Wednesday, April 19, 2017

Why 12 Million Consumers Are About to See Their Credit Scores Dramatically Improve!



by Daniel Sater - Nationally Recognized Credit Expert
It has long been a problem that Judgments and Tax Liens were sometimes not being reported correctly, or worse, being reported on the wrong person’s credit report. Coming July 2017, approximately 12 million consumers will have higher credit scores. This action is due to a settlement with 31 Attorney Generals and the Credit Bureaus,  as well as pressure from the CFPB in an effort to have more accurate credit reporting.

What the Credit Bureaus Agreed To Do.
To solve one of the problems of inaccurate reporting, the Credit Bureaus will no longer report Tax Liens or Judgments that fail to include three of these four data points:
  1. Consumers Name
  2. Consumer’s Address
  3. And either, the Consumer’s Social Security Number, or, their Date of Birth

Most Tax Liens and Judgments Don’t Have the Three Data Points
Most people would make the assumption that of course this information would be there. But it is not! While it may be included at the Courthouses across the country, the Courthouses DON’T ever report information to the Credit Bureaus. The Bureaus hire a third-party like Lexis Nexis to research the Courthouse records and send that information back to them. Unfortunately, because of costs, seldom are the complete records included.

If the bureau doesn’t have these three points of data, the Tax Liens and Judgments will be deleted. This applies to existing Tax Liens and Judgments at the bureaus, as well as new any new ones being reported.

How Much of an Increase Might Be Expected?
The moment the information is deleted, your scores will go up.
The good news for consumers…96% of all Judgments will disappear and about half of all Tax Liens.
It is expected to raise credit scores about 20 points for most consumers, and, for some 700,000 consumers, they may see a boost of 40 points or more. It should be noted that a 40 point increase cuts in half the risk a consumer’s presents to a lender. Better interest rate; higher credit limits; and more people may be able to qualify for the credit they want.

What You Need to Remember
Just because a Tax Lien of Judgment may disappear for the credit report, doesn’t mean it will disappear from the Courthouses. You still owe the money and they can still come after you. But, at least you’ll have better credit.

Friday, June 10, 2016

Beware of the Credit Expert!



By Daniel Sater, Nationally Recognized Credit Expert and owner of Credit Scoring Advisor
dan@CreditScoringAdvisor.com 631-392-8685

You Need to Know What You Are Getting.
I’ve been in the finance and credit industry since 1997. I have seen all types of people, of companies, and of claims of being the best – that they ARE the EXPERT!

On the surface it is hard to imagine that everyone that claims to be an expert, is an Expert. It’s a little like every supermarket selling Prime Beef when in fact only 5% of all beef sold is actually PRIME! It is important what qualifications are needed to be an expert and what benefits you can expect from someone being an expert. Few experts really have the credentials to truly be what most people would call an expert. There are some guidelines you can use to be reasonably certain that you are dealing with people who have the knowledge, talent and dedication to do the best for you.

What Is the Definition of an Expert?
I have a simple definition of an Expert. An Expert is...someone who knows more than you do about a topic! It is really very simple. If someone knows more than you, and knows the buzz words in the industry, and have a gift of gab, most people will regard them as an expert, even if what they say is wrong! You have no way of telling the difference.

Here are 10 Things You Need to Ask to Determine if You Are Dealing with a True Expert.
1)      What exact training or course of study have they taken?
2)      Do they have a continuous education program?
3)      Do they have a permanent office and address that they work out of?
4)      Do they do their own processing and custom letter writing or do they use a service that does this for them?
5)      How long have they been in business? Are they doing this full time?
6)      What proof of results do they have to show you? (Testimonials and actual results documents.) It is easy to get letters of praise from former clients; do they have letters of recommendations from people in their industry also?
7)      Do they belong to an Industry Trade Association?
8)      Are they recognized for anything in their industry?
9)      In talking with them, do you see an excitement, a passion, and pride for the work they do?
10)  Have they published a book on the topic or had articles written about them or quoting them?

