Credit Score & Credit Repair

By Robert Linkonis Sr.I’ve often defined and called out the “Myth of Credit score and Employment” as the Unicorn of the credit world—a lot of people have heard of this, but nobody has actually ever seen a case where a credit score caused an applicant to be denied employment on this factor alone …In trying to dispel this idea altogether, I have noted many cases – all exposed in this blog – but Suze Orman’s recent campaign to promote her new Prepaid Debit Card – in which she eludes to the fact that not having a FICO score could cost consumers a job… Whaaaaaaaaaa ???Suzi and I have never been friends, but — what is she telling her prospective customers?Here’s the truth: Credit scores are never sold by

Credit Score & Credit Repair

admin December 17, 2011

We Like NACA

By: Robert W Linkonis Sr.I tell all my clients all the time that I am the “Debt Collector Terrorist”. This is because a large part of my credit improvement program is getting on the phone with collection agencies, banks, finance companies and debt collectors to make them violate the Fair Debt Collection Practices Act. This forces them to “cease debt collection activities” and work out a settlement or cancellation of the debt.In the Richmond Times Dispatch last week, I heard about the NACA event coming to the Richmond Convention Center for four days. They were coming to Richmond to help homeowners who are in risk of losing their homes work with the banks to find a solution to help them to avoid foreclosure. I was

Credit Score & Credit Repair

admin December 11, 2011 behavior score, revenue score

A Credit Score That Tracks You More Closely

By: Tara Siegel BernardAnyone who has recently applied for a mortgage knows that lenders are already looking much more closely at your financial affairs. But soon, they’ll be able to easily delve into the deepest recesses of your financial life, accessing information that never before appeared on your credit report.This week, a company called CoreLogic introduced a new type of credit file, which is based on the giant repository of consumer data it maintains on just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history. The new report also includes any property tax liens and whether you’ve

Credit Score & Credit Repair

admin November 14, 2011

The Worthless Online Dispute System

I do not recommend using the online dispute system that Equifax, Experian and Transunion offer because they are pretty much useless in regards to attaining true deletions of negative credit items.The online dispute system, otherwise known as the “Expedited Dispute Resolution” is outlined in Section 611a(8) of the Fair Credit Reporting Act. The key phrase to note is:”the agency shall not be required to comply with paragraphs (2), (6), and (7) with respect to that dispute” if they delete the tradeline within 3 days.”• Paragraph 2 states that it is mandatory for the CRA to forward your dispute and all of the associated records you present to the creditor.• Paragraph 6 states that the CRA must supply you with written proof and

Credit Score & Credit Repair

admin October 20, 2011 Consumer Ally, Credit Scores

Girl Scouts Add New "Good Credit" And "Finance" Badges

By Ben Popken on October 20, 2011 2:00 PM (Girl Scouts USA)The Girl Scouts just finished their first redesign of their badges in 25 years, adding several new ones that will appeal to Consumerist readers.There’s now a “Good Credit,” “Money Manager,” “Budgeting,” and a “Financing My Future” badge. But It’s not just the consumer credit side that’s getting represented, but also the other side of business. There’s a new “Customer Loyalty” badge in the cookie sequence, as well as Meet My Customers and Business Plan badge.For an Ambassador level scout in the 11th or 12th grade to earn the “Good Credit” badge, for instance, one of the tasks to accomplish is meeting a loan officer at a bank to discuss how one becomes a good candidate

Credit Score & Credit Repair

admin October 14, 2011 debt ratio, late fees

Six Ways to Beat Late Fees

By Naomi Mannino Did you know late fees are assessed on just about all your monthly bills? These include bills related to your mortgage, cellphone, cable, utilities, insurances, credit cards, library books, traffic tickets and even kids’ activities. And, of course, Uncle Sam assesses severe late fees and penalties if you’re past due with your tax payment.”Issuers claim they are a way to account for risk, but our research in the credit card industry shows that is not the case. They are trying to maximize revenue with late fees,” says Josh Frank, senior researcher for the Center for Responsible Lending.Financial experts agree that credit card late fees have been reined in somewhat by the Credit Card Act of 2009, which limited late fees to $25

Credit Score & Credit Repair

admin September 15, 2011 behavior score

Navigating the Three Credit Score System

From: Mint.comEach of us has three credit reports housed by the three major credit reporting agencies; Experian, Equifax and TransUnion. And, for most of us those three credit files are scoreable.Most lenders will make decisions using just one of our credit bureau risk scores. That means when you apply for a credit card or an auto loan, the lender is going to buy one of your three credit reports and one of your three FICO scores (or, less frequently, one of your three VantageScores) to make their lending decision. The only exception to the “one report for one loan” rule is in the mortgage environment. the mortgage lender will almost always pull all three of your credit reports, all three of your FICO scores, and

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Can Your "Employment Credit Score" Hurt Your Chances At Getting A Job?

We Like NACA

A Credit Score That Tracks You More Closely

The Worthless Online Dispute System

Girl Scouts Add New "Good Credit" And "Finance" Badges

Six Ways to Beat Late Fees

Navigating the Three Credit Score System