This presentation is on Credit Reporting 101: What is a credit report and what is in it? What is a credit score and how can I improve it? Where can I get a credit credit report? Do errors happen?

1. Presenter:
ROCHELLE N. BELNAP,
Attorney at Law
November 2013

2. WHAT IS BELNAP & FORBES, PLLC?
We are a consumer advocacy law firm in Tempe, AZ.
We practice in consumer debt & credit issues like:
•
Debt Settlement
•
Targeted Credit Repair, Restoration & Enhancement
•
Credit Counseling
•
FCRA & FDCPA Litigation
We are attorneys but we want:
•
To change the way you think about attorneys;
•
To make complicated things, simple;
•
To be efficient and cost-effective.
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

3. WHAT YOU SHOULD KNOW ABOUT BELNAP & FORBES
Who are we?
Rochelle Belnap & Chris Forbes
What we do?
We both practice in consumer debt and credit
issues
Where did we meet?
We met in law school and have been best
friends ever since.
When did we start our practice?
In February 2012
Why and How did we get into this area of
law?
The $50,000 Mistake
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

4. TODAY’S TOPICS
•
•
What information is on a credit report?
•
Where does a credit report come from ?
•
Where can I get a credit report (for free)?
•
What is the big deal with Credit Scores?
•
The High Cost of Bad Credit
•
What Matters to Your Credit Score?
•
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
What is a consumer credit report?
Where is the law in Credit Reporting?
WWW.BELNAPFORBES.COM

5. WHAT IS A CONSUMER CREDIT REPORT?
Different types of credit reports that serve
different purposes:
•
Business transactions like loans, credit cards;
or
•
Personal transactions like check cashing,
opening a bank account, and renting or
leasing real estate.
What is a credit report?
A compilation of financial and personal
information about an individual provided to an
entity for the purpose of evaluating the
individual’s risk of default aka “credit worthiness”
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

6. WHAT INFORMATION IS ON A CREDIT REPORT?
Personal Information
•
Name(s)
•
Addresses
•
Date of Birth
•
Social Security Number
•
Place of Employment
•
Income
Make sure this is correct to protect you
against Identity Theft & Mixed File Issues!
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

7. WHAT INFORMATION IS ON A CREDIT REPORT?
Current & Past Financial Liability
aka Trade Lines, Accounts, etc.
•
Credit Cards
•
Mortgages
•
Car loans
•
Student Loans
•
Lines of Credit
What is usually not reported
•
Collection accounts
•
Leases for real estate
•
Utilities
•
Debit cards
•
Phone Bills
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

8. WHAT INFORMATION IS ON A CREDIT REPORT?
Public Records
•
Judgments
•
Bankruptcy Filings
•
Tax Liens
It is important to make sure
this information is yours, and
that you resolve the
underlying financial liability.
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

9. WHAT INFORMATION IS ON A CREDIT REPORT?
Credit Inquires
Soft Pulls = Don’t hurt your credit
• When you pull your credit
• Account Reviews
• Promotional Inquiries
Hard Pulls = Can hurt your credit
• When you apply for credit
How long? 2 years
How much? It depends
The shopping rule
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

10. WHAT INFORMATION IS ON A CREDIT REPORT?
Credit Scores!
More on that later!
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

11. WHERE DOES A CREDIT REPORT COME FROM?
Credit Vendors
Get information from the Credit bureaus
and sell credit reports
• Equifax, Experian, Transunion
• Others like CBC Innovis
Data Furnishers aka Subscribers
Report information about you to the
Credit Bureaus
• Creditors
• Debt Collectors
• other Data Basis (like Lexis Nexis
for Public Records)
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
Credit Bureaus
Compile data about you from
Data Furnishers
• Equifax
• Experian
• Transunion
WWW.BELNAPFORBES.COM

12. WHERE CAN I GET A CREDIT REPORT?
Many companies will sell you a credit report
but…
•
Watch out for monthly credit monitoring fees
•
When companies advertise as “free”
The Law
People are entitled to a FREE copy of their credit
report, annually, from all 3 credit bureaus
through www.annualcreditreport.com
Probably not FICO scores.
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

13. CREDIT SCORES: FICO V. FAKO
How low and how high can my credit score be?
It depends on the type of score and who you are
getting it from.
FAKO Scores
FICO Scores
Transunion 501 to 990
300 to 850
Equifax 280 to 850
680+ Good
Experian 395 to 858
750+ Awesome
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
Source:
http://www.myfico.com/credit
education/whatsinyourscore.a
spx
WWW.BELNAPFORBES.COM

14. WHY DO CREDIT SCORES MATTER?
The High Cost of Bad Credit
•
Higher Security Deposits
•
Higher Interest Rates
•
Higher Down Payments
•
Denied Financing
•
May fail Security Checks
•
Denied a job or a promotion or even fired
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

15. WHAT MATTERS TO YOUR CREDIT SCORE?
No credit can be bad credit!
What hurts your credit?
Types of Credit
•
Closing accounts
•
Revolving (Credit Cards)
•
Inactive accounts
•
Installment (Loans)
•
Maxing out accounts
•
Mortgages
•
Collection Account
Payment History
•
Public Records
•
Pretty much everything, lol.
•
Pay your bills on time!
Length of Payment History Matters
•
Keep your oldest accounts
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

16. WHY IS A LAW FIRM TALKING ABOUT CREDIT?
The Law is EVERYWHERE!!!
We help people when they have bad credit, need to improve their credit, or they have
errors on their credit report. Why?
•
Every account on your credit report is governed by multiple bodies of state and
federal law! Examples: Credit Cards, Cars, Mortgages, Vehicle Repossessions
•
Errors Happen: 40 Million Mistakes + The $50k mistake
•
Errors are hard to fix: 60 Minutes
•
People don’t know enough about credit reporting so we want to educate.
Belnap & Forbes, PLLC
700 E. Baseline Rd. Ste. C-3
Tempe, AZ 85283
(480) 907-6088
attorney@belnapforbes.com
WWW.BELNAPFORBES.COM

17. Special Offer:
Have credit reporting problems? Want help? Free
Consult + 10% off our legal services if you complete
your consultation by November 22, 2013.
Schedule Now.
Presenter:
ROCHELLE N. BELNAP,
Attorney at Law
Happy Hour & Workshop!
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November 2013
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Coming Soon:
Introducing our DIY Credit
Repair Kit to give you the best
shot without hiring us. On sale
November 18, 2013.