Asking these questions should serve you well. If you ask technical question and feel uneasy about the answers or how they answered maybe it would be best to research other companies.
A true expert will be easy to look up on Google, Facebook and other social media.

Thursday, November 13, 2014

It Is Not Always the Professional Identity Thief You Need Worry About



Many consumers are surprised and shocked when they apply for credit and the lender denies them credit due to negative information reporting on their credit report. It’s even more traumatic if they learn that the negative accounts are not even theirs! This is usually their first real introduction into the world of Identity Theft.

So many people are afraid to see what is on their credit report or perhaps convinced that their credit is in perfect shape. According to the Consumer Federation of America, 41% of consumers haven’t even pull their credit report. Too many consumers equate looking at their credit report like a journey to the dentist. They just don’t want to hear bad news. But acting like an ostrich doesn’t make things go away, and, it set you up for some unpleasant surprises.

There are three reasons to check your credit report AT LEAST once every year.
1.      Credit mistakes and data entry errors
The Federal Trade Commission did a study indicating that in excess of 40,000,000 consumers will have errors on their credit reports.
2.      Mixed Files
Due to the method that the credit bureaus compile your credit report, someone else’s credit information can easily be reporting on your credit report. The 13 bits of information they search for don’t even have to match exactly!
3.      Identity Theft
We have all heard of the damage professional identity thieves can do to you and the time, expense and effort it takes to fix you good name. But, there is another group of people that cause the bulk of Identity Theft…

It’s the people who are closest to you!
I know you love your mother, your father, your brother, your sister, your kids, your aunt, your uncle, your cousins, your niece, your nephew, your grandparents, your grandkids, and, your friend who stayed with you for three weeks last year. But these are the people closest to you. They know your name, your address, your date of birth and have easy access to your credit cards and social security number. Unfortunately, these are the ones that are most likely, when under-the-gun, will use your identity. In my credit repair practice, I see ten times the amount of Identity Theft by friends and relatives than I do from the profession thieves. This type of Identity Theft can be harder to correct.
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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 experts 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, 631-392-8685  
Get my new e-book on Amazon  http://amzn.to/1eVnAFq
 

Monday, September 22, 2014

The Shocking Truth About Poor Credit



Over the years, as a credit expert and an owner of a credit repair company, I’ve founds two things to be true. Most consumers fear checking their credit reports, and the falsely believe the damage by late payments, or a couple of collections, are no big deal. If this is you, this info-graphic may have you looking at damaged credit in a different light.

First of all, it is extremely important to periodically review your credit report every year. Not knowing what is there will only come back to bite you when you need credit. Prior to applying for any major credit you need to review your credit 2 to 3 months in advance so you have time to correct mistakes, and have the credit reports updated. Most people don’t realize that in addition to inaccurate entries or mistakes reporting on you credit, it is all too easy for someone else’s information to creep into your reports. Then there is the possibility of Identity Theft by someone using your credit or applying for credit in your name without your knowledge.

The info-graphic show the huge cost of having poor credit compared to someone with great credit. Consumers are shocked when I tell them their first missed payment can cost the up to 110 points dropping from their credit scores. Just maximizing out 5 or 6 credit cards can cost you up to 100 to 125 points with nothing negative being reported on the credit report. The resulting higher interest rates drain money from your pockets, your family, and your retirement.
You need to monitor and protect your credit - it's all up to you.
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At Credit Scoring Advisor we are the experts, specializing in Rapid Credit Repair for our clients. Our founder, Daniel Sater is a Nationally Recognized Credit Expert. In addition, Dan trains and Coaches numerous Credit Repair Companies across the country, he is a Speaker, Author and Certified C.E. Instructor for the Real Estate Industry for their continuing education credit. Mr. Sater is the Chairman of the Education Committee for NACSO – the trade association for the Credit Repair Industry.  His last book, "The Top20 Toxic Credit Mistakes" is available on the Credit Scoring Advisor website and Amazon Kindle. He can be reached at 631-392-8685 or by e-mail at dan@CreditScoringAdvisor.com.
Better Knowledge – Better Tactics –Better Results
#creditrepair #poorcredit @CreditScoringAdvisor