Tuesday, June 26, 2018

The Most Overlooked Area When Reviewing Your Credit Report

By Daniel Sater, Nationally Recognized Credit Expert and Credit Expert Witness

When pulling your credit report, it is important for you to spend time reviewing your Personal Identifying Information (PPI) section of the report. A credit report has 5 components. This section with you name, addresses, phone numbers, social security number, and date of birth, among other personal information is the only section of a credit report that is not scored. So why should this be an important section for you to spend your time on? Because, it may alert you to reported items that is lowering your credit scores.

What to Look For
If someone is trying to use your identity, some information will show up in this information section. Are all the addresses listed belong to you, now, or in years past? Is there a social security number listed that does not belong to you? Is your name misspelled? These could be signs of someone misusing your credit for themselves – Identity Theft. If information reporting on your credit report is not yours, it may be the first clue that you are a victim of Identity Theft. If accounts not belonging to you are showing up on your credit report, you may have someone else’s account possibly damaging your credit scores.

How This Information Gets Placed on Your Credit Report
The credit bureaus rely on identifying information to connect accounts that should be showing up on your credit reports. In their efforts to ensure that all accounts belonging to you are reported on your credit report, they use a fuzzy logic that is designed to consider human errors in the entry of data. For example, they only need to match the first two letters of your first name, a partial address match, or seven of the nine digits of your social security number to place an account onto your credit report.

Removing false identifying information from your credit report will help to prevent accounts, not belonging to you from being added to your report. This can help reduce Identity Theft ensure that your credit doesn’t get mixed up with others, which commonly happens.

At Credit Scoring Advisor, we will challenge the credit bureaus to delete these false reporting of personal information at no charge for our clients. Give us a call today 631-465-9565 to see how we may help you improve your credit scores. Visit our website… www.CreditScoringAdvisor.com

Credit Scoring Advisor is a national credit repair company with an 87.64% deletion rate in 2017 that we have achieved for our clients.
Better Knowledge – Better Tactics- Better Results

Monday, January 15, 2018

Don’t Keep Beating Yourself Up Over Past Poor Credit

Daniel Sater - Nationally Recognized Credit Expert   1-10-2018

Many consumers give up on their credit when they have gone threw a tough time which caused their credit to be damaged. They somehow feel their credit is damaged forever. Not true. After all, you get a “New Life” after 7 years has past. No negative account can stay on for more than 7 years when it will drop off your credit report! (With the exception of Bankruptcy and some accounts under Federal law)

Over the Years Your Credit Will Improve Without You Doing Anything.
That’s right! As each year passes, the “mathematical predictability” of you defaulting on any account become less and less, meaning that you will have fewer and fewer points taken from your credit scores. This is how credit scoring models work. The more recent the event that caused damage, the more points you will lose.

An Example of How Credit Damage Works Over Time
When I was still doing mortgages, I had a couple come into my office with every account held jointly. The husband also had 27 collections and charged off accounts from 5 and 6 years prior. The difference in their scores caused by these 27 negative accounts? – Just 30 points was the difference in their credit scores. The damage diminishes rapidly over time.

The Sooner You Get Your Credit Back on Track…the More Money You Will Save; the Better Credit You Will Qualify For to Add to Your Credit Profile.
Although your credit life can be self-healing, it only happens over time. It is important to add new credit and dispute accounts that are inaccurate or incomplete. We have help thousands of clients remove damaging accounts resulting in re-building their credit scores.

Another Secret for Getting Back to Higher Credit Scores
Once you are in negative territory, you are only compared and scored against others who have a similar profile with damaged credit. Anything you do to separate yourself from those others, can get you better scores faster.
The key is reestablishing positive credit. Two ways you can do this if you have little remaining credit, is to become an Authorize User on a credit card of a family member and to open a Secured Credit Card, but, you will need to deposit a good amount of money in a savings account at the bank. Small amounts won’t do much for you or your credit.
Another Way…
You can also get a merchant card in your name reporting to all three credit bureaus with a $5,000 credit limit. Drop me a note at dan@CreditScoringAdvisor.com and I can send you the information sheet with a link to sign up.
We ARE the experts in Credit Repair. Our founder, Daniel Sater, is a Nationally Recognized Credit Expert, Speaker & Author, and a Certified FICO Professional who also trains and coaches numerous Credit Repair Companies across the country and speaks at industry conferences. We are the people that other credit repair companies go to for answers.

