On Take It To The Bank,
00:00:01.36\00:00:02.70
you'll find ways
to get out of debt,
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solve your credit card problems,
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how to make and
stick with a budget,
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simple ways to save,
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buying or selling a home
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and many more financial
matters on Take It To The Bank.
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Hi, my name is Cordell Thomas
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and welcome to
Take It To The Bank.
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We're here to talk to you
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a little bit
about credit and scam.
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There are so many
different things going on
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in our technology community
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that I thought you should be
aware of this specific issue.
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But then, when
you talk about credit,
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credit is really not a big item.
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It's something
that's been with us
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for a long time
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and when you take a
look at what your credit
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or credit report says about you,
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it tells you
several different things.
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On a credit report will be
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some personal identification
information with--
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which are things you should keep
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as private as possible.
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Personal ID
includes your address,
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your name where you-- and
where you live, of course.
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And of course,
it includes things
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such as your
social security number
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and things like
your date of birth.
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You wonder why people ask
that as identifying attributes
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when you talk to your
bank and or credit agencies.
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They want to know who you are
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and that they're
speaking to you specifically.
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So these are things
within your credit report
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you should keep as
private as possible,
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your social security number,
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for example, you
shouldn't carry with you.
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You shouldn't
have it in your wallet.
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For if your wallet gets stolen,
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that's one
important piece of information
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that individuals
who are criminals
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can use to steal your identity
as well as your date of birth.
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And you'll notice that
within certain social networks,
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and technology that's out there,
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they will ask you
for a lot of information.
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They'll ask you
for your date of birth,
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if you are a male or
female, where you live.
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And I would tend
to recommend that
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when you go into
these social networks,
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take a look at what they offer,
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look at what you
need to opt out of,
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how do you
protect your information,
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and make sure you
identify with just friends.
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If that's the case,
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make sure you limit
access to your information
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because whoever has access,
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has access to the
information that you provide
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and that you update individuals
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on, on a daily,
hourly, weekly basis
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depending on how frequently
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you use those type
of social networks.
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What else is involved
in your credit report?
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Your employment report.
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Employment data
about, you where you work,
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what your position is.
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There's also
public record information
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included on your credit report.
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What's public
record information?
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Well, has it been
a lien filed on you?
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Have you gone
through a bankruptcy.
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These type of things
are part of the report,
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so it gives people a perspective
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of how you handle your matters.
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The other issues would be
collection agency information.
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And then of course,
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any type of credit
account information
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that is a part of
your credit report.
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Then of course, it
reports on each one of these
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open credit
accounts that you may have
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how you pay on them.
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Do you pay regularly on time?
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Or do you pay late sometimes?
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And it adjusts
your credit report
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or credit score accordingly.
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So why are we
talking about technology
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and a credit report
which is basic information?
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Well, because technology
is becoming a big part
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of how people are
giving up personal information.
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And how people are losing out
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on keeping a
clean credit record.
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Now, there are many
things that can happen.
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And if in fact,
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wrong information
gets on your credit report,
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there are things that you can do
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to take care of
that type of problem.
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But the thing I
really want to emphasize
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at this point in time
is the use of semantics.
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You use semantics
when using the word,
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"credit
rebuilding," "credit repair."
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What is credit
rebuilding or credit repair?
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Well, I choose to use the
word credit, credit rebuilding.
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Why?
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You can't really
repair credit information.
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If the information is
accurate, it can't be repaired.
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It will stay
there for seven years.
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That's just the way it is.
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You can rebuild your
credit if you would like to
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by taking certain steps
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and going through
different actions.
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I know as I work
with different agencies
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in the California area,
the Southern California area.
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We talk about these
elements and I remember
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we had about six
different financial experts
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around the table.
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And we're talking about
some of the specific issues
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on financial literacy.
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And one of the
things we talked about
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was the issue of credit.
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We talked about you know,
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there are things
that people need to learn,
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such as budgeting,
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such as the
issue of credit cards,
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talking about budgeting,
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one of the biggest
issues that are out there.
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Knowing the difference between
your needs and your wants.
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And the other item
that came up was credit,
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credit rebuilding
and credit repair.
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And the gentleman
that works with credit.org
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came out and said, "Hey, look.
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Cordell.
