRA & FDCPA Litigation We are attorneys but we want: • To change the way you think about attorneys; • To make complicated things, simple; • To be efficient and cost-effective. Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHAT YOU SHOULD KNOW ABOUT BELNAP & FORBES Who are we? Rochelle Belnap & Chris Forbes What we do? We both practice in consumer debt and credit issues Where did we meet? We met in law school and have been best friends ever since. When did we start our practice? In February 2012 Why and How did we get into this area of law? The $50,000 Mistake Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • TODAY’S TOPICS • • What information is on a credit report? • Where does a credit report come from ? • Where can I get a credit report (for free)? • What is the big deal with Credit Scores? • The High Cost of Bad Credit • What Matters to Your Credit Score? • Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com What is a consumer credit report? Where is the law in Credit Reporting? WWW.BELNAPFORBES.COM
  • WHAT IS A CONSUMER CREDIT REPORT? Different types of credit reports that serve different purposes: • Business transactions like loans, credit cards; or • Personal transactions like check cashing, opening a bank account, and renting or leasing real estate. What is a credit report? A compilation of financial and personal information about an individual provided to an entity for the purpose of evaluating the individual’s risk of default aka “credit worthiness” Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHAT INFORMATION IS ON A CREDIT REPORT? Personal Information • Name(s) • Addresses • Date of Birth • Social Security Number • Place of Employment • Income Make sure this is correct to protect you against Identity Theft & Mixed File Issues! Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHAT INFORMATION IS ON A CREDIT REPORT? Current & Past Financial Liability aka Trade Lines, Accounts, etc. • Credit Cards • Mortgages • Car loans • Student Loans • Lines of Credit What is usually not reported • Collection accounts • Leases for real estate • Utilities • Debit cards • Phone Bills Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHAT INFORMATION IS ON A CREDIT REPORT? Public Records • Judgments • Bankruptcy Filings • Tax Liens It is important to make sure this information is yours, and that you resolve the underlying financial liability. Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHAT INFORMATION IS ON A CREDIT REPORT? Credit Inquires Soft Pulls = Don’t hurt your credit • When you pull your credit • Account Reviews • Promotional Inquiries Hard Pulls = Can hurt your credit • When you apply for credit How long? 2 years How much? It depends The shopping rule Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHAT INFORMATION IS ON A CREDIT REPORT? Credit Scores! More on that later! Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHERE DOES A CREDIT REPORT COME FROM? Credit Vendors Get information from the Credit bureaus and sell credit reports • Equifax, Experian, Transunion • Others like CBC Innovis Data Furnishers aka Subscribers Report information about you to the Credit Bureaus • Creditors • Debt Collectors • other Data Basis (like Lexis Nexis for Public Records) Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com Credit Bureaus Compile data about you from Data Furnishers • Equifax • Experian • Transunion WWW.BELNAPFORBES.COM
  • WHERE CAN I GET A CREDIT REPORT? Many companies will sell you a credit report but… • Watch out for monthly credit monitoring fees • When companies advertise as “free” The Law People are entitled to a FREE copy of their credit report, annually, from all 3 credit bureaus through www.annualcreditreport.com Probably not FICO scores. Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • CREDIT SCORES: FICO V. FAKO How low and how high can my credit score be? It depends on the type of score and who you are getting it from. FAKO Scores FICO Scores Transunion 501 to 990 300 to 850 Equifax 280 to 850 680+ Good Experian 395 to 858 750+ Awesome Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com Source: http://www.myfico.com/credit education/whatsinyourscore.a spx WWW.BELNAPFORBES.COM
  • WHY DO CREDIT SCORES MATTER? The High Cost of Bad Credit • Higher Security Deposits • Higher Interest Rates • Higher Down Payments • Denied Financing • May fail Security Checks • Denied a job or a promotion or even fired Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHAT MATTERS TO YOUR CREDIT SCORE? No credit can be bad credit! What hurts your credit? Types of Credit • Closing accounts • Revolving (Credit Cards) • Inactive accounts • Installment (Loans) • Maxing out accounts • Mortgages • Collection Account Payment History • Public Records • Pretty much everything, lol. • Pay your bills on time! Length of Payment History Matters • Keep your oldest accounts Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • WHY IS A LAW FIRM TALKING ABOUT CREDIT? The Law is EVERYWHERE!!! We help people when they have bad credit, need to improve their credit, or they have errors on their credit report. Why? • Every account on your credit report is governed by multiple bodies of state and federal law! Examples: Credit Cards, Cars, Mortgages, Vehicle Repossessions • Errors Happen: 40 Million Mistakes + The $50k mistake • Errors are hard to fix: 60 Minutes • People don’t know enough about credit reporting so we want to educate. Belnap & Forbes, PLLC 700 E. Baseline Rd. Ste. C-3 Tempe, AZ 85283 (480) 907-6088 attorney@belnapforbes.com WWW.BELNAPFORBES.COM
  • Special Offer: Have credit reporting problems? Want help? Free Consult + 10% off our legal services if you complete your consultation by November 22, 2013. Schedule Now. Presenter: ROCHELLE N. BELNAP, Attorney at Law Happy Hour & Workshop! Bring you credit report! November 2013 RSVP We are on www.Facebook.com/belnapforbespllc www.BelnapForbes.com Plus Stay Calm & Read My Blog here Coming Soon: Introducing our DIY Credit Repair Kit to give you the best shot without hiring us. On sale November 18, 2013.