Identity Theft Protection
Published: June 27th, 2009
Learn how we can help you increase your credit score while protecting your identity.
Duration : 0:0:45
Posts Tagged ‘FICO’
Credit Card Debt? Clean Up Your Credit Score Now
Published: June 27th, 2009
AllMoneyStore.com
Get fast loans from private individuals. Auto Refinance. Bad credit loans. Personal loans, Signature loans.
Get cash for tuition, auto repair, wardrobe, furniture, books, medical bills. Online service.
Use responsibly. Build your credit score. AllMoneyStore.com
Duration : 0:1:15
Credit REPAIR
Published: June 27th, 2009
Check out our site www.UCAN2credit.com/CreditRepairSpecialists
Duration : 0:1:58
3 Tips to Protect Your Credit
Published: June 27th, 2009
Monika Nagy is a certified credit analyst, mother and author of Give Yourself the Credit You Deserve. She works to help Main Street protect itself from Wall Street. To learn more or buy the book, visit http://www.FinancialFutureCoach.com/
Duration : 0:3:30
ICB Trade Lines – Piggyback Credit Increases FICO Score
Published: June 27th, 2009
Fair Isaac Corp., the company responsible for FICO credit scores, has decided that when it unveils a new version of its credit score system in September, it will close the loophole that allowed piggybacking.
Angry proponents of piggybacking say they’ll organize a grass-roots campaign to fight against the change.
With piggybacking, a consumer with poor credit is placed as authorized user on the credit card of a person with a stellar credit history. Authorized users benefit from having the payment history of the primary cardholders show up on their credit reports, thereby improving their credit scores.
Lenders have complained that it is fraud and distorts the credit score system.
Internet companies have created an industry by playing middleman — paying a small sum to those with good credit to take on those with bad credit as authorized users, then collecting healthy fees from those consumers.
Now one of those Web-based firms has threatened to organize an effort to expose problems in the credit scoring system.
“Our very existence (proves) that the FICO system is so flawed,” says John Coates, spokesman for Instant Credit Builders based in Largo, Fla.
Fair Isaac says that starting in September it will ignore authorized users as it calculates the renowned FICO credit score.
“Fair Isaac has become aware that Web-based services are using authorized trade lines to defraud lenders,” says Craig Watts, spokesman for Fair Isaac. “While we work with the financial services industry on an industry solution, we wanted to protect lenders and FICO scores.”
The FICO credit score is used by lenders to ess risk in lending money. Lenders factor this number, which can range from 300 to 850, in credit decisions. Watts says 90 percent of the largest U.S. banks base their loan decisions on FICO credit scores.
Watts says the change will prevent people from misleading lenders about their true credit risk.
Coates argues the system can’t be easily changed.
“Maybe our system can definitely show you, OK, there seems like there’s a loophole and there are flaws that increase the score. You know what? There are also a zillion flaws that decrease the people’s scores.”
He says Instant Credit Builders plans to bring to light every flaw in the credit scoring system.
“We are building a community of people that are going to stand up. We will petition against it and we are actually going to formulate plans to work together as a grassroots effort to actually create a financial revolution,” he says.
Those who rent credit histories won’t be the only ones suffering a loss. Often parents will attempt to give their children a jump-start on a good or improved credit history, and they’ll be taking a hit as well.
Duration : 0:3:7
First Things To Do When You Are Turned Down For A Loan.
Published: June 12th, 2009
Recently a friend called me. He and his wife have applied to refinance their mortgage and get an ociated line of credit. They were turned down for the line of credit. And my friend didn’t understand why, because he thought his credit history should’ve been perfect. Last 20 years he and his wife were always working, generating good 6-figure income. They bought their house 15 years ago. They were always paying bills on time, were not carrying any balances on their credit cards.
But – they were not monitoring their credit reports.
I told him to go to Fair, Isaac & Company web site ( http://www.myfico.com ) – and select an option to get 3 reports (from Equifax, Experian, and TransUnion) and 3 FICO scores – and then call me back.
What he found was quite interesting. The scores were ranging from 720 to 780. They were different, because different reports contained different information.
On one of the reports (TransUnion) he found an 18 year old tax lien which reflected an IRS error made 18 years ago. He thought this record was removed – but it had somehow re-appeared. Unpaid tax liens can stay on credit report forever. Luckily for him he still kept an old letter from IRS confirming that this was a mistake.
