FICO can drop your Score 50 – 100 Points Quick.

Today’s episode has to do with a term that you hear around credit repair and credit reports. The term is called slow pay. Slow pay has to do with the habit of being late with your creditors. Not just once out of the blue moon, but Chronically.



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Credit Reports: A Quick Overview

Hopefully this is not to be overly redundant but in order to make each one of these episodes Stand-alone I want just do a quick overview of credit reports in the event that there some newbie out there that is to me and for the first time.

A credit report is simply a history of all of your credit as compiled by what’s known as the big three which are Experian, Trans Union, and Equifax. what I teach my students in my Credit Repair Course or when I speak at seminars is that it’s a history of your financial habits. Typically, the information contained in the credit report normally includes basic info about you and your debts, your credit capacity, and your credit worthiness.

Credit reports are closed-loop. What that means is the credit reporting agencies prepare the credit reports based on information they get from the creditors who are providing that information so that they as creditors can essentially compare notes with one another to see if you are somebody they are willing to take a risk on when the loan money.

Now what about to say next is going to be controversial, and my pissed some of you guys off.  Although it does not specifically deal with your character and general reputation or personal characteristics, Lenders know generally speaking that the way a person does their money is basically the way that the person does their life. Now I’m not talking about the person who has a one time event like a sickness or accident or death in the family or a loss of job or divorce. I’m talking about people who are habitually late with their creditors.