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Build Credit. Build Assets

Build Credit. Build Assets. Justine PETERSEN Credit Building as Asset Building. What is Credit Building?. X Credit Repair - help individuals remove information on the credit report they know to be true

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Build Credit. Build Assets

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  1. Build Credit. Build Assets Justine PETERSEN Credit Building as Asset Building

  2. What is Credit Building? XCredit Repair - help individuals remove information on the credit report they know to be true ? Credit Counseling - created to offer “debt management plans” as bankruptcy alternative ! Credit Education - general educational information around credit through websites, workshops, etc. ! Credit Building - asset building products and services to help people create or improve their credit *Source: Credit Builders Alliance

  3. Credit Is An Asset • A credit report is your financial resume • Credit scores provide: • access to mainstream financing • lower interest rates • safer products • less vulnerability to predatory lenders • access to rental housing, employment, insurance, etc

  4. Example of how credit saves consumers money: • $10,000 auto loan, 5 year term

  5. Who May Review Your Credit Report • Employer • Rental Landlord • Auto and home purchase lender • Car insurance agencies • Credit Card companies and other lenders • Banks when opening accounts

  6. How can I get my credit report? • From the credit bureaus Or FREE from: • www.annualcreditreport.com • You can also access additional credit reports if: • You are unemployed and tend to file for employment in the next 60 days • Are on public welfare • You believe your file contains inaccurate information due to fraud

  7. What is a Credit Score? • FICO vs. Vantage Score • FICO 300-850 • Vantage 501-990 • A mathematical model and a risk assessment of your ability to REPAY.

  8. How to Increase YourCredit Score“Get the Good Stuff Going!” • Have 3 lines of credit reporting on your credit report • Pay on time!!!!! • Amount of debt compared to your credit limit should be below 30% • Length of time you that you have had a relationship with a creditor. • Have a mix of types of credit – revolving and installment

  9. Disputing inaccurate infoon your credit report • No need to pay someone to dispute info • Write a letter to the credit bureaus • Include any receipts or letters supporting your position • The credit bureaus have 30 days to respond • 100 word statement if dispute is not resolved.

  10. Delve out of Debt • Take responsibility for past actions • Save to negotiate and pay old debt • EITC • NEGOTIATE with Collection Agencies • Negotiate with collection agencies to pay 30-40% of your debt off in one lump sum! • Payment plan – YES or NO??

  11. Any Questions about Credit? Galen Gondolfi Chief Communications Officer 1023 N Grand St. Louis, MO 63106 ggondolfi@justinepetersen.org W: 314-533-2411 x 132 C: 314-565-2223

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