Successful business man and entrepreneur Donnell Bobo and his team are working very hard in the Saint Louis region not only to help people understand why it is imperative to have good financial health, but also to guide them to that path. The company has been around for 10 plus years, with Bobo being the founder. He is a self made man who prides himself in the excellence of his self and his team and the services they provide to consumers.
“We maintain the highest level of financial consulting and management when it comes to our services and technology we offer to our clients. Those services include but not limited to: tax planning & tax consultation, personal credit & debt issues, budgeting and budget planning, business development, investments, business opportunities, and overall financial health,” says Bobo who has been a part of the industry for over 10 years.
Credit repair has not been kind to the American consumer. In fact, the phrase is synopsis with fraud. This is the stigma we face as we offer a legitimate alternative to “credit prison.” Sometimes a nasty reputation of credit repair washes over and we are called upon to defend our service.
Our service is similar to that provided by a defense attorney. The credit report is no more than allegations. Unfortunately, most people never challenge these allegations. By retaining our services, our clients enter a plea of “not guilty”. It is then up to the credit bureaus to perform an investigation. If the bureau claims to have investigated the allegation, we appeal the decision and eventually most allegations are removed.
The credit bureaus do not concern themselves with the impact of any MISTAKES. Information is frequently inaccurate and does not represent the consumer. As a result, good creditworthy citizens are tagged as “deadbeats.”
The credit bureaus have not maintained accuracy in credit files. Third-party studies have shown that 96%, 576 million files, have errors regarding delinquencies; 20% of consumer are at risk for being misclassified for a sub-prime loan and; 29% contain errors serious enough to cause credit denial.
That is ridiculous! Sadly, the end loser is the consumer who does not take action to ensure his/her credit files are accurate.
UCS Industries mission is to educate about credit reporting, scoring and help the consumer fight back. We offer a legitimate service for clients looking to escape “credit prison” and enter the financial world again.
To learn how credit repair can help you close more loans visit: www.ucsconsumer.com If you have any question, please do not hesitate to contact us at 877.477.2011 – all matters will be discussed in confidentiality.
After the customer gets you a copy of their credit reports it is time to search through them and identify all the items that are affecting the credit score.
The following list will help you identify items affecting your customer’s credit score:
- Bankruptcy filing records (Filed, Discharged, or Dismissed)
- Included in Bankruptcy Items (included in BK)
- Charge-offs (paid and un-paid)
- Collections (paid and un-paid)
- Closed accounts with late payments (late payments affect the account up to 7 years after)
- Wage Earner Plan
- Judgments (civil, small claims)
- Late Payments
- Repossessions (legal, voluntary)
- Tax Liens (state or federal)
- Account Settled
NOTE: All the above annotations negatively affect the credit score and should be considered for dispute.
You can also use payment history codes to identify derogatory items:
R – Revolving (usually a credit card)
I – Installment (like mortgage or auto loan)
R2 or I2 = 30 days late
R3 or I3 = 60 days late
R4 or I4 = 90 days late
R5 or I5 = 120 days late
R7 or I7 = making regular payments under wage earner plan
R8 or I8 = repossession
R9 or I9 = charge off
Let’s take a brief look at how credit bureaus came into existence. Back in the good old days, if you applied for a loan, your credit file was ordered from the local credit bureau (all credit bureaus were local back than). A bookkeeper went in the back office, rummaged around for a bit and pulled out a paper file with the person’s name on it. Someone would look at the file and determine if they would offer you credit. If there was a questionable marking or error on the file, a simple phone call or visit to the office could clear the matter up.
Credit reporting agencies, historically referred to as credit bureaus, were first established by local retail stores and personal finance companies to share information on their customers. In 1906, the bureaus established a trade association called the Associated Credit Bureaus (ACB), to help facilitate the sharing of credit related information across the country. Apparently credit reporting was a hit because the membership of the ACB grew substantially, as did the number of people covered. However, as late as the 1960s, technological limitations restricted the coverage of even the largest credit bureaus to only a few cities.
Back then, credit bureaus would collect every bit of information they could about a person, including employment history, marital status, age, race, religion, testimonials, and any other information they could get their hands on. With all that information at their fingertips, discrimination was not uncommon.
A whole lot has changed since then. For one, laws prevent credit bureaus from discriminating or storing whatever they want. Second, the corporate titans have bought up all the local credit bureaus monopolized the business. Another change is the use of computers. Storing all those files in file folders in the back office and having a human review each file to make a lending decision became downright unmanageable. The advent of computers has allowed credit bureaus to maintain files on millions of people. Now, instead of having a person review each file, the computer uses a mathematical model and instantaneously spits out a number known as a credit score. The entire credit reporting system is now automated and lenders make credit decisions in minutes compared to what formerly took days or weeks.
The Fair Credit Reporting Act (FCRA) was passed to add accountability to the credit reporting process. Unfortunately, the FCRA did not fix credit reporting system’s problems.
It’s important to note that raising your FICO credit score is a bit like losing weight: It takes time and there is no quick fix. A good credit rating is invaluable. It will help you get more credit and open up financing options. But if over the years, you’ve got yourself in a credit slump, don’t worry we are helping you get back on track.
It may take a while, and you may find yourself on a credit diet, but if you’ve got the willpower and follow your coach’s advice, you can do it. UCS Industries will help you get your credit back into shape – when we are done your FICO will be turning heads!