Getting The Credit You Deserve

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Information about Getting The Credit You Deserve
Finance

Published on January 19, 2009

Author: badcreditchannel

Source: slideshare.net

Description

All about credit report, what they are, how they are used and how to get good credit

Getting the Good Credit you Deserve - and Need ! BadCreditChannel.com

Credit Reports Historical information about how a consumer pays their creditors. Credit reports are maintained on the individual level. An extremely value asset!

Historical information about how a consumer pays their creditors.

Credit reports are maintained on the individual level.

An extremely value asset!

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)

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)

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

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

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

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

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)

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)

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

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

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

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

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

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

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

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

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

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

This presentation is brought to you by BadCreditChannel.com Your Go-To Information Source for Individuals Living with Bad Credit

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