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Credit Restoration A Better Understanding of Credit If you buy anything on credit today, you fall into the same group of most American consumers. Statistics show that 87% of all consumers have a damaged credit file. What is simply inexcusable is that 70% have some type of inaccurate, incomplete, or misleading information in their credit profile. Over 12 million people nationwide account for the unbankable population consumers consisting of: people with low income, young people, seniors, immigrants, and people with unfortunate situations. How many of you fit in this category? Take a moment to imagine on any given day you could purchase your Dream Home without worrying about qualifying for a mortgage. Financing for automobiles and boats could be readily available to you at low interest rates. You could also have piece of mind knowing that should an emergency arrive, you would have the resources to take of any given situation. For years, credit scores were veiled in secrecy -- a tool used mostly by mortgage companies and credit companies to make billions of financing decisions each year. Without the knowledge of what goes into the score, how can you as a consumer know what you need to do in order to improve your credit risk? However, thanks to pressure on the credit industry, the secrecy surrounding credit scores has lifted. Credit industry officials were depending on the misconception that the whole context of the scores would be too difficult for the average consumer to understand. We at World Entrepreneur's Network, Inc. understand that the credit reporting industry has been seriously underestimating the intelligence of consumers and their level of frustration. A poor credit score can ultimately cripple your ability to acquire a home loan. We understand that you as consumers are undoubtedly fed up!
This Beacon score, or as commonly referred to as FICO score, is provided to lenders by the three major credit reporting agencies: Equifax, Experian, and Trans Union. The scores range from a low of 300 to a high of 850, with eight hundred fifty representing ‘perfect credit’. A low credit score could cost you an excess of hundreds, thousands, and in some cases even tens of thousands of dollars in additional charges and fees. We have compiled relevant information to compare financing scenarios on the nominal auto and family home loans.
Thus, over a 3 to 6 period-year comparison, you can plainly see the ‘extra’ money you pay out for your needed vehicle.
Bad credit in auto financing is certainly one thing that can really hurt you, but it is nothing compared to the cost of bad credit when your home is taken into consideration. A typical home can cost between $50,000 and $130,000 more in interest if you purchase your home with bad credit.
Over a 15 to 30 year period comparison, again you can see the ‘extra’ money you pay out for your family home.
Who are These Agencies? A credit bureau collects and maintains information on the majority of Americans but are not affiliated with the government in any way. The credit bureaus are for-profit corporations. They sell your personal information for money. Just how much money? For example, Experian's annual sales exceeded a whopping $1.6 billion. Credit bureaus make their money by gathering your credit information from the landlord, bank, mortgage, or auto finance company, which lists your information in your credit file. Then the credit bureaus turn around and sell your credit file to other credit grantors who want to see your credit history before they decide to lend you money. Credit bureaus get your personal information from the same lenders who grant you credit through their agreements they have made that require the grantor to inform the credit bureau of every bit of information that exchanges between the credit grantor and you. A consumer report by the Federal Trade Commission shows that the Credit Reporting Industry was the #1 source of complaints that were filed by consumers in the United States. This out-ranks complaints concerning auto dealerships and collection agencies. Complaints about Credit Reporting Agencies increased more than 50% during 1990-1991. During this time period more than 400 million credit reports regarding 150 million consumers were sold to banks, stores, car dealers, landlords and potential employers. That's nearly 1 million incorrect credit reports shared on you as consumers in one day. In an attempt to respond to consumer complaints about the Credit Reporting Industry, The Fair Credit Reporting Act was endorsed to help protect you the consumer. The Fair Credit Reporting Act sums it up simply by stating, ‘unfair credit reporting methods undermine the public confidence’. On this we can all agree. The Act also forces Credit Reporting Agencies to treat you, the consumer, with fairness, impartiality, and ensures that your privacy is respected. The Act gives the guidelines to be followed by credit bureaus when constructing a credit file on you. This is where World Entrepreneur's Network, Inc. comes in.
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