ELEVEN QUESTIONS TO ASK BEFORE YOU HIRE SOMEONE TO FIX YOUR BUSINESS OR PERSONAL CREDIT
1. WHAT DOES FICO STAND FOR?
ANSWER: Fair Isaac Corporation formerly known as Fair Isaac Company. In the year 2000 this country switched from the old credit system to the new FICO credit scoring system. 99% of all credit repair companies, industry professionals and lawyers still use old credit system techniques in a FICO environment because they do not understand the FICO system.
2. WHAT IS THE FORMULA FOR PERFECT CREDIT & WHO INVENTED IT?
ANSWER: In the year 2001 Dr. Michael C. Grayson invented the formula for perfect credit. If you master it you will always have perfect credit (700-990 credit score):
i. Payment History = 35% = Zero Derogatory Credit(ZDC)
ii. Amounts Owed = 40% = 2-6 Major Revolving accounts (MR)@ 1-35% Utilization
iii. Inquiries = 10% where, I>20 = -5, where, F < 6
iv. Mix of Credit = 10% = 3I + 2MR, where I= 3 x R
v. Length of Credit History = 5% where, 6mos < L < 4 years
3. IS IT POSSIBLE TO ELIMINATE DEBT WITHOUT PAYMENT, SETTLEMENT, BANKRUPTCY, CONSUMER CREDIT COUNSELING, OR DEBT CONSOLIDATION?
ANSWER: Yes, using debt filtration. Debt filtration is a system of 48 government laws and programs that help you to eliminate or greatly reduce your debt while simultaneously cleaning your credit using Cancelation and Forgiveness.
4. HOW LONG SHOULD IT TAKE TO RESTORE MY CREDIT?
ANSWER: On average you should have significant improvement in 90 days or less, comprehensive restoration in 3-6 months and thereby achieving perfect credit in under 12 months.
5. HOW WILL YOU INCREASE MY CREDIT SCORE?
ANSWER: The only way to increase credit score is by using a FICO based algorithm. The FICO system uses complex algorithms to compute your score therefore, it takes an algorithm to beat an algorithm.
6. IS IT POSSIBLE TO ELIMINATE ACCURATE NEGATIVE CREDIT INFORMATION LEGALLY AND PERMANENTLY?
ANSWER: Yes, by using the proper debt filter, settlement or a legal remedy.
7. WHAT SCORE DO I NEED TO DO BUSINESS WITH THE GOVERNMENT? WHAT SCORE DO I NEED TO BORROW MONEY? WHAT SCORE DO I NEED TO BUY A HOUSE?
ANSWER: 680, 720, 620
8. WHAT IS A PAYDEX SCORE?
ANSWER: Paydex is a term used by Dun and Bradstreet, for a numerical score granted to businesses as a credit score for the promptness of their payments to creditors. The Paydex Score is used for commercial organizations in a manner similar to the way the FICO score is used for individuals.
9. WHAT ARE THE STEPS NECESSARY TO BUILDING THE PERFECT BUSINESS CREDIT SCORE?
Step 1: Open a Corporation
Step 2: Prepare a Proper Business Image- Letterhead, Logo – And Make Sure Your Business Phone Is Answered In a Business Manner and is listed in the business name.
Step 3: Get A Line With 411 As A Business Entity (Not A Personal Phone Line. This Costs A Little More, But It Is Well Worth It!)
Step 4: Register a commercial address for your business
Step 5: Open 6 – 10 Vendor or Net 30 accounts. Once These Vendors Ship Your Items, Pay Them Immediately, Before The Bills Come Due, To Keep Your Window From Billing To Payment As Small As Possible, Preferably under 21 Days. This Will Ensure Your Paydex Score Is As High As Possible.
Step 6: Within Four Weeks, Sign up for the credit builder program with Dunn & Bradstreet.
Step 7: Drink a toast and Apply for appropriate tiers of credit.
10. IS IT POSSIBLE TO CLEAN BUSINESS CREDIT?
ANSWER: No, not in the traditional sense. The laws that govern consumer credit does not cover business credit. Restoring your business credit is much more difficult than restoring your personal credit.
11. SHOULD I PUT A BLOCK ON MY CREDIT AND WHAT STEPS SHOULD I TAKE TO AVOID BECOMING A VICTIM OF THE EQUIFAX BREACH?
ANSWER: No, placing a block on your credit does not guarantee that you will not become a victim of identity theft. Putting a block on your credit does make it difficult to get access to credit. Your primary concern should be to avoid any negative side effects from any theft and this can be done with Credit Insurance.