Credit Education/Restoration


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United Credit Education Services offers Credit Education and Credit Restoration.

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Credit Education/Restoration

  1. 1. Presented by Mark Bustamonte VR Tech Marketing Group 954-707-2932
  2. 2. Our Mission <ul><li>To revitalize the economy by educating the consumer about the devastating financial effect of bad credit and high interest rates.
  3. 3. Our service works with consumers to dispute any inaccuracies on their credit reports with the three major credit reporting agencies to help them obtain an error proof credit report.
  4. 4. High interest rates deny many people the ability to purchase things through credit.
  5. 5. Let us help you make good credit and financial independence a reality, not just a dream! </li></ul>
  6. 6. Company Overview <ul><li>Our state of the art processing center and experienced staff enables us to provide you with the most efficient credit education service in the industry!
  7. 7. Our corporate office is located in Farmington Hills, Michigan.
  8. 8. We are members of the Better Business Bureau with no complaints. </li></ul>
  9. 9. How Credit Affects You <ul><li>The interest rate you pay on credit cards and loans
  10. 10. Your ability to get a checking account
  11. 11. Rates on your auto insurance
  12. 12. Employment </li></ul>
  13. 13. The Three Major Credit Reporting Agencies <ul><li>Experian
  14. 14. Equifax
  15. 15. Transunion </li></ul>
  16. 16. What do the credit reporting agencies (CRA’s) do? <ul><li>Collect and maintain information about consumer’s credit history. This information is obtained from banks, credit card companies and various financial institutions.
  17. 17. The CRA’s sell this information to lenders and other creditors.
  18. 18. The CRA’s are not part of the government. </li></ul>
  19. 19. Are Credit Reports Accurate? <ul><li>Nearly 80% of all consumer credit reports have significant errors
  20. 20. 25% of which are serious enough to potentially result in a credit denial </li></ul>
  21. 21. How do these errors occur? <ul><li>Loans, payment data or credit card information is applied to the wrong account
  22. 22. When filling out credit applications with different names, i.e., Bill Smith versus William Smith
  23. 23. Your Social Security number was entered incorrectly on the application
  24. 24. A clerical error was made when the lender transferred the data from the application </li></ul>
  25. 25. Who regulates the credit reporting agencies? <ul><li>The Fair Credit Reporting Act (FCRA) is designed to promote the accuracy of the information in consumer credit reports
  26. 26. The Federal Trade Commission is the government agency responsible for enforcing the FCRA </li></ul>
  27. 27. What are Credit Scores? <ul><li>A method that uses statistical models to evaluate your credit worthiness
  28. 28. Reflective of a borrower's past payment history, outstanding credit balances, and available credit capacity at a given point in time
  29. 29. Creditors use these scores, known as FICO scores, when deciding whether or not to offer credit to consumers
  30. 30. FICO scores range from 300 to 850 points </li></ul>
  31. 31. Other Names for Credit Scores <ul><li>BEACON—Equifax
  32. 32. Fair Isaac—Experian
  33. 33. Empirica—TransUnion </li></ul>
  34. 34. Credit Score Interest Rate Monthly Payment 760-850 6.072% $604 660-699 6.578% $637 580-619 9.419% $835 Credit Score Interest Rate Monthly Payment 650 or higher - Indicates a very good credit profile. People falling into this range will usually be able to obtain credit quickly and at a good interest rate . 620 to 650 - The range which most credit scores fall. However, these consumers may find that potential creditors could require additional documentation for larger loans and the loan process may take longer as a result . 620 or less — May mean higher interest rates for borrowers. This does not mean that credit will be denied. The process will probably take longer and will be on less than ideal terms. The following table is based on a $100,000 30-year fixed mortgage from How Credit Scores are Used
  35. 35. What makes up your credit score? <ul><li>5 key components to your credit score </li></ul><ul><ul><li>Your buying and bill paying habits (35%)
  36. 36. Amount of credit you owe versus your available credit (30%)
  37. 37. The length of your credit history (15%)
  38. 38. Types of credit used/your credit mix (10%)
  39. 39. New credit that you are applying for (10%) </li></ul></ul>
  40. 40. What’s not in your credit score? <ul><li>Your race, color, religion, national origin, sex and marital status
  41. 41. Your age
  42. 42. Your salary, occupation, title, employer, date employed or employment history
  43. 43. Where you live
  44. 44. Any interest rate being charged on a particular credit card or other account
  45. 45. Any items reported as child/family support obligations or rental agreements
  46. 46. Certain types of inquiries (i.e., requests for your credit report)
  47. 47. Whether or not you are participating in a credit counseling of any kind </li></ul>
  48. 48. UltraScore ™
  49. 49. What is UltraScore ™? <ul><li>UltraScore ™ is an educational tool designed to help you understand and maximize your credit score by providing a detailed analysis of your credit report. </li></ul>
