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Credit Repair 101. The Basics of Credit Restoration presented by Ascendant Equity. Why Credit Restoration?. Debt Settlement Debt Consolidation Consumer Credit Counseling Bankruptcy. Ascendant Equity. The System Needs Repair And Reform. According to a US PIRG Study: - PowerPoint PPT Presentation
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Credit Repair 101Credit Repair 101
The Basics of Credit The Basics of Credit RestorationRestoration
presented by Ascendant Equitypresented by Ascendant Equity
February 9, 2010February 9, 2010
Why Credit Restoration?Debt SettlementDebt ConsolidationConsumer Credit CounselingBankruptcy
Ascendant Equity
The System Needs Repair And The System Needs Repair And
ReformReformAccording to a US PIRG Study:According to a US PIRG Study:
80% Of All Credit Reports contain errors (8 out of 80% Of All Credit Reports contain errors (8 out of 10)10)
1 in 4 contain errors critical enough to cause 1 in 4 contain errors critical enough to cause denial of credit.denial of credit.
20% were missing major credit, loan, mortgage, 20% were missing major credit, loan, mortgage, or other consumer accounts that would or other consumer accounts that would demonstrate positive creditworthiness of the demonstrate positive creditworthiness of the consumerconsumer
Ascendant Equity
The Credit Industry The Credit Industry And YouAnd You
Equifax – $1.5 BillionEquifax – $1.5 Billion
TransUnion – ????TransUnion – ????
Experian – $3.4 BillionExperian – $3.4 Billion
Ascendant Equity
HOW YOU ARE IDENTIFIED BY HOW YOU ARE IDENTIFIED BY THE CREDIT INDUSTRYTHE CREDIT INDUSTRY
Consumers identified in Consumers identified in three ways:three ways:
NameName
Social Security Social Security NumberNumber
Credit ScoreCredit Score
Ascendant Equity
How Do I Restore My Credit???How Do I Restore My Credit???The credit industryThe credit industry
Credit scoring systemCredit scoring system
Laws related to credit repairLaws related to credit repair
Ascendant Equity
How Your FICO Score Is Calculated
35%
30%
15%
10%
10%
PaymentHistory
AmountsOwed
Length ofCreditHistory
New Credit
Types ofCredit
Ascendant Equity
Laws Related to Credit RepairLaws Related to Credit RepairFCRA - Fair Credit Reporting ActFCRA - Fair Credit Reporting Act
FACTA - Fair and Accurate Credit Transactions ActFACTA - Fair and Accurate Credit Transactions Act
FDCPA - Fair Debt Collections Practices ActFDCPA - Fair Debt Collections Practices Act
FCBA – Fair Credit Billing ActFCBA – Fair Credit Billing Act
Ascendant Equity
What’s Your Motivation?What’s Your Motivation?
Ascendant Equity
Credit Restoration-step by stepCredit Restoration-step by step
Make a decision to create no new Make a decision to create no new negative debtnegative debt
Get all 3 copies of credit reportsGet all 3 copies of credit reports
Get your FICO Score!Get your FICO Score!
Carefully examine the reports for Carefully examine the reports for errorserrors
Dispute erroneous informationDispute erroneous information
Ascendant Equity
Credit Repair 101Credit Repair 101
Q & AQ & A
Ascendant Equity