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Hey, look the rest of
you were at the table,
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I would like to ask you
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to change the way
you say, 'credit repair.'
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Because it's
really not an ability
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to repair an
individual's credit.
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It's about the ability
to rebuild their credit
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and their credit score."
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If you have something
negative on your report,
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there are several
things that can happen.
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You see through the e-mail
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and you see
publicizing and advertisements
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all over your community.
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And online,
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"Hey, we can
rebuild your credit.
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We can repair your credit."
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Is that really accurate?
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Is that false advertising?
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Well, you know,
to a certain extent,
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you can repair
credit and rebuild credit.
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But I'd like to say
this, if you have something
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that's legitimate
on your credit report,
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it will not go
away for seven years.
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If there's something
that's not legitimate
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on your credit
report, you should dispute it.
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And so, yes, you
could use an outside agency
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to dispute the credit
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and they will
typically charge you--
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I was, I've seen certain fees
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like $699, $499, $799.
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And even over a thousand dollars
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to repair credit.
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Now, my thing is, yeah,
these resources are there,
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but you should take care
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in how you
utilize these resources
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and address them accordingly
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by asking that
additional question.
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How they set up their contracts?
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How they bill you?
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Do they ask you to
pay everything in advance?
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These items are critical.
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Because as I've found that
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I've always asked the
question of individuals.
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So why are you paying someone
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to repair your credit?
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Why are you
calling on someone else
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and paying them to do something
that you can do on your own?
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In fact, what I'm going to
do over the next couple of days,
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I'm going to download a form
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that I was given
by this credit.org
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and I can put it on our site.
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It's
approximately 32-page document,
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it talks about credit.
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And on page 16 of that document,
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you can pull down a template.
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The template
actually helps you dispute.
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You just put a name,
information that you need,
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the numbers that are necessary.
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And you can actually
call your credit, creditor
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or call the credit bureau
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and have that information
faxed directly through
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and they will
take it, assess it,
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look at it and
see if it's accurate.
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They have typically 30
days to address your concern.
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If they don't address
it within that time frame,
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it has to go away.
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But they will
typically will come back
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with a letter
saying, "We saw your dispute.
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We checked on it.
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We found it was
either valid or invalid.
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It needs to stay there
or we can have it removed."
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Now, you can do all of
that without paying someone
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as much as they ask for,
for the same kind of service
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and you can take
care of it on your own.
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In fact, I did receive
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some of that same
information via the Internet.
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People have
sent me emails about,
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"Hey, I've got this
concern, I've got this problem.
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How do I handle it?"
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And my of my
biggest concern is that
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sometimes we're
paying fees out of pocket
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because, we have
people or businesses out there
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that target
individuals based on this,
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where they think
they're at in life.
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So, you're targeted
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and you're asked to pay
more money to do something
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that you should have
access to doing on your own.
00:08:40.95\00:08:43.89
And you can save that
$699 fee and do it yourself.
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So, credit is out
there, credit's available.
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And if we haven't taken the time
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to assess our credit
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and our personal
reporting methodology
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such as through a budget,
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then we have one
of the major concerns
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of running into debt.
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Because it typically
happens to individuals
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that don't have a budget
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they spend
everything that they make.
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And if you put
together a budget,
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it's a very
enlightening experience
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as to what the expenditures are
00:09:19.89\00:09:23.56
how you can substitute, save,
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or get rid of certain
things you don't really need.
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And you figure that out
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when you take people
through in actual budget form
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and ask them to
give us an assessment
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of what they need at
each and every month.
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And when they
come to the end of it,
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we find out that that number
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at the bottom
of that budget form
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is typically in the red.
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Because they're spending
more than they bring in.
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And when you have
that situation happening,
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I can guarantee you
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that they're also spending money
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on their credit cards
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and they're probably
paying minimal amounts
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on that credit card
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and if they happen to spend
too much on a monthly basis,
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they cannot pay
on specific cards
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and run in a rears by
30 days late, 60 days late,
00:10:02.33\00:10:05.60
and that has an
impact on your credit.
