In today’s tough economic times, where every person is being judged by his/her
number (credit score), having a good credit and credit score is more important
than ever before. You need to have a good credit just to rent an apartment, rent
a car, open a bank account, get auto and home insurance, get a job, buy a car or
obtain a home mortgage.
Just a few points on your score can be the difference between getting a home
loan, auto loan, or even a credit card.
Depending on your credit score you could be denied of getting a loan, would be
offered a good or normal rate, or would be offered a loan with higher than
normal rate and/or requiring more down payment, etc. Like most cases in finance,
those with the lowest risks get to pay the lowest rates.
Approximately 70% of Americans have some form of negative information on
their credit reports!
According to “The
2013 Consumer Financial Literacy Survey”
and “4Ways American are Financially Illiterate” by Wall Street Journal reported
in June 2013, we have the following statistics:
26% of American adults (about 61 million) do not pay all of their bills
7% of American adults (about 16.5 million) have debt in collection
37% of American adults (about 86 million people), carry credit card debt from
month to month
40% now give themselves a grade of C, D, or F on their knowledge of personal
14.2% of consumers fall into the 300 to 549 FICO score range. This is the lowest
score range that no lender gives loan to anybody for any purpose.
American adults failed the basic finance test.
The Federal Trade Commission’s February 2013 report shows that as many as 26% of
people have an error on their credit report.
60% have not reviewed their credit score within past 12 months
65% have not reviewed their credit report within past 12 months
National independent studies show that the average American lacks the knowledge,
skills and tools necessary to make the
decisions regarding financial matters
Educate yourself to manage your finance and your credit more effectively,
Know what is being reported in your credit file,
Know how to remove or correct obsolete and or inaccurate information from your
Know tips and tricks to build and improve your credit score,
Be aware of traps no to fall into,
Know your rights under the
Fair Credit Reporting Act.
Follow the list of DO’s and Don’ts under different situations
Do yourself a favor and save some money, too.
Don’t pay fees to “repair” your credit history.
Do It Yourself: Obtain a copy of this book, “Credit Score: Tips and Tricks on
how to improve your credit score” and start improving your credit score free.
To order your book click
Unfortunately, it is becoming increasingly common for information in the credit
reports to be considered in employment decisions, approving loans, auto and home
insurance, getting credit cards, etc.
Credit reports and scores play a major role in determining for which mortgage
product or loan you will qualify, and to which rate you will be assigned by your
This book was designed to help consumers understand what a credit report and a
credit score is, how to establish or re-establish a good credit history, manage
their credit reports and provides tips and tricks on how to improve their credit
In summary, this book provides answers to the following questions.
What is a credit report?
What is a credit score?
What is a FICO score?
Who are the major credit reporting agencies in U.S?
Why credit scores are so important?
What is a credit reports made up?
What is a credit scores made up?
How can I improve my credit score?
How much a slightly bad credit score cost me?
How much an increase of 1% in interest rate cost me?
Are there other credit scoring companies?
How do I access my credit reports and credit scores?
How can I establish a good credit history?
How can I re-establish or improve my credit scores?
Where and who should I contact to correct an error in my credit report?
What types of credit are available?
What are my rights as a consumer?
This book also provides other useful information as follows:
List of Do’s and Don’ts before applying a loan
List of Do’s and Don’ts after applying and before closing a mortgage loan
List of Do’s and Don’ts after foreclosure, short-sale, bankruptcy, and other
Many examples of how to improve your credit scores, utilizing our tips and
Federal law: The Fair Credit Reporting Act (FCRA)
Federal law: The Fair and Accurate Credit Transaction Act (FACTA)
Federal law: Equal Credit Opportunity Act (Regulation B)
Federal law: Fair Debt Collection Practices Act
Texas Fair Debt Collection Practices Act