This is a question that we get a lot. The truth is, you have to put yourself in the lenders seat. You have to look at your report as it is, without personal feelings. Think about your report as another persons report.

This person has credit scores of 692, 702 and 679. These are pretty decent scores and are above 45% of the US. Are you a lender that goes strictly on scores, or, are you a lender that doesn’t care about scores and only looks at the information on the report? Are you a lender that takes the information and the score in account when making a decision?

Consumers can have a high credit score while the information on the report is a wreck. How is this possible? It is possible by the wonderful algorithm of the scoring model. Did you know it is possible to have a bankruptcy, 1 credit card and 1 collection and still be in the mid six hundreds? It blows our mind too!

How would you feel about lending that person 250K? Would you feel comfortable lending this person that amount of money? Or, are you looking at the consumer with the intent of them NOT being able to pay and you loan them the money anyway? This could allow you to claim a profit and loss at the end of the year when they default. You get your money back anyway and the consumer’s life is a wreck. Is this ethical? Decisions are made everyday based on the consumer’s ability to default.

Do you want to be “that consumer” that the bank says, “Hey, they have a HUGE possibility of defaulting, let’s give them the loan, and we can make up our loss at the end of the year”? “We will approve them with a 13% interest rate, but they don’t care, they are just happy to be in a house”. I guess it’s all about how bad you want that loan!

Credit report information is very important and remember that your score is based on the information. You have to make sure your credit report information is correct.

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H & I Credit Solutions

When you are looking for a new career what is the first thing you do. If you are like many, the first thing you do is evaluate, audit and analyze your employment resume. Why do you do this? You do this in order to stand out from your competition.
Why is this important? It’s important because you want to make sure you have eliminated all obstacles that would prevent you from obtaining an interview.

What is in your employment resume? You advertise your experience, your skills, your employment longevity and references.

Your Financial Resume must do the exact same. You must advertise your financial experience, your skill and ability to pay on time, your financial longevity and your positive accounts will reflect your references. You must take this into consideration before you jump into another commitment. Employers do not hire employees first and then evaluate your history. You do not get the job first then submit your resume to human resources. The exact same can be said when you are looking for a loan officer to approve you for a loan and extend your credit.

Football players must prove themselves of their skill and capabilities before the NFL will sign them a multi-million dollar contract. You don’t become a doctor first then go to school to prove yourself. Would you want a student dentist to provide you dental service, or would you want an experienced dentist with a proven and positive track record?

Everything takes time and your credit worthiness is no exception. While you can correct inaccuracies in your credit report and force the law on creditors and collection companies, you cannot dismiss your financial resume.

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H & I Credit Solutions

Performing your own credit check is a great way to see how you stand out among other consumers & their credit reports. In our experience, the average credit score in today’s economy is between 500 to 600. While it is very important to prepare for your future and write down your goals you may have, it may be hard to attain those goals if you have a bad credit report, or better yet, no credit at all. We have helped clients perform credit correction on their own and provide the necessary education for them to take action.

Scheduling a regular credit check is also important because Identity theft is such a huge factor today. Let’s face it, it is very scary to think someone could be stealing your identity, so how do you know if someone is stealing something if you never check it? Also, when you look at your credit report it is very important to look at how many name variations you have. In many cases consumers will have an average of five (5) different variations of their name listed on their credit report. One can only imagine the possibilities of credit files being merged together!

Take action on your future and check your credit report regularly. Get into a routine of checking your credit report weekly, bi-weekly, or monthly. With the lack of people that check their credit on a regular basis, checking your credit is more important than you think.

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H & I Credit Solutions

Credit dictates a lot of things that affect our lives, including our job and home life. It is important to know how and when credit is used. It is imperative that we prepare for the future and prepare our credit report when we are in the market for a new house or apartment, job, insurance and even when trying to open up utilities for where we live.

