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Although most people realize their credit histories are chronicled in credit reports, 70 percent don't know that they also have a credit score. This presentation is intended to help you understand how credit scoring works and how ANewStartSolutions LLC can help you manage your credit health.
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Tired of being…
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View your status 24/7
35%of
Credit Score
35%
30%
15%
10%
10%Chart Title
1. Past Delinquencies…
2. Amount Owed; Debt Ratio…
35%
30%
15%
10%
10%Chart Title
30%of
Credit Score
3. Avg. Age Credit History…
15%of
Credit Score
35%
30%
15%
10%
10%Chart Title
4. Mix of Credit …
10%of
Credit Score
35%
30%
15%
10%10%Chart Title
5. Inquiries…
10%of
Credit Score
35%
30%
15%
10%10%Chart Title
Your Credit Score…
1. Past Delinquencies
2. Debt Ratio
3. Average Age of File
4. Mix of Credit
5. Inquiries
1 -
35%
2 - 30%
3 -
15%
4 -
10%
5 - 10%
Chart Title
Fico Scores: 300-850
Information on your credit report must be…
Reporting Timely Information
100% Verifiable Information
100% Accurate Information
“Prove it or Remove it!”
Fair Credit Reporting Act Specifically States that Every Item Reporting on a Credit Report
MUST BE:
Reporting Timely Information (7 year rule) 100% Verifiable Information 100% Accurate Information
FCRA…
We are licensed, bonded and are The Credit Specialists! We…
1. Focus on Education
2. Assist in rebuilding credit
3. Provide secured portals to monitor your progress
4. Customize an individual plan to fit your goals, timeline and offer affordable payments!
5. Offer budget assistance setup & free spreadsheets.
Who Are We? We are not your typical company...
100% Accurate
100% VERIFIABLE
Timely
The Law states: All items on your credit report must be accurate!
True
Credit Myths
"The credit bureaus are government
agencies"
The Bureaus are governed by the FTC… They are not part of the government.
Credit MythsMy score will increase by “Opting out” of the bureau’s pre-screened
offers?
www.OptOutPrescreen.com
The Bureau’s make billions selling your basic information; this is where a lot of your junk mail pre-approved offers come from. (They are not really pre-approvals!)
Credit Myths
"Checking my own credit report harms my
credit score"
You can go to annualcreditreport.com for your free yearly report; without affecting your score.
Credit Myths
“My Lender can not use the credit report I obtained
from Annual Credit Report” True
Credit Myths
“Your income makes a difference in your
credit score”
The Bureaus do not have your income information and is not used to calculate your score.
Credit Myths
“FICO scores are locked in for six
months, and they change every six
months”
Your Scores change every day with all 3 Bureaus!
Credit Myths
“Too many open accounts will hurt, therefore you must
close accounts.”
We never recommend closing accounts; that can in itself lower your score!
Credit Myths
“Paying off an old collection or charge off
will increase your credit score”
Not unless you get a pay for deletion. (there are exceptions)
Credit Myths
“Your credit card balances, have nothing to do with your score."
Your revolving balance to limit ratio counts! 30% of your score is the amount you owe!
Credit Myths
"If I get one credit bureau to remove an item from my credit report, all the other
bureaus will remove it automatically”
All 3 bureaus are separate entities and not all companies report to all 3.
Credit Myths
“Multiple mortgage loan inquiries will ding
your score for each one”
Lender inquiries within 30-45 days will count as one ding.
Credit Myths
“It will take me seven years to improve my
credit”
You need to make your credit a priority and make sure everything reporting is 100% accurate!
