Credit Repair 101Credit Repair 101

The Basics of Credit The Basics of Credit RestorationRestoration

presented by Ascendant Equitypresented by Ascendant Equity

February 9, 2010February 9, 2010

Why Credit Restoration?Debt SettlementDebt ConsolidationConsumer Credit CounselingBankruptcy

Ascendant Equity

The System Needs Repair And The System Needs Repair And

ReformReformAccording to a US PIRG Study:According to a US PIRG Study:

80% Of All Credit Reports contain errors (8 out of 80% Of All Credit Reports contain errors (8 out of 10)10)

1 in 4 contain errors critical enough to cause 1 in 4 contain errors critical enough to cause denial of credit.denial of credit.

20% were missing major credit, loan, mortgage, 20% were missing major credit, loan, mortgage, or other consumer accounts that would or other consumer accounts that would demonstrate positive creditworthiness of the demonstrate positive creditworthiness of the consumerconsumer

Ascendant Equity

The Credit Industry The Credit Industry And YouAnd You

Equifax – $1.5 BillionEquifax – $1.5 Billion

TransUnion – ????TransUnion – ????

Experian – $3.4 BillionExperian – $3.4 Billion

Ascendant Equity

HOW YOU ARE IDENTIFIED BY HOW YOU ARE IDENTIFIED BY THE CREDIT INDUSTRYTHE CREDIT INDUSTRY

Consumers identified in Consumers identified in three ways:three ways:

NameName

Social Security Social Security NumberNumber

Credit ScoreCredit Score

Ascendant Equity

How Do I Restore My Credit???How Do I Restore My Credit???The credit industryThe credit industry

Credit scoring systemCredit scoring system

Laws related to credit repairLaws related to credit repair

Ascendant Equity

How Your FICO Score Is Calculated

35%

30%

15%

10%

10%

PaymentHistory

AmountsOwed

Length ofCreditHistory

New Credit

Types ofCredit

Ascendant Equity

Laws Related to Credit RepairLaws Related to Credit RepairFCRA - Fair Credit Reporting ActFCRA - Fair Credit Reporting Act

FACTA - Fair and Accurate Credit Transactions ActFACTA - Fair and Accurate Credit Transactions Act

FDCPA - Fair Debt Collections Practices ActFDCPA - Fair Debt Collections Practices Act

FCBA – Fair Credit Billing ActFCBA – Fair Credit Billing Act

Ascendant Equity

What’s Your Motivation?What’s Your Motivation?

Ascendant Equity

Credit Restoration-step by stepCredit Restoration-step by step

Make a decision to create no new Make a decision to create no new negative debtnegative debt

Get all 3 copies of credit reportsGet all 3 copies of credit reports

Get your FICO Score!Get your FICO Score!

Carefully examine the reports for Carefully examine the reports for errorserrors

Dispute erroneous informationDispute erroneous information

Ascendant Equity

Credit Repair 101Credit Repair 101

Q & AQ & A

Ascendant Equity