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2013

Credit News is a monthly newsletter from your friends at Elite Credit Care Dear Friend, We hope you enjoy this months newsletter. It is a great time to spend outdoors with your family! Respectfully, Attila Thiry

Credit News
The Newsletter Thats Both Informative and Fun!

Volume 1, Issue 19

Visit us on the web... www.Elite CreditCare.com | (877) 604-4489

Contact Us Now To Get A Free Consultation! (Valued at $200) | 1-877-604-4489 Answers to the trivia:
9: Her firstborn child. 7: A troll. 10: German. 3: Red Rose. 6: Breadcrumbs. 4: 100 years. 8: Hans Christian Andersen. 2: A harp. 5: Snow White and the Seven Dwarf. 1: Biddy. continued from page 1 Those numbers are staggeringly high and in sharp contrast to a 2011 study that suggested less than 1 percent of credit files contained material errors. The 2011 study, which was performed by an organization called the Policy and Economic Research Counsel (or, PERC), was not really taken seriously by anyone other than the credit reporting agencies or their trade association. PERC is funded by the credit reporting industry and the study was fully funded and facilitated by the credit reporting agencies. In all fairness to the credit reporting industry, the FTC study results were also considerably better for the industry than the results of a 2004 study performed by the U.S Public Interest Research Group (or, PIRG). That study suggested that some 70 percent to 80 percent of credit reports contained errors. Again, not many people outside of the consumer advocate crowd took those results seriously. PIRG is a consumer advocacy group and objects to basically anything the credit bureaus do. Most intellectually honest industry observers recognize that credit files do have some sort of error rate but that the rate was not as high as the PIRG study suggested and certainly not as low as the PERC study suggested. Still, the FTC study results and their subsequent portrayal on 60 Minutes sent shockwaves through the financial media. The reason for the variable error rate was that the FTC has a moving target for the definition of error. An error could have been as major as incorrect delinquencies. It could have also been as meaningless as having an incorrectly spelled former address. What this study means is that consumers need to do a better job knowing whats on their credit files. The credit reporting agencies have no obligation to correct an error if the consumer doesnt notify them about the error. And, frankly, how would the bureaus know someone is incorrect if the consumer didnt raise their hands and file disputes? When you couple the error rate with the fact that about 50% of the scoreable credit files have FICO scores below 700 it starts to paint a picture. The picture could be that more consumers need help getting negative information either removed or counterbalanced. That would suggest a still fertile market for credit repair organizations and their services. Some other statistics of interest from the FTC study can be taken with a glass half something perspective. If 2.2 percent of consumers saw their scores increase by at least 25 points when corrected, that means 97.8 percent of consumers whose files were corrected saw score increased of less than 25 points. That movement can be meaningful or meaningless, depending on where the consumers score was to begin with. Point being, taking a score from 550 to 558 is meaningless while taking a score from 615 to 640 is extremely meaningful. 6.6 percent of the reports in the FTC study resulted in some sort of score increase when corrected. That means 93.4 percent of credit files, when corrected, saw no score increase at all, a result that seems favorable to the industry at first glance. However, for a consumer who falls in the 6.6 percent group the FTC study results are meaningless. Were all one consumer and whether the credit file error rate is 80 percent, or 1 percent or 2.2 percent, its academic especially if were one of the people who do have an error that has cost us some sort of credit benefit.

