Getting the Credit you Deserve by bookloverz

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									Getting the Good Credit you Deserve and Need !
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Credit Reports

Historical information about how a consumer pays their creditors.

 Credit reports are maintained on the individual level.  An extremely value asset!

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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)

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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

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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
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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)

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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

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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

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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

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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

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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

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This presentation is brought to you by

BadCreditChannel.com
Your Go-To Information Source for Individuals Living with Bad Credit


								
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