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


Friday, March 14, 2014

WARNING - Minor Credit Glitches Can Devastate Your Credit Scores



The Federal Trade Commission did a recent study of credit reports showing many errors are still reporting on the consumer credit reports. They found that over 40,000,000 consumers have inaccuracies and errors on their credit report, lowering their scores.

Many people have an almost lethargic attitude about their credit paying little attention until it is too late. What they don’t realize is that this apathetic approach can cost them thousands of dollars! Does this sound familiar?

If you have great credit, the damage is even more pronounced. ..

One late payment or even a small forgotten medical or utility bill, popping up suddenly on your credit report, can cost you over a 100 point loss on your credit score. You can go from a prime borrower to a sub-prime borrower in the blink-of-an-eye.

The damage can come quickly, but it will be a long time for you to get those lost points back! In fact, it can take many years if you follow the advice of the credit bureaus.

What is worse is that poor credit can cost you many thousands of wasted dollars in car, credit card and/or mortgage payments – EVERY YEAR! A damaged credit car loan can cost you $5,000 to $10,000 over a five year repayment plan. One client of mine told me of a car he bought with a sub-prime loan for $19,500 . It ended costing him $31,000 to pay it all back! Miss payments on a credit card; some credit card companies are charging a penalty rate of 31.9% yearly.  That is almost a third of the cost of what you bought. Pay the minimum payment and it can take you 27 years, or more, to pay it all back.

Protecting, maintaining, or re-building your credit is so very important to your financial future. You need to pay attention far more than most of us do currently. Check your credit report and review it thoroughly, at least every year. Don’t close credit cards, especially older cards. Keep your balances low and apply sparingly for new credit. And, if you do have damaged credit, it pays to consult an expert who can guide you, educate you, and get more results more rapidly than you can trying to navigate in an area you know little about.
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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 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, 631-392-8685  
www.CreditScoringAdvisor.com