00:10:05.63\00:10:07.80
So, your credit
report and scams,
00:10:07.84\00:10:10.27
there are many things
00:10:10.31\00:10:11.64
that we should
look for in our lives
00:10:11.67\00:10:14.88
to make it
simpler, to save money
00:10:14.91\00:10:17.28
and to also on understand
00:10:17.31\00:10:19.38
that there are many
individuals out there
00:10:19.41\00:10:21.25
that want access to your money.
00:10:21.28\00:10:23.02
And I'll tell you right now,
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why pay
something to someone else
00:10:24.42\00:10:26.52
to pay a lot of
money to someone else
00:10:26.55\00:10:28.66
to do something that you can do?
00:10:28.69\00:10:30.96
But if in fact,
you choose to do so.
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There are certain things
that you should look for.
00:10:34.40\00:10:37.60
Now, we talked about credit,
we talked about credit scams,
00:10:37.63\00:10:40.87
we talked about a
variety of different issues.
00:10:40.90\00:10:43.07
And we talked specifically about
00:10:43.10\00:10:44.44
how technology is
actually following you.
00:10:44.47\00:10:46.71
We know that data is out there.
00:10:46.74\00:10:48.64
We know that your
banks share information
00:10:48.68\00:10:50.71
to marketing firms.
00:10:50.75\00:10:52.08
We know that social networks
share your personal information
00:10:52.11\00:10:55.85
with outside firms.
00:10:55.88\00:10:57.22
They track what you do,
they track where you go.
00:10:57.25\00:10:59.79
You know that your smartphones
have location devices in it
00:10:59.82\00:11:02.96
that show people
your, your travel patterns,
00:11:02.99\00:11:05.83
where you go, what you--
00:11:05.86\00:11:07.40
And the purchase
habits that you have,
00:11:07.43\00:11:09.13
have you sign up
for discount cards
00:11:09.16\00:11:10.97
at grocery stores,
00:11:11.00\00:11:12.33
or at different
automotive facilities.
00:11:12.37\00:11:14.54
So there is data being collected
00:11:14.57\00:11:16.74
on a daily basis about you.
00:11:16.77\00:11:18.94
That information is
going into some storage file
00:11:18.97\00:11:21.84
in some company
00:11:21.88\00:11:23.31
and they're coming
back with assessments
00:11:23.35\00:11:25.35
and profiles of who you are.
00:11:25.38\00:11:27.42
And they're dealing
with predictive behavior.
00:11:27.45\00:11:31.05
They can predict what's going on
00:11:31.09\00:11:32.99
and it's very interesting
when you take a look at those,
00:11:33.02\00:11:36.93
the data and how they use it.
00:11:36.96\00:11:39.76
And so now we look at
what we're talking about
00:11:39.79\00:11:42.40
from the stand point
of things to look for
00:11:42.43\00:11:45.30
when you're looking at fraud
00:11:45.33\00:11:46.77
and when you're looking at scams
00:11:46.80\00:11:49.10
that come across your table.
00:11:49.14\00:11:50.84
And I had a chance to talk
to one of our financial experts,
00:11:50.87\00:11:54.28
Mr. Joshua Hernandez,
00:11:54.31\00:11:55.94
and we had a chance
to talk about this issue
00:11:55.98\00:11:58.48
called credit, scams,
00:11:58.51\00:12:00.32
and how we deal with
credit repair agencies
00:12:00.35\00:12:03.42
and our concerns.
00:12:03.45\00:12:05.19
Here, is what
happened in that conversation.
00:12:05.22\00:12:08.52
Who are the good
resources to go to ask questions
00:12:08.56\00:12:11.29
when you're making
these kind of tough decisions?
00:12:11.33\00:12:14.10
Well, you definitely want to go
to the resource that, you know,
00:12:14.13\00:12:16.50
your financial institution
that has your account.
00:12:16.53\00:12:19.90
There's a lot of
free resources on,
00:12:19.93\00:12:22.07
you know ideas of fixing,
00:12:22.10\00:12:24.41
or repairing,
or rebuilding debt.
00:12:24.44\00:12:27.11
You know, this
in specific scenario
00:12:27.14\00:12:29.01
if there's a problem, you know,
00:12:29.04\00:12:30.38
definitely goes straight
to your financial situation.
00:12:30.41\00:12:32.08
Before you get a credit
card or an ATM card, you know,
00:12:32.11\00:12:35.92
ask them you know,
what's your fraud policy?