With Credit Scoring Advisor you get personalized, not computerized service from someone who will fight for you to improve your credit profile. Dan handles every file personally to ensure the best results for our clients. You have continued access throughout our process to a recognized credit expert.
Better Knowledge – Better Tactics – Better Results
We would love to hear from you, give us a call, 631-465-9565 

Monday, December 4, 2017

6 Tips To Protect Your Credit Score During The Holiday Season!

At the end of the year, there is always a spike in consumer credit card spending as people prepare for the holiday season. Your holiday purchases can have a large impact on your credit score. A little bit of financial planning can keep these extra expenditures from damaging your credit.

In addition, you need to take some precautions to protect your credit from outside forces, especially during the holiday season. After all, they want to have a good holiday too, with your money!
Here are a few tips to improve your credit for the time being and keep it looking good through the holidays.
1)      Make a Detailed Plan
Review you Cash Flow and be honest with yourself. How much comes in and how much goes out. Make a list of whom, and how much you want to spend. Keep to your plan. You’ll be glad you did. Remember, this is the time of the year that we tend to get trapped in EMOTIONAL spending.
2)      Check Your Credit
Whether opening a new credit card or focusing on protecting your credit, the first thing you should do is check your credit. If you notice any problems or mistakes with your credit profile, now is the time to get it fixed. (www.CreditScoringAdvisor.com) Also, if you have a high number of inquiries on your credit report you may want to stay away from applying for new credit.
You need to check, not only that the accounts that you have are reporting correctly, but that things that don’t belong to you are not on your report. Always check for wrong - addresses, date of birth, or social security numbers. These may indicate that someone is trying to use your credit.
3)      Pay Down Your Debt
While checking your credit, you may have noticed some high balances on your loans or credit cards. If you’re looking to improve your score to apply for a new credit card, be sure to pay down your credit balances so you have the lowest credit utilization possible.
4)      Ask for a Credit Limit Increase, or Apply for a 0% Interest Credit Card – if your credit is good.
Call your credit card provider and ask if they will increase the limit of your credit card. This tactic will allow you to charge a little more on your credit cards without impacting your credit utilization rate. That being said, just because you have a higher limit doesn’t mean you should spend more. This move is for protecting your credit score, not getting extra money. However, if the higher limit keeps you from maxing out your cards, then it will be worth it. Still, be careful not to spend too much as your credit cards carry high interest rates and you could end up paying a lot more for those holiday gifts.
5)      Watch Out For Holiday Scams

Scammers want to make a living too.

·         Bogus Websites – stay with recognized sites. If it sounds TOO GOOD it most likely is. They may look like your creditors or bank website but always check the web address. The address may have your creditors or banks name but look for another dot com address in the site address.

·         Email Scams – they are becoming more deceptive. It may appear to be coming from a friend or your bank but again, check the address it was sent from. You may be surprised. If you don’t recognize the email address, DON’T OPEN IT.
·         Fake Tech Support – I got a call recently from Microsoft about spamming emails being sent from my computer. The guy knew a lot about my system. He knew the operating system and other information. I called Microsoft and they knew nothing about it. I was informed that they would NEVER call to tell me that.
·         Online Coupon Scams – steer clear of these from companies you don’t know or haven’t heard of. They just want to get your information.
·         Anyone that wants you to pay via MoneyGram, Western Union or a Pre-Paid Card.
The pre-paid card is a favorite of the people running the IRS scam. They will never call, email or ask you to send money via a Pre-Paid Credit Card.
·         Oh…as one of my clients went through, no one from any court will call you up telling you that you have to appear in court this afternoon, or, if you want to avoid going to court, call the  collection agency suing you to pay them to avoid a judgment. Court employee NEVER will call you either.

6)      Points to Keep in Mind for After the Holidays…
        Pay down the highest interest credit cards FIRST.
·         Especially after the Equifax hacking, you need to review each and every bank statement and credit card statement to catch any possible fraudulent activity.
·         You will lose points if you have high balances to credit limits on your credit cards. Max out 5 or 6 credit cards and you stand to pose 100 to 125 points off your credit scores.
·         You will lose points for having balances on more than 4 credit cards.
·         You will lose points for opening too many credit cards too suddenly.
·         You will lose points for a higher total debt on your credit cards.
·         Avoid Department store card giving you a 10% discount Today. These cards charge higher interest rates and will quickly eat up any savings you get today.


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Credit Scoring Advisor Blog – Daniel Sater - Nationally Recognized Credit Expert & Credit Expert Witness