The document summarizes an agenda for a credit restoration and education seminar. It covers topics like common credit errors, credit reporting agencies, credit scores, establishing credit through secured credit cards, budgeting, and the services provided by NCES to help attendees improve their credit and finances. The overall goal of NCES is to educate people on credit pitfalls and empower them to build assets rather than liabilities through navigating their finances confidently.
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A Very informative and detailed explanation of what your credit rights are, what your credit score means, and United Credit Education Services Company overview and procedures.
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A Very informative and detailed explanation of what your credit rights are, what your credit score means, and United Credit Education Services Company overview and procedures.
Understanding Your Credit Report and ScoreSpringboard
Information about what’s on a credit report, how it gets there, how a credit score is calculated, and how to develop good financial habits. Understanding credit and knowing where you stand are vital to protecting yourself from predatory lending by unqualified or unscrupulous lenders offering costly or unstable loan products.
Understanding your credit.Why is important to understand your credit, how to create a behavior to maintain control over your score.Good Credit is less debts
A credit report is used as the basis for many decisions in a person's financial life, including approval for credit cards and loans, buying cars, and renting homes. Learn more about the basics of credit reports.
Every lender must make the decision on whether or not to report credit data. Furnishing data to the credit bureaus is still voluntary, but there are a number of reasons to embrace this action as a lender. Here are five reasons to consider if you are on the fence about becoming a data furnisher.
A credit score plays an important role in many aspects of your life, including your finances and your ability to get approved for loans and other financing options.
Website - https://creditrepairtechnology.com
A credit score plays an important role in many aspects of your life, including your finances and your ability to get approved for loans and other financing options.
Website - https://creditrepairtechnology.com
Understanding Your Credit Report and ScoreSpringboard
Information about what’s on a credit report, how it gets there, how a credit score is calculated, and how to develop good financial habits. Understanding credit and knowing where you stand are vital to protecting yourself from predatory lending by unqualified or unscrupulous lenders offering costly or unstable loan products.
Understanding your credit.Why is important to understand your credit, how to create a behavior to maintain control over your score.Good Credit is less debts
A credit report is used as the basis for many decisions in a person's financial life, including approval for credit cards and loans, buying cars, and renting homes. Learn more about the basics of credit reports.
Every lender must make the decision on whether or not to report credit data. Furnishing data to the credit bureaus is still voluntary, but there are a number of reasons to embrace this action as a lender. Here are five reasons to consider if you are on the fence about becoming a data furnisher.
A credit score plays an important role in many aspects of your life, including your finances and your ability to get approved for loans and other financing options.
Website - https://creditrepairtechnology.com
A credit score plays an important role in many aspects of your life, including your finances and your ability to get approved for loans and other financing options.
Website - https://creditrepairtechnology.com
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United Credit Education Services reveals the 10 myths about credit and the credit reporting agencies. Credit Restoration is legal thats why we have the Credit Repair Organization Act.
In this class we discuss what lenders are looking at when you apply for a home loan.
Did you know that bad credit can result from not knowing how to build good credit? We talk about common myths about your credit report in this informative class as well.
What is required by the lender when you apply for a home loan? It's covered in this class.
Read the attached article and answer the following questions, chec.docxmakdul
Read the attached article and answer the following questions, check you calendar for due date:
1. Fully explain what steps are taken and how they determine a person's credit score?
2. Fully explain how and why insurance companies use your credit information?
3. Fully explain the Fair Credit Reporting Act and how it helps consumers?
4. Fully explain at least 3 things that you can do to strengthen your credit score? How does each help strengthen your score?
You should perform some additional research on your own to get a true background on the assignment. Remember to document your sources and state that it is your opinion if presenting that.
Need Credit or Insurance?
Your Credit Score Helps Determine What You’ll Pay
Information about you and your credit experi-
ences, like your bill-paying history, the number
and type of accounts you have, whether you pay
your bills by the date they’re due, collection actions,
outstanding debt, and the age of your accounts, is
collected from your credit report. Using a statisti-
cal program, creditors compare this information to
the loan repayment history
of consumers with similar
profiles. For example, a
credit scoring system awards
points for each factor that
helps predict who is most
likely to repay a debt. A
total number of points — a credit score — helps
predict how creditworthy you are — how likely it is
that you will repay a loan and make the payments
when they’re due.
Some insurance companies also use credit re-
port information, along with other factors, to help
predict your likelihood of filing an insurance claim
and the amount of the claim. They may consider
these factors when they decide whether to grant
you insurance and the amount of the premium they
charge. The credit scores insurance companies use
sometimes are called “insurance scores” or “credit-
based insurance scores.”
July 2007
Ever wonder how a lender decides whether to grant you credit? For years, creditors have
been using credit scoring systems to determine if
you’d be a good risk for credit cards, auto loans,
and mortgages. These days, many more types of
businesses — including insurance companies and
phone companies — are using credit scores to decide
whether to approve you for a
loan or service and on what
terms. Auto and homeown-
ers insurance companies
are among the businesses
that are using credit scores
to help decide if you’d be a
good risk for insurance. A higher credit score means
you are likely less of a risk, and in turn, means you
will be more likely to get credit or insurance — or
pay less for it.
The Federal Trade Commission (FTC), the
nation’s consumer protection agency, wants you to
know how credit scoring works.
What is credit scoring?
Credit scoring is a system creditors use to help deter-
mine whether to give you credit. It also may be used
to help decide the terms you are offered or the rate
you will pay for the loan.
The FTC wants you to know
how credit sc ...
Credit Repair Education for Libraries 6.15.19Victor Johnson
Victor Vonico Johnson, as General Partner for Credit Restoration Mentors, conducts a talk at a Carrollton Texas Library to educate the community about the benefits of good credit, and how to achieve it.