Federal Trade Commission Report Identifies Shocking Number of Erroneous Credit Files
By AttilaThiry CBSs 60 Minutes. As you can imagine, if 60 Minutes is involved the story must be shocking. The coverage suggested an out of control credit In 2003 the Fair Credit Reporting Act was reporting industry with secret credit files sold amended by what most credit professionals to lenders which consumers cannot access and have called FACTA or the FACT Act. disputes processed overseas by workers who FACTA is well known for its requirement that dont have the ability to make judgment calls the credit reporting agencies provide one free over the validity of the consumers disputes. copy of your credit report to you once every The results of the FTC study are a little twelve months, at your request. One lessor like Baskin Robbins and their 31 flavors known provision of FACTA, until recently, there was a little for everyone. The study was a requirement placed upon the Federal results showed that between 10% and 21% Trade Commission (hereafter, FTC) that of consumers have confirmed errors on they perform a credit file accuracy study. their credit files. Confirmed errors are actual In December 2012 the FTC completed mistakes rather than simply an alleged error their long awaited credit file accuracy study, where the consumer suggests something is which was profiled in a February edition of incorrect but the error is never validated. The study, which was 370 pages long, also suggested that only about 2.2% of consumers had an error that when corrected resulted in an increase in their credit score of at least 25 points. Each of the credit bureaus maintains around 200 million credit files. That means between 20 million and 42 million files contain some form of confirmed error. And, if you multiple that by three nationally recognized credit bureaus (Equifax, Experian, and TransUnion) you get between 60 million and 126 million erroneous credit files in circulation. Further, if you take into account the 4th credit bureau, Innovis Data Solutions, you have to increase the error volume to between 80 million and 168 million credit files.
Continued on back page

Also in this issue

This Month in History pg 2 Internet Tidbit: AwkwardFamilyPhotos.com pg 2 By The Numbers: Taxes pg 3 Quotes to Live By pg 3 Quotes to Laugh By pg 3

Dear Friend, Your new issue has arrived!

We hope you enjoy this months newsletter. Check out for the EXCLUSIVE content that we have put together just for YOU! Also visit us at: www.EliteCreditCare.com

This Month in History:

April 14, 1828 The first dictionary of American English was published by Noah Webster as the American Dictionary of the English Language. April 17, 1970 The U.S. lunar spacecraft, Apollo 13, safely returned to Earth after suffering a serious malfunction on its way to the moon. April 28, 1947 A six-man expedition sailed from Peru to Polynesia on a balsa wood raft named the Kon-Tiki, taking 101 days to cross the Pacific Ocean. April 30, 1789 George Washington became the first U.S. President.

Dear Friend,
Dear Friend, Why Arent Credit Scores Free? Its fairly common knowledge that everyone in the United States is entitled to one free copy of their credit reports every twelve months from each of the credit reporting agencies. And, depending on where you live, state law might entitle you for additional free credit reports. While its not hard to get a copy of your free credit report, it isnt as simple getting your credit scores for free. Consumers often mistakenly assume that credit reports and credit scores are the same things. They further assume that all credit reports contain credit scores as a permanent component. Credit scores are actually not a part of your credit reports. They are, instead, an ancillary product sold as an option to your credit reports. Think of it this waycredit scores are to your credit reports as leather seats are to your car. Theyre an optional purchase where youd be required to pay an additional fee and dont come standard. In fact, if you were to look up the definition of a credit report in the Fair Credit Reporting Act, you wouldnt find one. Youd instead find a definition for a consumer report and the credit score is not part of the definition. There are, however, a few places where you can get free credit scores online, although none of them are FICO credit scores. CreditSesame.com gives away a free credit score based on Experian data called the Experian National Equivalency Score. CreditKarma.com gives away free credit scores based on TransUnion data. TransUnion gives away both your VantageScore credit score and a risk score built by TransUnion called TransRisk. All three of these free scores are, in fact, commercially available to lenders and are not the so called educational credit scores. The downside is that none of these are FICO scores. The upside is that theyre free and they are directionally accurate. This means if youve got good credit youll have good scores regardless of the score type. And, if youre in the improvement mode then youll be able to track your progress using these scores as you would if you had free access to your FICO scores. Can Items Not On My Credit Reports Influence My Scores? Credit bureau based risk models, what exactly does that mean? When we talk about credit scores, and we do frequently, its rare that we actually call them by that full and formal title. But its the full title that provides insight as to exactly what these tools are, how theyre used, and what they do and do not consider. Lets tackle this one piece by piece.
Credit Bureau Based Risk Model

