Getting the Good Credit you Deserve - and Need  ! BadCreditChannel.com
Credit Reports <ul><li>Historical information about how a consumer pays their creditors. </li></ul><ul><li>Credit reports ...
What Information is in your Credit Report? <ul><ul><li>Demographic / Identifying Information: </li></ul></ul><ul><ul><ul><...
Credit Report Bureaus <ul><li>In the United States, there are 3 nationwide credit bureaus that collect and provide consume...
How Are Credit Reports Used? <ul><ul><li>Loan Underwriting </li></ul></ul><ul><ul><ul><li>Accessing credit risk </li></ul>...
Credit Scores <ul><ul><li>A numeric calculation that predicts the likelihood of future delinquency. </li></ul></ul><ul><ul...
How Can Individuals with No Credit Create a New Credit File? <ul><ul><li>Apply for Credit: </li></ul></ul><ul><ul><ul><li>...
Steps for Re-establishing Credit <ul><li>Order a copy of your credit report </li></ul><ul><li>Pay past due bills </li></ul...
Consumer Relations <ul><li>Ordering your Credit Report: </li></ul><ul><ul><ul><ul><li>Internet </li></ul></ul></ul></ul><u...
Fraud: How Do I Protect Myself <ul><li>Protect Your Personal Information </li></ul><ul><ul><ul><ul><li>Social Security Num...
Impacts of Bad Credit <ul><ul><li>Frequent Loan Denials </li></ul></ul><ul><ul><li>High Interest Rates </li></ul></ul><ul>...
This presentation is brought to you by  BadCreditChannel.com Your Go-To Information Source for Individuals Living with Bad...
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Getting The Credit You Deserve

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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

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

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