Seminar fico and credit scores presentation new for posting
Credit Repair – FICO Seminar Sponsored by:UCAN2 Opportunity, Inc.
PARADIGMA set of assumptions, concepts, values, andpractices that constitutes a way of viewingreality for the community that shares them. Abelief System. “Knowledge is Power”
CREDIT CONTROLS OUR LIVES• Limits or expands our financialstability• Increases or decreases our quality oflife• Opens or closes doors to employmentopportunities and promotions• Affects our income by way of interestrates• Limits or expands our purchasing
CREDIT FACTS• Credit Cards-Debt is a 2-Trillion Dollar Industry• Americans are the biggest spenders• Approx 83% of Divorces are due to Financial Problems• Bankruptcy Relief is now more difficult to file due to the new “Means Test” (as of October 2005)• January 2006 - Min. Monthly Payments for credit cards increased from 2% to 4% causing already strapped consumers financial hardship• All of your Creditors can increase your interest rates if you are ever late on any of your other accounts
FICO Fair Isaac Company Provides risk assessment software to the 3 Credit Reporting Agencies (CRAs) Experian (formerly TRW), Trans Union & Equifax Vantage Score New Scoring Model developed by the Big 3To compete against FICO - Range from 501 -900
FICO Score Basics• Scores are damaged by the most recently reportedderogatory information• Derogatory information reported prior to 2 yearsdoes not highly impact score• FICO has 88 Negative Rating Factors and only 6Positive Rating Factors• FICO measures whether a person is movingtowards or away from Bankruptcy• There are only 5 basic scoring factors that you cancontrol (we’ll return to this page in a moment)
Consumer’s Right To AccuracyThe Fair Credit Reporting Act:In 1971, Congress passed the Fair Credit Reporting Act(FCRA). The FCRA was passed with the intention to regulatethe credit-reporting agencies (CRA). The Act spelled out allthe rules and regulations that the credit-reporting agencieshave to follow before they put anything on someone’s creditreport. For the past three decades, those agencies haveignored most of the law. Information about “you” has to beaccurate and verified before it is entered on your creditreports. If “reasonable procedures” have not been correctlyfollowed, then any verified inaccuracies must be removedfrom your credit reports as defined in the FCRA. The threecredit reporting agencies are Experian (formerly TRW),Equifax and Trans Union . There are other reportingagencies also that purchase their information from the Big-3,so if you can repair your credit with the Big-3, you basicallyrepair it with everyone.
What is the definition of “inaccurate, erroneous, or obsolete information?”• Inaccurate information is any information that cannot be verified by the CRA and/or the creditor.• Erroneous information is any information that has been entered onto a consumer’s credit reports due to human error (data entry error), Social Security Number mismatch error, mixed file error, similar names error, “reasonable procedures” were not followed when the information was entered on the credit report, or any such related error. This happens more often than you think!• Obsolete information is any information that is beyond the industry standard of seven years; or ten years for bankruptcy.
FICO Score Basics• Scores are damaged by the most recently reportedderogatory information• Derogatory information reported prior to 2 yearsdoes not highly impact score• FICO has 88 Negative Rating Factors and only 6Positive Rating Factors• FICO measures whether a person is movingtowards or away from Bankruptcy• There are only 5 basic scoring factors that you cancontrol
FICO scoring factors you can control• 35% Payment History
FICO scoring factors you can control• 35% Payment History• 30% Amounts Owed
FICO scoring factors you can control• 35% Payment History• 30% Amounts Owed• 15% Length of Credit History
FICO scoring factors you can control• 35% Payment History• 30% Amounts Owed• 15% Length of Credit History• 10% New Credit
FICO scoring factors you can control• 35% Payment History• 30% Amounts Owed• 15% Length of Credit History• 10% New Credit• 10% Types and Numbers of Credit Cards to Use!
FICO Advantages• Consumers obtain loans faster• Credit decisions are fairer• Older credit problems count for less - Great for Bankruptcies• More available credit• Credit rates are lower over all• With an understanding of the system, a person can improve his or her credit rating from D to A credit
How do “Inquiries” count?• HARD INQUIRIES Only “permissible use” credit inquiries count against you, including credit card offers you’ve applied for.• SOFT INQUIRIES Credit reports you pull yourself or from a consumer site do not count. Marketing inquiries also fall in this category.• For Mortgage or auto loans, FICO counts multiple inquiries during a 30-day period as just one inquiry. In the old Scoring Model, multiple inquiries were counted as one inquiry within a 14-day period.
Privacy Marketing & Junk Mail• For possible 2 to 10 pointsincrease on your FICO, go to: www.optoutprescreen.com• Stop telemarketer phone calls: www.donotcall.gov 888-382-1222
Length of time the following items stay on Credit Reports?• Bankruptcies 7, 11 and 13 10 Years• Collections 7 Years• Public Record 10 Years• Inquiries 2 Years• Chex Systems (for banks) 5 Years• Telecheck (for merchants) 5 Years• SCAN (for merchants) 5 Years• Regulated by FTC through Fair Credit Reporting Act
Collections, Judgments & Liens• Do not be too quick to pay an old collection account; depending if you’re getting a loan or just repairing credit.• Judgments will reflect as “Satisfied” when paid.• Collections will reflect as “Paid” when paid.• Liens will reflect as “Released” when paid.
WEB SITES to Check out• www.myfico.com• www.annualcreditreports.com• www.transunion.com• www.equifax.com• www.experian.com•www.UCan2credit.com
How can you make a difference inyour community and set yourself apart?
Help your Credit–Challenged Clients.• Offer a one-year $575 Flat Fee Credit Repair program from UCan2 (Payments Available)• See results in the first 90 days• Unlimited Derogs, Disputes & Deletions• Monitor Account Status 24/7 via the web• Turn your B & C papers to A paper and double-dip• Enhance your professional services• Build a pipeline of pending deals• Make a difference in people’s lives
Additional resources available to you from UCan2• Credit Score Analysis & C.C.E. Program• Debt Management• Debt Negotiation & Debt Settlement• Tax Relief Program• Student Loans & Consolidation Programs• Financial Literacy Courses• Become a Retail Center for Financial Solution Programs & Build a Team of Credit Professionals• Unlimited Income Potential
BE PART OF THE SOLUTION - Join our Team of professionals and offer financial solution services Nationwide! UCan2 Opportunity Inc. IBO Offer Financial Solutions Services $299.00 Plus S&H• Independently Owned Turn-Key Business• Training Provided by UCan2 corporate• Full Marketing Support• Self-replicating Web Site to Market your businessAttract more leads - Create a NICHE market!
Cost of Becoming an IBO (Rep.) Plus Qualifying IBO Only $299.00 + $10.00 + $5.95 = $314.95 IBO/REP Fee + UCan2 VISA Card + S&H of the Bus-Kit IBO, Plus Qualifying $314.95 + $57.00 + $57.00 = $428.95 Full IBO Charge + 2 Financial Literacy Courses (IncludingS&H) IBO & Credit Repair (Qualifies) $575.00 + $10.00 + $5.95 = $590.95 Credit Repair + UCan2 VISA Card + S&H of the Bus-Kit
THANK YOU ! To Book a Credit Repair & FICO Enhancement Seminar for your Group or Organization, please contact: Jennifer @ 800-399-9775 ext: 5 firstname.lastname@example.orgFOR UPCOMING EVENTS CHECK OUT: WWW.UCAN2EVENTS.COM