Trivia Quiz: Fairy Tales

Youve heard the stories over and over, but how well do you remember the details of your childhood fairy tales? Test your storybook knowledge with this fun trivia quiz.
1. In the traditional story of Little Red Riding-Hood, what is the little girls real name? 2. Jack visits the home of the Giant and steals what kind of musical instrument? 3. In the Brothers Grimm story of Snow White, she had a sister. What was this sisters name? 4. How long did Sleeping Beauty sleep? 5. The first animated Disney movie was one based on a Brothers Grimm fairy tale. What was it? 6. What did Hansel and Gretel leave as a trail to find their way home from the wilderness? 7. In the tale of the Three Billy Goats Gruff, what was under the bridge that the goats must cross? 8. Who wrote The Little Mermaid? 9. What was the price Rumpelstiltskin demanded of the millers daughter to spin the straw into gold? 10. What nationality were the Grimm Brothers? Answers on back page

Internet Tidbit
If youve ever seen an old photo that made you cringe and then chuckle, you are not alone. You can find a hilarious collection of uncomfortable yet funny photos at the website AwkwardFamilyPhotos.com. Born in 2009, Awkward Family Photos features pictures from around the world. They all are ensured to make you laugh or at least to scratch your head. And if you happen to have an unusual photo of yourself or your family, you can submit it to the site to share with the world.

The fact that the scoring model is credit bureau based is an important distinction. You can install a scoring system anywhere but the fact that the model is installed or hung at a credit bureau limits the evaluation to credit bureau data. That means the scoring model cannot consider data external to a credit bureau file. For credit risk score that means things like criminal records, missing public records and tradelines, and wealth metrics like income and net worth are not considered.
Credit Bureau Based Risk Model

By The Numbers:
Taxes

Health & Wellness

Snacking your way to Health

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The fact that its a risk model defines the purpose of use. There are many types of scoring models sold to companies by a variety of organizations. They all fall into categories. For example, FICO and VantageScore score are credit risk scores. There are also models that would fall into the marketing category, such as revenue and credit card offer response models.
Credit Bureau Based Risk Model

By Attila Thiry

- Americans hire over one million accountants each year for tax help. - The number of pages in the tax code has increased 16,775 percent in the past century. - The error rate for a paper return is 21 percent, while the error rate for an e-file return is only half a percent. - New York City has the highest corporate income tax in the world. - A $100,000 earner takes home 10 percent less in New York City than in Texas. Source: IRS

When you put it all together you get a clear picture of exactly the product with which youre dealing. A credit bureau based risk model is a scoring system that ONLY considers data on your credit reports and is ONLY used for the purposes of assessing your risk of doing something punitive, such as going delinquent on a credit obligation, filing bankruptcy, or filing an insurance claim.

Too many snacks between meals are obviously not good for you. There is a way to use healthy snacks to build muscle and shed fat while making you feel better. A recent study found that having a high protein and carbohydrate snack after working out can help improve your overall well-being. The researchers looked at exercisers who were snacking

after a work-out. They gave these exercisers a 250-calorie shake with 24 grams of protein and 36 grams of carbs right after they did a strength training session. These people were followed for six months. At the end of the study session, those who drank the shake lost about four pounds more fat and added almost two pounds more lean muscle than those

who did not drink the shake after their work-outs. So what are the best postexercise snacks? Try a banana with peanut butter, a wedge of cheese and an apple, a couple of hard-boiled eggs and some dried fruit, or your favorite protein shake. For the most bang for your buck, try to eat your snack within 30 minutes.

Quotes to Live By:

- Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.

Quotes to Laugh By:

- Always end the name of your child with a vowel, so that when you yell the name will carry.

Bill Cosby

Calvin Coolidge 2 April 2013 | Elite Credit Care Elite Credit Care | April 2013 3