00:12:35.95\00:12:39.59
You know, how what would happen,
00:12:39.62\00:12:41.49
if something
would ever happen to me?
00:12:41.52\00:12:42.92
What's the process?
00:12:42.96\00:12:44.56
And if you, if
they give you some ideas
00:12:44.59\00:12:47.13
of how they
protect their clients
00:12:47.16\00:12:49.13
from this happening,
00:12:49.16\00:12:50.70
then you
continue moving forward.
00:12:50.73\00:12:52.67
You know, it's interesting
00:12:52.70\00:12:54.04
I ran into a friend of
mine who came up to me and say,
00:12:54.07\00:12:55.80
"Hey, part my family
passed away in Spain.
00:12:55.84\00:13:01.14
And I've, I've gotten a
great inheritance coming in.
00:13:01.18\00:13:05.51
Can you help me?"
"But why do you need help?
00:13:05.55\00:13:08.15
If it's your money,
00:13:08.18\00:13:09.52
wouldn't they pay
you from the proceeds?
00:13:09.55\00:13:10.99
It seemed to make sense."
00:13:11.02\00:13:12.35
Yeah.
00:13:12.39\00:13:13.72
But he gave me a good line--"
00:13:13.76\00:13:15.82
Sure you know, it can
help you out with that."
00:13:15.86\00:13:18.36
But I didn't ask
the critical question,
00:13:18.39\00:13:22.50
"Who was this
relative in Spain?"
00:13:22.53\00:13:25.73
He couldn't answer the question
00:13:25.77\00:13:27.10
later on after I'd
given him a lump sum of money
00:13:27.14\00:13:29.80
to help him pay off an
account, closing an account.
00:13:29.84\00:13:32.94
And as this went on
further because now, you know,
00:13:32.97\00:13:36.88
because I've given him money.
00:13:36.91\00:13:38.75
It's a close friend,
its not really a loan.
00:13:38.78\00:13:42.32
I'm giving him money.
00:13:42.35\00:13:43.85
Because I've never
seen the money in return.
00:13:43.89\00:13:46.42
And of course, he
still hasn't received his
00:13:46.45\00:13:49.19
and his inheritance,
00:13:49.22\00:13:50.63
which kind of gives
you kind of an explanation
00:13:50.66\00:13:52.56
that he's still out there
00:13:52.59\00:13:53.93
waiting for this
big thing to happen
00:13:53.96\00:13:55.30
and I've always thought that,
00:13:55.33\00:13:58.90
if I had asked that
one additional question,
00:13:58.93\00:14:03.30
I would still have
that amount of money
00:14:03.34\00:14:05.64
in my bank account
00:14:05.67\00:14:07.01
as opposed to
putting it into something
00:14:07.04\00:14:08.38
that we know probably,
00:14:08.41\00:14:10.45
is something
not, not quite true.
00:14:10.48\00:14:12.85
Well, it's a live
and learn scenario.
00:14:12.88\00:14:14.62
It is. Right?
00:14:14.65\00:14:15.98
You learn through that.
00:14:16.02\00:14:17.35
And I've got, I've
got a really quick story
00:14:17.39\00:14:20.52
about center with
me and a friend of mine
00:14:20.56\00:14:23.02
that asked me for some
money that became a scam.
00:14:23.06\00:14:26.09
And so, you know, it
was. It was on Facebook.
00:14:26.13\00:14:28.86
And so, Facebook
has instant messaging
00:14:28.90\00:14:30.57
where you can
Facebook your friends
00:14:30.60\00:14:31.93
and instant message.
00:14:31.97\00:14:33.30
And so on Facebook I
respond and socializing
00:14:33.34\00:14:35.47
doing what we do
on Facebook, right?
00:14:35.50\00:14:36.84
So, a friend messaged
me, "Hey, how are you?"
00:14:36.87\00:14:39.77
and so we start chatting.
00:14:39.81\00:14:41.14
You know, I'm overseas
and tell you, you know,
00:14:41.18\00:14:43.65
I went to this is some family
and responded with excitement
00:14:43.68\00:14:47.58
and you know,
that was really neat
00:14:47.62\00:14:49.72
that she's out
there having a good time.
