Credit Report “How to” + Backstory: Explaining Your Negative Credit Score
February 18, 2011 by Dr. Joyce Starr
Filed under Car Loan Rights, Credit Repair Rights, Economic Rights, Mortgage Rights, Radio Shows 2011, Topics & Guests
RightsRadio.com: Credit Report + How to + Your Backstory: Most people assume that banks and auto lenders don’t care about your credit report “backstory” – reason(s) for your low score. My guest, credit report expert Joe Stallard, explains why and when they do. Show Date: February 17, 2011.
Joe shares a story about a client who lost several rental homes and cars due to a case of mistaken identity – but it’s definitely not what you think. Listen and enjoy.
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.
Interview highlights: How a good financial manager can use your credit history backstory to reverse an initial credit rejection.
“A really good financial manager – whether auto or mortgage – will typically be the person who pulls your credit file and examines it. The job of a good credit manager is to explore those issues with you.
Lazy Finance Manager
“A young man visited us at the car dealership. He had filed for bankruptcy, but we noticed that he had good credit two years prior to filing. He lost a couple of mortgages/houses to foreclosure and 3 vehicles were repossessed. We realized that there must have been an event. We told him that the banks need to know what happened to you – your story.
He said it was a case of mistaken identity.
“That piqued our interest. We said, ‘What do you mean by mistaken identity?’ He responded: ‘I was mistaken for someone else and shot 5 times. While in the hospital, I lost my homes and my vehicles.’
“This was confirmed by over 100k in medical bills. The bank said it didn’t want anything to do with him. We replied, ‘You need to hear his story.’
“The bank finally said, OK, we will do the deal with at least 5k down. It wasn’t a problem. He was a tradesman in the construction industry and was good at what he did. He was able to get his new truck, his credit on track, bought another house and wiped out the issues that plagued his credit history.
“Most people think that the banks don’t care about your backstory. They do, but someone must advocate on your behalf and tell them what happened. Unless they know there is a backstory, they will look at a deficient credit report and reject it out of hand.
“Here’s the key: We waited for the bank’s turn-down. At that point, we knew which credit analyst was looking at the submission, contacted him, explained the backstory, and the decision was turned around.
“If you’re applying for credit, particularly with car dealerships, your initial contact will be the financial manager at the car dealership. While some are lazy and will drop it from the start, others will go the extra step and try to convince the bank that this is a contract worth considering. Finding yourself a good dealership who is ready to be your advocate is an important issue.
“It’s based on relationships – do I want to do business with these people? In the mortgage industry, you’re still dealing with a point person. It may be the loan person at the bank or at the mortgage company. There should be one person you can talk to directly. They want to put the deal together and are looking for reasons. You need to have a good backstory.
To your credit!
Related Posts:
Auto Loans: Why Good Credit Could Hurt You
The Rights Radio Power Hour features car loan financing: Why and when good credit can hurt you. My guest Dora Lee Stallard, finance manager of a Nissan Dealership and also the director/founder of FreshStartIndy.com. Show Date: April 8, 2009 Preposterous as it may sound, it’s often easier to obtain a car …
The Rights Radio Self Help Hour features outrageous bank overdraft fees. Consumers are being raked over the coals by overdraft rates and by the reordering of debits to increase fees. Show Date: April 9, 2009 Rights Radio financial guru Joe Stallard joins me in identifying ways to prevent or reduce exorbitant …
Credit Guru Joe Stallard: How to Repair Your Credit
Rights Radio.com features credit guru Joe Stallard: Lifting the shroud of secrecy on credit issues, credit repair, credit bureaus and how you can raise your credit score. Following a career spanning some 15 years in financial services, Joe Stallard has gained valuable insights into the inner workings of the credit …
How to Repair Your Credit Score. Listen to this RightsRadio.com show for answers.
July 27, 2008 by Dr. Joyce Starr
Filed under Credit Repair Rights, Economic Rights
Credit expert Joe Stallard reveals what you must know in order to repair your credit score and how you could be forced into home foreclosure after filing for bankruptcy.
Purchase the audio replay on Starr Publications.com.
Purchase the Insiders PDF Report: How to Repair Your Credit Score.
Highlights:
- How many years does a negative item remain?
- Can credit card companies deny a favorable rating even when overdue bills are paid?
- What if derogatory items are not removed?
- Isn’t it more difficult today to file for bankruptcy?
“There is so much secrecy around this arena. Let me give you an example. People today have access to their credit records today only because congress enacted this right into law. When several congressmen ran into credit issue problems, they began to understand that is a highly secretive and powerful world. This industry doesn’t want you to know a great deal. Once the credit bureaus satisfy their legal requirement of giving you this free report, you could soon find yourself mired in a mess of corporate policies and non-responsiveness to the consumer.”
Purchase the audio replay at Starr Publications.com.
Purchase the Special Insiders PDF Report: How to Repair Your Credit Score.
Joe Stallard is a member of the Rights Radio Braintrust. You can purchase a one-on-one consultation with Joe about your credit score repair problems. Contact Us for Information.
