1. CREDIT EDUCATION www.redphoenixco.com
1120 E. 80th St. Suite 200, Bloomington, MN 55420
(651) ,

2. What You Will Learn Importance of Credit Credit Foundations
Navigating the Credit Bureaus
Improving Credit
Credit Regulations/Legislation
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3. Importance of Credit
Credit scores and income are the major factors in deciding if you get a loan
47% of Employers say they pull credit before hiring
Credit impacts how much you pay for auto, home and health insurance
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4. credit score
a number assigned to a person that indicates to lenders their capacity to repay a loan

5. What does FICO stand for? Fair Isaac COmpany
The company that created--and computes--this credit score. Although the Bureaus compute credit scores, FICO is the most trusted, and most used, score.
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6. Largest Evaluator of Risk Ranges from 300 to 850
Higher score, means less risk
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7. Credit Foundations FICO Score Guidelines 720 + 680 + 620’s-640’s
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8. Types of Credit Scoring FICO Classic FICO 8 FICO 5 FICO 9 NOT FICO
Credit Foundations
Types of Credit Scoring FICO Classic FICO 8 FICO 5 FICO 9 NOT FICO
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9. If it doesn’t have the word FICO next to the score, it’s
Credit Foundations
If it doesn’t have the word FICO next to the score, it’s
FAKE!
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10. Credit Foundations
Credit Karma
Vantage Score

11. Credit Foundations FICO Scores are based on six factors:
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12. Credit Foundations Credit Reports Tri-Merge – from a lender
Car finance / banks
Online resources
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13. Credit Foundations Trimerged Credit Report
Single best way to check credit.
Your loan officer or -
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14. Credit Foundations
Credit Reporting Agencies Also known as credit bureaus, are PRIVATE record keeping companies that collect and sell information about how people manage their credit.
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15. Credit Reporting Agencies
With the above site – no scores
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16. Credit Reporting Agency Mistakes
79% of Credit Reports contain an error
One in every four reports contains an error serious enough to deny lending
Over 25% of Americans have a credit score of or lower
The Dispute and Consumer Statement Myth
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17. Credit Reporting Agencies
Negative Information
7 years
Late Payments
Judgments
Chapter 13 Bankruptcy
Collections and Repossessions
10 years
Chapter 7 Bankruptcy
Unsatisfied tax liens - forever
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18. Improving Credit Managing Credit Card Balances Credit Mix
Debt/Credit Card Management
Collections
Building Credit
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19. Managing Credit Card Balances
Direct Relationship Between Scores and Balances
Balances over 50% Utilization
Balances under 10% Utilization

20. Credit Mix
REVOLVING
BETTER SCORE
INSTALLMENT

21. Debt/Credit Card Management
PowerPay
Debt Managements Plans
Debt Consolidation Programs/
Consumer Credit Counseling
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22. Will paying my collections hurt my credit score?
Paying in Full VS
Settled for Less Than Full Balance
Re-aging
and
Date of Last Activity

23. Revolving & Installment Credit Options
Building Credit
Revolving & Installment Credit Options

24. Credit Regulations/Legislation
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Fair Credit Billing Act
Fair and Accurate Credit Transactions Act
Service Members Civil Relief Act
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25. QUESTIONS? www.redphoenixco.com
1120 E. 80th St. Suite 200, Bloomington, MN 55420
(651) ,
Red Phoenix Consulting