Develop a better understanding of credit, its impacts, and how to repair a buyer’s score. In this course, you’ll first take a look at the fundamentals of score calculation, loan-level price adjustments, impacts of Covid-19 and more.
Next, we’ll explore Identity Theft and Fraud. You’ll learn how to take protective measures against identity theft, credit freezes, and impacts of such measures on credit. Finally, we’ll delve into repairing a buyer’s credit score. Discover the laws that protect borrowers’ rights, how to run credit simulations, the best kept secrets of repairing credit, and more.
Upon the conclusion of this course, you’ll have a complete picture of credit that can help better your understanding of your client’s credit, it’s impacts, and how you can make the deal work.
This course will be taught in-person at NAMAR on November 9th.
The instructor will facilitate and encourage the class to get to know each other, foster a sense of community in the class, and help students learn from each other. To get us started, please tell us your name, and your professional interest in this course.
SECTION 1 Credit Scores
Credit Score and FICO® Score
- What is credit score and how it is calculated?
- FICO® score and its variations based on scoring model and lender
- Who may request my credit report?
- The big three: Equifax, Experian, TransUnion
Credit score breakdown & score ranging
Credit tips: High achiever characteristics
Managing credit and FICO® scores responsibly
Higher FICO score saves your money
Lates related to Covid 19
Credit scoring industry leaders: Tri-Bureau vs. Bureau-Specific Models
Loan-level Pricing Adjustment (LLPA)
Free credit report. Ways to get FICO® scores.
Credit report: how to read and understand it?
BREAK (10 min)
SECTION 2 Identity Theft and Fraud
Identity theft and identity fraud
- Methods used by identity thieves to get hold personal information
- COVID 19 related scams for identity theft
- Measures to be taken to avoid becoming a victim of identity fraud
Fraud Alert & Credit Freeze as effective tools against identity theft
- Effectiveness of placing a fraud alert and the impact on a credit
- Types of fraud alerts
- How to place an alert
- Security Freeze notice and timing
- Steps for freezing credit
- Temporary lift of security freeze
BREAK (10 min)
SECTION 3 Repairing Credit Score
Federal laws protecting borrowers’ rights
- Fair Credit Reporting Act (FCRA) of 1970
- Fair and Accurate Credit Transactions Act of 2003
Strategies & tools available: What-If Simulator, Wayfinder
Basic process for repairing credit
Mistakes in credit repair
The best kept secrets of credit repair
Technics and methods for repairing credit report
This course provides an overview and analysis of Federal and Georgia laws, statutes, regulations, and rules.
Learn about the mortgage industry, and the latest developments in the world of private lending.