Child support – Child support agencies can check the credit history and child support payment records of delinquent parents. The inquiry will not appear on your credit report and will not damage your credit score. Child support non-payment is reported by these agencies to the credit bureaus. If you don’t pay then that can severely damage credit scores.

Checking accounts – Banks will not check your credit report during the checking or savings account application process. However, most banks will review your Chex Systems report before giving you a new account. This type of report is not based on your credit file, but it will include records of bounced checks or other banking negatives.

Cell phones – Cell phone companies will check your credit score before deciding to accept you as a customer. People with credit issues may be asked to put down a huge down payment or pay extra for a service contract. Some contracts give them the right that allows the company to review your credit at any point. Be aware that a cell phone application inquiry will appear on your credit report and can lower your credit score.

Auto Loans – Your credit score influences auto loan rates available to you. Most auto lenders do not fully review your credit reports and financial history; instead, they rely on your score and some basic application data. If you have a high credit score (lets say 750+), you will receive the best loan deals available. However, even people with major credit issues can usually be approved for an auto loan, though at very high rates. The best auto loan rates are granted from online lenders and credit unions, not auto dealerships.

Apartments – Your credit report is often pulled by a landlord or rental agency as part of the review process. These people are mostly looking for major negatives on your credit report. They will also check that the name, address, and employer on your report match what you put on your application. You could be denied an apartment required to pay higher rent. You could also be forced to put down a larger deposit or use a co-signer because of the information on your credit report. Inquiries from rental applications do not damage your credit score.

Employers – Employers must get written permission before they can review an applicant’s credit report. Usually employers review your credit report for major negative records or discrepancies. If an employer decides to take “adverse action” based on the information on your report, they must notify you first and provide you with a copy of your credit report. Employers can also check the credit reports of existing employees, as long as they previously disclosed that they may take such action. When an employer checks your credit report it does not negatively affect your credit score.

Utility Accounts – Electricity, cable, and other utility companies may check your credit report with your permission when determining your rates. People with credit issues could be required to put down a deposit, or add a co-signer, or pay higher rates for their utilities. In states with community property laws such as Arizona, California, and Texas the utility company may even check your spouse’s credit history as part of its evaluation. Inquiries from utility applications do not harm your credit score.

Insurance – Home and auto insurers commonly use credit information along with your application data in determining rates and terms. In fact, more than 95% of auto insurance companies now use credit data. The reports and scores used by the insurance industry are slightly different from what is used by creditors and lenders, but your basic data and standing should all be the same. After asking for your permission, the insurer will pull your credit data to calculate your “insurance risk score.” The higher your score, the better your insurance rates may be. This credit inquiry will appear on your credit report but does not harm your credit score.

– Mortgage lenders usually review all three of your credit reports and credit scores as part of the application process. In order to receive standard mortgage interest rates, your credit scores should be above the 700 range. Mortgage applications will appear on your credit reports and can lower your credit score. However, you do have 30 days to shop around and even though you have had your credit report pulled from 50 different lenders it will only count as one pull.

Empower – Educate – Take Action

H & I Credit Solutions

So many people struggle with taking that step in correcting their credit profile. Let me ask you something. Have you ever received a speeding ticket? Have you ever been in a situation at work where someone blamed you for something, when in fact you followed the rules? How many people enjoy getting the short end of the stick? Do you settle for less sometimes? What if there was a way that we can help you and use the law to your advantage? How would you like that?

We do it everyday for our clients. We force the law on the collectors and creditors. We force them to prove that they have followed the law to the exact T! We make sure they follow every single piece of the law in order to protect your credit worthiness.

Let me ask you this. Since you are reading this you have already made it half way to restoring your credit profile and getting your life back. You are almost there. Think about what you would do if you had better credit. Think about how many more options you would have. Do not limit yourself and don’t just deal with it. Don’t be embarrassed, the only time you should think twice is if you close this window and don’t look back. We are here to help. Let us force the law on your credit report.

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Empower – Educate – Take Action

H & I Credit Solutions