Demystifying Credit Repair 2.
- Ten Greatest Myths About Your Credit
Demystifying Credit Repair 3.
- Credit Agencies are empowered with some kind of governmental
authority .
- Credit agencies have no legal authority at all, they are simply
private companies who are in the business of selling credit
information.
Demystifying Credit Repair 4.
- The credit agencies are required by law to keep derogatory
items on your credit report for 7 to 10 years.
- There is no law that the credit agencies report anything on you
at all. Just the opposite is true! Credit Agencies are required by
law to automatically remove all derogatory items older than 7 years
or in the case of a bankruptcy, 10 years.
Demystifying Credit Repair 5.
- It is impossible to get a bankruptcy off .
- Bankruptcies come off just like any other derogatory that is
incorrectly reported, obsolete, erroneous, misleading, incomplete,
or that cannot be verified. Remember, the nature of the item has
nothing to do with its removal under the Fair Credit Reporting Act
.
Demystifying Credit Repair 6.
- The information on your credit report cannot be changed.
- The opposite is true under the Fair Credit Reporting Act; both
the federal and various state laws REQUIRE that items be removed if
they are not 100% accurate or cannot be verified in a timely
manner.
Demystifying Credit Repair 7.
- It is illegal or immoral to have the information on your credit
report altered or removed .
- Not only is it not illegal or immoral, but it is what the Fair
Credit Reporting Act is all about. It was enacted by congress for
the very purpose of protecting consumers from the intrusion of the
credit agencies into our lives .
Demystifying Credit Repair 8.
- Paying a past due debt removes it from your credit report.
- Just because you pay an old debt does not change or erase the
fact that at one time you were not paying on it as you agreed. Can
this record be changed? Absolutely!
Demystifying Credit Repair 9.
- Inquiries are not derogatory and will not affect your credit
standing.
- Anything that erodes your financial credibility is damaging to
your credit standing. In the case of inquiries, one or two is not
too bad, but any more than that and they begin to tell a story of
their own. Any prospective credit grantor will look at your credit
report and think that you are desperate for credit.
Demystifying Credit Repair 10.
- If you get a derogatory item removed, it will just come
back.
- Not if it is removed legally. When it is removed with cause
under the Fair Credit reporting Act it cannot legally be placed
back on your credit report. The same law that required its removal
prohibits it from being placed back on.
Demystifying Credit Repair 11.
- The past equals the future.
- This is the biggest myth of all. The concept that once bad,
always bad, or at least for 7 years is totally false. Anybody can
run into hard times or an emergency situation now and then, but
that doesn't automatically mean that they are a poor credit risk
for a magical 7 years. The simple truth is, no credit report can
predict the future.
Demystifying Credit Repair 12.
- I cannot restore my credit on my own.
- Yes, you can! You can try to do it yourself (just like you can
represent yourself as an attorney in a court of law). But you can
also allow experienced professionals to educate you and assist you
in restoring your credit profile.
Demystifying Credit Repair 13. First the Facts The fair Credit
Reporting Act: 1971 Congress passed the Fair Credit Reporting Act
(FCRA). The FCRA was passed by congress with the intention to
regulate credit-reporting agencies. The Act spelled out all the
rules and regulations that the credit-reporting agencies had to
follow before they put anything on someones credit report. For the
past three decades, those agencies have ignored most of the law.
Information about you has to be accurate and verified before it is
entered on your credit reports. If reasonable procedures have not
been correctly followed, then any verified inaccuracies must be
removed from your credit reports as defined in the FCRA. The three
credit reporting agencies (CRA) ARE Experian (formerly TRW),
Equifax and Transunion. There are various agencies that purchase
information from these three major agencies, but they get their
information from the Big-3, so if you can repair your credit with
the Big-3, you basically repair it with everyone. Demystifying
Credit Repair 14. More Facts What is the definition of inaccurate,
erroneous, or obsolete?
- Inaccurate information is any information that cannot be
verified by the CRA and/or the creditor grantor.
- Erroneous information is any information that has been entered
onto a consumers credit report due to human error (data entry
error), Social Security Number mismatch error, mixed file error,
similar name 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.
Demystifying Credit Repair 15. What are Credit Scores?
- Credit scoring is a method that uses statistical models to
evaluate your credit worthiness
- Creditors use these scores, known as FICO scores in deciding
whether or not to offer credit to consumers.
- FICO scores range from 375 to 900 points.
Demystifying Credit Repair 16. Who are the Credit Reporting
Agencies and how do they work? The Credit Reporting Agencies
(CRAs)collect and maintain information about consumers credit
history. This information is obtained from banks, credit card
companies and various financial institutions. They sell this
information to lenders and other creditors.Demystifying Credit
Repair 17. The Three Major Credit Reporting Agencies
- There are three major credit reporting agencies.
Demystifying Credit Repair 18. Other Names for Credit Scores
Demystifying Credit Repair 19. 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.
Demystifying Credit Repair 20. Are Credit Reports Accurate?