Second problem was a negative record placed on his account by a collector for homeowner’s insurance company. 2.5 years ago they switched insurance. Insurance was paid by the bank (escrow). There was a misunderstanding in dates between the two insurance companies (old and new) which they resolved between themselves and the bank. But somehow a negative record was placed on my friend’s record – and never was corrected or removed. The record stated that he never paid the required balance.
There was a 3rd record – late record for a Macys credit card which got there because they accidentally threw away the envelope with the bill thinking that it was a yet another promotion from Macys.
I have advised my friend how to resolve these problems. All he needed to do was to send several certified letters and make several phone calls. In ~20 days the problems were resolved.
This example demonstrates several points.
(1) You never know what can appear or re-appear on your reports – you have to check them at least once a year.
(2) Monitoring just one report is not enough, because errors may appear on other reports. You should periodically check all 3.
(3) Once the error was resolved – it can reappear many years later. So keep records for long-long time.
One more thing. Note that I have recommended Fair Isaac’s web site ( myfico.com ) and not any of the CRAs web sites (Equifax, Experian, TransUnion). The reason for this is that CRAs tend to offer their own scores, which are similar to FICO, but sometimes may differ significantly. For example, TransUnion offers TrueCredit score. Experian offers VantageScore (which has score range 501-990 as opposed to FICO 300-850). When you are applying for a mortgage – you really need to know your true FICO score, because this is what all mortgage companies are using today. Fair Isaac company is a public company traded on New York Stock Exchange. They gross about 1 billion dollars per year, employ more than 3,000 people, and have offices all around the world. They were providing services for more than 50 years (since 1956), and providing credit scoring for almost 40 years (since 1970). Today they are a defacto standard for credit scores.
For more information visit http://www.101CreditRepair.com.
Duration : 0:4:55
How to Improve Your FICO® score
Published: May 20th, 2009
What can consumers do to get credit in todays world? A critical piece is knowing about your FICO® score, how it works, and how to make sure yours is the best it can be. Fair Isaac is helping consumers through a program that delivers FICO® scores free as part of online banking statements, and free information presented at www.myfico.com. Find out more in this short video from FICO™, the creators of the FICO® score that is used in most lending decisions in the U.S. Darcy Sullivan of FICO™ interviews Mark Greene, FICO™ CEO, for this FICO Tech Talk.
Duration : 0:3:5
Credit Repair Secrets: How to Fix Your Scores and Reports
Published: May 20th, 2009
http://www.lightshipmutual.com/swabthedeck.php
Home mortgage. Car loan. Employment. Insurance. Your ability to obtain all of these financial goals is directly dependent upon your credit history. Do you even know what your credit scores are? Well, it’s time to obtain, analyze, and repair your credit reports and to finally take control of your financial future.
A swab is a yarn mop. The crew on board fishing boats swab the deck many times daily to wash up splashes, spills, and the foul smell of fish. This keeps the boat clean. In financial planning, your personal credit also need continuous swabbing in order to improve your awareness, prevent identity theft, and eliminate the fishy smell of reporting errors.
With Swab the Deck, the primary focus is analysis. We will teach you the fundamentals of responsible credit management. At the same time, we realize not everyone is beginning with a clean slate, so we will also share techniques for removing inaccurate negative information from your credit reports as well as how to best build a positive history from scratch.
Duration : 0:2:52
7 Credit Score Myths
Published: April 3rd, 2009
www.yesineedcredit.com Learn the Top Credit Scams! Check Credit for FREE at www.yesineedcredit.com. Protect yourself from identity theft. Learn about the Top Credit Services in the USA
Duration : 0:4:49
REBUILD CREDIT: Insider Credit Repair Technique to Improve Credit Score Fast!
Published: April 3rd, 2009
http://www.CSBCards.com ——— 24hr Recorded Message: 1-801-804-7585 Rebuild Credit: Insider Credit Repair Techniques to Improve Credit Score Fast! What’s the fastest way to raise your credit score? To quote the classic magazine salesman from the movie Office Space “That all depends”… While the removal of negative items from your credit report will almost always result in an increase in your credit score, there is a method that works better. Here’s why. Adding positive accounts is …
Duration : 0:9:12