what is credit repair & how does it work?
DESCRIPTION
http://www.Cram4You.com Credit repair is a process of attempting to clean up the credit history. This is a short presentation to help you understand what Credit Repair is, and how it works.TRANSCRIPT
Understanding Credit ReportingUnderstanding Credit Reporting
Basic Concepts
What is a Credit Report?
What information does it contain?
Who assembles the information?
Where do they get information?
How do you repair/improve it?
What is a Credit Report?What is a Credit Report?
A credit report is a collection of information about you, mostly financial information, and works as financial transaction history that is used by potential lenders, employers and others to determine your credit worthiness.
What is a Credit Report?What is a Credit Report?
Types of Information
Your Full Legal Name, and known aliases: Robert, Bob, Bobby
Current and previous addresses
Current and previous employers
Inquiries – History of who has looked at your report
Financial/Credit History
Public records
What is a Credit Report?What is a Credit Report?
Sources of Credit Information
Credit Reporting Agencies
How is Information Gathered?How is Information Gathered?
Information Chain
Credit Report
How is Information Gathered?How is Information Gathered?
Flow of Information: Information Chain
You Lender Credit Bureaus Credit Report
What is Credit Repair?What is Credit Repair?
An Over Simplified Analogy
What is a Credit Report?What is a Credit Report?
Laws Control Fair Use of Information
You Lender Credit Bureaus Credit Report
MaximumTime: 7 to 10 Years
It’s all a fantasy, so lets pretendIt’s all a fantasy, so lets pretend
Robert Smith Jones, Jr.
aka“Bobby Jones, Jr.“
Example: You and your father have the same name
You Your Father
Robert Smith Jones, Sr.
aka“Bobby Jones, Sr.“
How a Credit File is CreatedHow a Credit File is Created
Parents House
You“Bobby, Jr.“
Rental Apartment
Example: You Leave Home & Begin Renting
Credit Reports Help Determine RiskCredit Reports Help Determine Risk
Landlord Credit Report
Evaluation
YouBobby, Jr.
How Mistakes HappenHow Mistakes Happen
Landlord
Your Application
Bobby Jones, Jr.1234 Parents StreetAnytown, NV 89000
Employment:Burger King
Bobby Jr.Bobby Sr.
How Mistakes HappenHow Mistakes Happen
Landlord
“Bobby Jones, Jr.“
Your Application
Landlord
How a Credit File is CreatedHow a Credit File is Created
Result: You‘re Approved & Begin Renting
Happy Happy Joy Joy!
Bobby Jr.Bobby Sr.
How Mistakes HappenHow Mistakes Happen
Writes Letter
Not True!Please Verify!
Robert Smith Jones, Sr.
aka“Bobby Jones, Sr.“
Bobby Jr.Bobby Sr.
Corrections
How is Information Gathered?How is Information Gathered?
Information Chain
Credit Report
Top 3 Credit Reporting AgenciesTop 3 Credit Reporting Agencies
You Can Repair Your Credit!You Can Repair Your Credit!
Thank you for watching!