Contact me today I have a solution for YOU!
Coneise Clark
Financial Education Services
Coko Credit
PO BOX 2635
Denver, CO 80202
Office: (720) 936-6760
Email: coneiseclark@gmail.com
Website: www.united-credit.org / www.cokoscredit.com
Understanding credit reports and your credit score is Part 5 of the 6-part Money Matters series created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your library®, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.
2. AGENDA Introduction / NCES Mission Credit Pitfalls, Traps and the remedy to over come these situations Common Misconceptions Personal Credit, Budgeting & Moving Forward Conclusion Questions & Answers
3. NCES MISSION To educate the masses on the pitfalls of credit To leverage credit to build assets not liabilities To empower people to navigate their finances confidently Our is to restore America by restoring you Let us help you navigate the financial restructuring of your life
4. THE FAIR CREDIT REPORTINGACT OF 1971 The Fair Credit Reporting Act (FCRA) was passed by congress with the intention to regulate the credit reporting agencies and promote the accuracy of the information in consumer credit reports. The Act spelled out all the rules and regulations that the credit reporting agencies had to follow before they added anything to a consumer’s credit report. Information about “you” has to be accurate and verified before it is entered on your credit reports. The Federal Trade Commission is the government agency responsible for Enforcing the Fair Credit Reporting Act.
5. CREDIT REPORTING AGENCIES 3 Major Reporting Agencies Experian (Fair Isaac Corporation) Equifax (Beacon) TransUnion (Empirica) Functions of CRA’s Collect and maintain information about consumer’s credit history. This information is obtained from banks, credit card companies and various financial institutions. The CRA’s sell this information to lenders and other creditors. The CRA’s are not part of the government.
6. COMMON CREDIT ERRORS Inaccurate Information: Information that cannot be verified by the CRA and/or the creditor grantor Erroneous Information: Information that has been entered onto a consumer’s credit report due to human error (data entry error), Social Security Number mismatch error, mixed file error, similar name error, or when “reasonable procedures” were not followed when the information was entered on the credit report, or any such related error Obsolete Information: Information that is beyond the industry standards of seven years; or ten years for bankruptcy
7. CREDIT REPORT ACCURACY Nearly 80% of all consumer credit reports have significant errors 25% of which are serious enough to potentially result in a credit denial These errors could affect credit scores by 50 points or more HOW DO THESE ERRORS OCCUR? Loans, payment data or credit card information is applied to the wrong account Name consistency, i.e. John Carl, John Karl, John J. Karl Human error when applications are reviewed, sold or transferred between lenders
8. WHAT ARE FICO CREDIT SCORES? A statistical methodology to evaluate an individual’s credit worthiness It’s a Reflection of a person’s credit behavior, character and financial state. Creditors use FICO scores to determine an individual’s interest rate and credit limit and the ability to borrow. FICO scores range from 300 to 850 points
9. CREDIT COMPOSITION 10% 5 KEY COMPONENTS OF A CREDIT SCORE Paid as agreed Balance vs. credit limit Length of credit history Type of credit Credit Inquiries 10% 35% 15% 30% HOW CREDIT AFFECTS YOU The interest rate you pay on credit cards and loans Your ability to get a checking account Rates on your auto insurance Employment Utilities
10. 6 METHODS TO ESTABLISH CREDIT Apply for a secured credit card, ex. Bank card Maintain a low balance on the card Establish a long history with the account Errorless late payment history Re-establish student loans, deferment Obtain a small auto loan
11. SECURED CREDIT CARDS One of the best ways to establish credit Apply on-line for a secured card, one accepted anywhere – NOT a catalog card Purchase a $200 - $500 bond from the bank and use it to establish a line of credit
12. PITFALLS OF SECURED CARDS Pay on or before the due date to avoid a $35 - $40 late fee If unpaid, a $40 over the limit fee is incurred Below example: assume a $300 credit limit, and a late- payment
13. PITFALLS CONTINUED Credit cards charged off Assigned to a collection agency Collection agency adds a new derogatory account on your credit report Add interest, penalties, legal fees and more fees
14. COLLECTION AGENCIES Governed by the FTC Privately Owned Operates under the guidelines of the Fair Debt Collection Practices Act Debt collectors, whether a company or an attorney’s office Has to validate the debt
16. OR…. INVEST IN THE FUTURE A house that sold for nearly $1 million in 2004 Foreclosure price of $380,000 in 2010 FHA loan: 640-680 credit score with 5.25% rate = Monthly price of $2,300
19. BUDGETING Total monthly critical expenses = $5,400 Take-home net income = $6,000 Remainder money $6,000 - $5,400 = $600 Compounded over 72 months = $60,000!
20. OUR SERVICE Provide the tools and resources necessary to understand: The FICO scoring system The Fair Debt Collection Practice Act (fighting collections agencies) How to protect your credit during hardship (layoff, divorce, death, etc) How to regain your financial independence and build lasting prosperity We give you: On-line educational tools, automated budgeting worksheets; We want to answer the tough credit questions. 24/7 on-line status updates Good Credit Gives Me Time For My Family
21. CONCLUSION Understanding everything about credit is key to achieving financial security It is important to correct your current situation and establish a path forward NCES gives you the tools and resources to establish your new financial future.
22. NCES COMMITMENT To restore America by RESTORING YOU Who make America work. If you’re hurting financially and can’t borrow due to bad credit, our job is to help you regain your rightful place in AMERICA.
24. The Cost Of Financial Freedom? One Time Payment $349.00 Or Split Payment Option $175.00 Now Next Payment In 30 Days $185.00 (Includes $11.00 Processing Fee) Total $360.00 to break the chains!