  50. 50. UltraScore ™ will enable you to: <ul><li>Understand your credit file
  51. 51. Understand how your credit score was calculated
  52. 52. Help you effectively manage your finances
  53. 53. Prepare and maintain a monthly budget
  54. 54. Develop an action plan to reduce debt
  55. 55. And much, much more! </li></ul>
  56. 56. What you get with UltraScore ™ <ul><li>Retail price of $149 for one year of unlimited access to the UltraScore ™ Web site, which includes: </li></ul><ul><ul><li>Credit Education Center
  57. 57. Forms and budget sheets
  58. 58. Budgeting calculators
  59. 59. Debt recovery information </li></ul></ul><ul><li>Total cost of $12.42 per month! </li></ul>
  60. 60. Establishing Good Credit
  61. 61. 5 ways to establish credit <ul><li>Apply for a gasoline or department store charge. These are usually easier to obtain than other credit cards.
  62. 62. Apply for a secured credit card. You will be required to deposit a specified amount, usually $300 to $500 dollars into an account in their bank, and you will be issued a major credit card in the amount of the deposit. </li></ul>
  63. 63. 5 ways to establish credit (continued) <ul><li>Take out a small loan from your credit union or bank. Deposit the money into your savings account and pay the loan back monthly.
  64. 64. If you currently have credit, ask your creditors to increase your credit limit. This will improve your credit utilization ratio thereby improving your credit score.
  65. 65. If you do not have a checking and savings account, apply for both. Having these accounts establishes you as part of the financial community and allows you to manage your money. </li></ul>
  66. 66. Our service We help eliminate any inaccurate, erroneous and obsolete information reporting in your credit file
  67. 67. Service Features <ul><li>Five challenge cycles, initial credit reports and credit scores
  68. 68. Receive regular updates on the progress of your file, reflecting any deletions, additions or alterations
  69. 69. Our active customer support is available to service your needs and answer your questions M-F, 9AM-5PM, EST.
  70. 70. Access to your progress report online 24/7, 365 days per year </li></ul>
  71. 71. Step 1: Enrollment <ul><li>The online or paper enrollment agreement, payment, Social Security and address verification are received by the processing center. </li></ul>
  72. 72. Acceptable Address Verification: <ul><li>Copy of drivers license or state ID with current address
  73. 73. Copy of a utility or other bill in customer’s name with current address
  74. 74. The address must match the one on the customer enrollment form </li></ul>
  75. 75. Acceptable forms of Social Security verification: <ul><li>Copy of Social Security card
  76. 76. Copy of a health insurance card showing the SSN
  77. 77. Copy of W2 tax form
  78. 78. Copy of paycheck stub showing all 9 digits of the SSN </li></ul>
  79. 79. The Initial Packet contains: <ul><li>Instructions to access their progress report
  80. 80. Complete explanation of the dispute process
  81. 81. A dispute letter to be reviewed by the customer </li></ul>
  82. 82. Step 2: The Dispute Letters <ul><li>The processing center will create and send you customized dispute letters based on the erroneous entries from your credit report.
  83. 83. The processing center will provide the customer with the necessary contact information for any questions. </li></ul>
  84. 84. Step 3: The Dispute Process <ul><li>The customer should review their dispute letters and make any changes, if necessary, and return to the processing center.
  85. 85. If no changes are required, the customer will sign each set of dispute letters and forward to TransUnion, Equifax and Experian. </li></ul>
  86. 86. Step 4: Credit Bureau’s Response <ul><li>The customer will receive correspondence from the credit reporting agencies within 45 days from the time they mailed their dispute letters.
  87. 87. It is imperative that all correspondence is forwarded to the processing center immediately. </li></ul>
  88. 88. Step 5: Another Round of Dispute Letters <ul><li>Every 60 days the customer’s file will be reviewed and updated by the processing center.
  89. 89. New dispute letters are then prepared and mailed to the customer.
  90. 90. This process will continue until the customer’s service expires. </li></ul>
  91. 91. Customer Progress <ul><li>The customer will receive regular updates on the progress of their file, reflecting any deletions, additions or alterations
  92. 92. Our interactive customer support is available to answer questions, call 248-848-9065, option #1.
  93. 93. The customer has access to their progress report online 24/7, 365 per year. </li></ul>
  94. 94. UCES Online <ul><li>Customer Web site to view account and dispute letter status
  95. 95. </li></ul><ul><ul><li>Login: Customer’s Social Security Number
  96. 96. Password: The last 4 digits of the customer’s SSN </li></ul></ul>
  97. 99. The Progress Report tab will show the customer’s accounts and their current status
  98. 100. The Processing Report tab will show the customer’s accounts and their current dispute printing status
  99. 101. Get the good credit you deserve! Restore your credit and change your life forever! For more information Mark Bustamonte Sales Director 954-707-2932