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Getting The Credit You Deserve

Getting The Credit You Deserve



All about credit report, what they are, how they are used and how to get good credit

All about credit report, what they are, how they are used and how to get good credit



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    Getting The Credit You Deserve Getting The Credit You Deserve Presentation Transcript

    • Getting the Good Credit you Deserve - and Need ! BadCreditChannel.com
    • Credit Reports
      • Historical information about how a consumer pays their creditors.
      • Credit reports are maintained on the individual level.
      • An extremely value asset!
    • What Information is in your Credit Report?
        • Demographic / Identifying Information:
          • Name, Address, Social Security Number, Date of Birth, Phone Number, Employers, etc.
        • Loan Information:
          • Amounts, balances, dates opened
          • Payment history (Current & Past Due)
        • Public Records:
          • Bankruptcies, judgments, tax Liens
        • Collections:
          • Accounts turned over to collection agencies
        • Inquiries:
          • Who pulled your credit
        • Consumer Statements:
          • Explanation of situations provided by you (The consumer). Limited to 100 words or less
          • Fraud Notifications (Statements regarding cases of identity theft, etc)
    • Credit Report Bureaus
      • In the United States, there are 3 nationwide credit bureaus that collect and provide consumer credit reports:
      • Equifax – www.equifax.com
      • Experian – www.experian.com
      • TransUnion - www.transunion.com
    • How Are Credit Reports Used?
        • Loan Underwriting
          • Accessing credit risk
          • Previous payment history
          • Ability to pay
        • To determine loan Interest Rates
        • For ID Verification
          • USA Patriot Act
          • For Employment Screening
    • Credit Scores
        • A numeric calculation that predicts the likelihood of future delinquency.
        • Higher scores = Better credit / Lower risk
          • Ranges from 350 – 850
        • Factors that influence the score:
          • Payment history
          • Level of indebtness
          • Age of the account
          • Type of debt ( Revolving credit cards)
    • How Can Individuals with No Credit Create a New Credit File?
        • Apply for Credit:
          • Department Store credit cards
          • Furniture store credit
          • Gas cards
          • AccountNow Secured Mastercard
          • First Time Buyer programs – Volkswagen Credit
          • Cell Phone
          • Add accounts to your credit file
          • Co-signor:
          • Automobile loan
    • Steps for Re-establishing Credit
      • Order a copy of your credit report
      • Pay past due bills
      • Secured credit cards
      • Finance Companies
      • Co-signors
      • Refinance high interest loans in the future
    • Consumer Relations
      • Ordering your Credit Report:
            • Internet
            • Toll- free number
            • Mail
      • Getting you report for free:
            • Everyone is entitled to a free credit report per year
            • If denied credit within last 60 days
      • Disputing Information on my Credit Report:
            • 30 day process
    • Fraud: How Do I Protect Myself
      • Protect Your Personal Information
            • Social Security Number
            • Credit Card Numbers
            • Checking Account Numbers
            • Online banking passwords / login information
      • Fraud Victims Assistance
            • Helps manage issues impacting your credit
            • Places a Consumer Statement
    • Impacts of Bad Credit
        • Frequent Loan Denials
        • High Interest Rates
        • Higher Car Insurance Premiums
        • Utility & Cell Phone
        • Tenant Screening for Apartments
        • Employment Credit Reports
        • Read more here >> Living with Bad Credit
    • This presentation is brought to you by BadCreditChannel.com Your Go-To Information Source for Individuals Living with Bad Credit