• Economic Rights
  • Health Rights
  • Homeowner Rights
  • Political Rights
  • Security Rights
  • About
    • Raves
    • Sponsors
  • Contact

Rights Radio™ with Dr. Joyce Starr

Consumer Rights, Economic Rights, Homeowners Rights, Condo/HOA Rights, Health Rights, Security Rights

You are here: Home / Economic Rights / Car Loan Rights / Credit Report Backstory: Explaining Your Negative Credit Score

Credit Report Backstory: Explaining Your Negative Credit Score

Last Updated on June 22, 2017 By Dr. Joyce Starr

How a good financial manager can use your credit history backstory to reverse an initial credit rejection.

Interview with credit report expert Joe Stallard.

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.


“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.

“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.

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 …

Bank Overdrafts: Outrageous Bank Overdraft Fees & Practices – How to Prevent Excessive Overdraft Fees

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 …

Filed Under: Car Loan Rights, Credit Repair Rights, Economic Rights, Mortgage Rights Tagged With: auto lenders, credit score, Joe Stallard, mortgage lenders

If you make a purchase from an Amazon link, we might receive a modest referral fee (typically a few cents).

About Dr. Joyce Starr

Dr. Joyce Starr founded Starr Publishing in 2007, including DrJoyceStarr.com and Starr Publications.com. She founded Rights Radio in 2008. She has authored over 20 books - many on rights-related topics.

Search Our Site

Defend Your Condo & HOA Rights

HOA Warrior

2020 Paperback & eBook Editions

Do Renters Rule Your Roost?

When condo renters rule the roost

NEW eBook – Condo Owners Versus Condo Renters. Click Here to Purchase.

Secondhand Smoke Abuse!

condo smoking ban

How to Convince Neighbors to Stop Smoking "This book is truly a breath of fresh air for all who … [Read More...]

Recent Posts

  • Political Quote of the Week – 2021
  • Domain Name Offer Scam: Beware this Foreign Buyer!
  • Political Quote of the Week – 2020
  • Coronavirus Winners & Losers – 2020
  • Christianity Today, Baudelaire & Trump Rally Supporters – Cheering for Hatred & Slander
  • Condo Owners vs. Condo Renters: When Renters Rule the Roost
  • How Dyson Turns Steamy Summers into a Cool Breeze
Phone: 786.693.4223 | Site by Dr. Joyce Starr
RightsRadio.com is the Media Site for StarrPublishing.com and StarrPublications.com.

Privacy | Terms

Copyright © by Dr. Joyce Starr 2008 – 2021

Copyright © 2021 · Magazine Pro Theme on Genesis Framework · WordPress · Log in