Understanding and Repairing Credit: Make the Deal Work!
Develop a better understanding of credit, its impacts, and how to repair a buyer’s score.
About the Course
On the Schedule:
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.
Course Content
Timeline
Course outlines
10 min.
Introduction:
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.
Learning Objectives
SECTION 1 Credit Scores
110 min.
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
50 min.
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
Fraud Alert:
- Effectiveness of placing a fraud alert and the impact on a credit
- Types of fraud alerts
- How to place an alert
Credit Freezes
- Security Freeze notice and timing
- Steps for freezing credit
- Temporary lift of security freeze
BREAK (10 min)
SECTION 3 Repairing Credit Score
70 min.
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
Sample Letters
Survey
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