- Accuracy problems affect many consumer credit scores.
- Studies have revealed that millions of Americans have
significant errors in their credit profiles.
- These errors affected credit scores by 50 points or more.
Demystifying Credit Repair 21. What is FICO? 35% 30% 15% 10% 10%
Demystifying Credit Repair 22. Example 1 35% 30% 15% 10% Buying a
House $200,000 Base Price Low Score 500-559 $1,432.82 Payment 360
month @7.75% High Score 720-850 $1,104.41 Payment 360 month @5.25%
SAVE $328.41 per month! SAVE $3,940.92 per year! SAVE $118,227.60
over 30 years!!! Demystifying Credit Repair 23. Example 2 35% 30%
15% 10% Buying a Car $25,000 Base Price Low Score 500-559 $2,500.00
Down $467.00 Payment 60 month loan High Score 720-850 $2,500.00
Down $424.60 Payment 60 month loan SAVE $42.40 per month! $2,544
over 5 years Plus car of choice for higher score Demystifying
Credit Repair 24.
- United Credit Education Services is a national credit
restoration company and a Credit Union Services Organization (CUSO)
based in Farmington Hills, MI.
- We are a proud member of the Better Business Bureau and have
been reporting with them for the past 3 years.We have zero customer
complaints in our past 3 years with the BBB.
- We have a 9 to 5 customer service support center to assist our
clients with all their credit needs.
- We have aproven system for empowering and educating our clients
about their rights as a consumer based on the law.
Demystifying Credit Repair 25. Our mission is to revitalize the
economy by educating the consumer about the travesty of bad credit
and high interest rates. With the power of technology and our
experienced team of professionals, we deliver the best service in
the industry. High interest rates deny many people the ability to
purchase things through credit.This prevents them from being able
to buy homes, cars and other consumer goods and services. Our goal
is to restore their purchasing potential so they can afford to buy
a home, start a family, travel, invest or start a business. We help
people improve their credit profile so they can stop putting their
dollars into high interest rates and start using them to stimulate
the economy. Let us help you make good credit and financial
independence a reality, not just a dream!Demystifying Credit Repair
26. How Does the Credit Restoration Process Work? Our process
combines the latest technology with personalized attention that
gets results. Demystifying Credit Repair 27. Step by step
process
- The customer signs the contract and attaches a copy of
verification for their current address and social security
number.
- The enrollment process begins once the customer contract and
address/SSN verification is received by the Processing Center.
- The customer will receive a welcome call within 10 days to
assure that they received their initial dispute package and to
explain the dispute cycle process. Every 45 days thereafter the
customer will be contacted and reminded to forward all documents
received from the credit agencies to the processing center for
inclusion in future updates.
Demystifying Credit Repair 28. Step by step continued
- 4. Within 7-10 business days the customer will receive their
first dispute packet, which includes:
-
- Complete Explanation of Dispute Process
-
- A Dispute Document to be reviewed, signed and forwarded to each
Credit Reporting Agencies
- If the dispute letters require any changes the customer is
encouraged to make them on the initial dispute document and forward
them back to the processing center. In turn, the processing center
will make the changes and forward new dispute letter to the
customer for final review.
- Once the customer is satisfied with their dispute letters, they
will sign and mail them to the three credit reporting agencies as
outlined in the customer welcome letter.
Demystifying Credit Repair 29. Credit repair progress report
Demystifying Credit Repair 30. Unbelievable Price All For The Low
Price of $499.00 Demystifying Credit Repair 31.
- Financial Education Services is proud to offer the " MyCare
Plan . The MyCare Plan is a product that helps plan for life's
uncertainties. It includes a variety of planning tools and options
to customize essential life and life after passing plans for
yourself and your family. It includes a:
-
- Financial Power of Attorney and
-
- Health Care Power of Attorney
Other Products andServices Demystifying Credit Repair 32.
- UltraScore,developed to help maximize your credit score in two
important ways - by showing how to read and interpret a credit
report and by showing how your credit score is calculated. By
providing a detailed and comprehensive analysis of your credit
report, UltraScore will enable you to:
-
- Understand the components of a credit score and how its
calculated
-
- Understand how to read and interpret your credit file, and
understand the differences between mortgage, installment and credit
accounts
-
- Understand how certain bill paying habits may be adversely
affecting your credit score
-
- Receive a customized action plan to improve your credit and
identify credit accounts that need immediate attention and why
-
- Understand the impact of the amount of credit you are currently
using
Other Products andServices Demystifying Credit Repair 33.
-
- VRTMG Prepaid Debit Card, all the convenience less the expense
of Western Union, MoneyGram or Payroll Services at your finger tips
over the phone.
-
- MasterCard and/or Visa Secured Credit Card, Phase II.
-
- MasterCard and/or Visa Credit Cards,Phase III.
Other Products andServices Demystifying Credit Repair 34.
-
- Teamwork makes the dream work
-
- If you keepGod first ,you willnever come in second
Other Products andServices Demystifying Credit Repair