00:14:49.75\00:14:51.29
And after about two minutes,
00:14:51.32\00:14:52.92
I ended up getting a
remark for her saying,
00:14:52.95\00:14:56.22
you know, "I've run
into some problem, though.
00:14:56.26\00:14:58.86
My family and I ended up
00:14:58.89\00:15:00.83
You know, something
happened with our credit card
00:15:00.86\00:15:02.66
and you know what?
00:15:02.70\00:15:04.03
I'm actually a
very tough situation."
00:15:04.07\00:15:05.57
Of course, I got worried.
00:15:05.60\00:15:06.94
"Oh my gosh! What you need?
00:15:06.97\00:15:08.30
Immediately
willing to help. Right.
00:15:08.34\00:15:09.67
"You know, I could
sure you some money,
00:15:09.70\00:15:11.04
you might transfer me
if I give you an account."
00:15:11.07\00:15:13.64
So, red flag shows up.
00:15:13.68\00:15:16.38
I text message
my friend and I say,
00:15:16.41\00:15:18.18
"Hey, are you on
Facebook right now?"
00:15:18.21\00:15:20.72
And she responds with, no.
00:15:20.75\00:15:22.88
"I'm not in Facebook right now."
00:15:22.92\00:15:24.52
Some one hacked into
her Facebook account,
00:15:24.55\00:15:26.59
started reaching
out to her friends
00:15:26.62\00:15:28.76
and it was someone
like a scam artist.
00:15:28.79\00:15:31.26
That's amazing.
00:15:31.29\00:15:32.63
Yeah, that's that happened, so--
00:15:32.66\00:15:34.13
You know, be
aware those red flags
00:15:34.16\00:15:35.50
and you know, use your use your,
00:15:35.53\00:15:37.70
your instincts, your mind
00:15:37.73\00:15:39.07
and you know,
use your instincts.
00:15:39.10\00:15:40.47
If it's too good to
be true, it typically is.
00:15:40.50\00:15:44.31
And now, with
technology as it is,
00:15:44.34\00:15:46.91
we have so many other
things that need to be aware of.
00:15:46.94\00:15:50.05
So when we talk
about Take It To The Bank,
00:15:50.08\00:15:52.61
we're talking
about the critical think
00:15:52.65\00:15:54.72
on your money.
00:15:54.75\00:15:56.08
Everyone wants as access to it.
00:15:56.12\00:15:58.59
Be careful.
00:15:58.62\00:15:59.95
Ask the additional question
00:15:59.99\00:16:01.76
and ask the
appropriate for people.
00:16:01.79\00:16:03.83
Asking that additional question.
00:16:07.33\00:16:10.47
We've changed our
process in our lecture series.
00:16:10.50\00:16:15.50
What we have done
is begun to label it
00:16:15.54\00:16:18.31
a critical think lecture series.
00:16:18.34\00:16:20.04
We don't label it
financial literacy
00:16:20.08\00:16:21.84
because all of us know
how to spend the money.
00:16:21.88\00:16:24.68
Now, in reference
to spending money,
00:16:24.71\00:16:26.18
many people--We spend money
00:16:26.21\00:16:27.85
because people
ask us to spend money.
00:16:27.88\00:16:30.42
We spend money
because the media tells us
00:16:30.45\00:16:32.62
that's what
we're supposed to do.
00:16:32.65\00:16:34.19
We capitulate to what
we are being told out there
00:16:34.22\00:16:36.79
in that marketing environment
and we just spend our money.
00:16:36.83\00:16:40.50
And then without planning,
00:16:40.53\00:16:42.60
we get into these
debt-type of scenarios.
00:16:42.63\00:16:45.27
And that debt scenario
00:16:45.30\00:16:47.04
typically
includes a credit card,
00:16:47.07\00:16:49.10
it includes those
type of store cards
00:16:49.14\00:16:51.97
that we may get as a
part of free accounts
00:16:52.01\00:16:54.81
or discounts at the store.
00:16:54.84\00:16:56.88
And what we don't realize
is, we are following the masses
00:16:56.91\00:17:01.18
instead of
doing the simple thing
00:17:01.22\00:17:03.79
that God asked us to
do and being content.
00:17:03.82\00:17:07.39
Being content, attached
with that form of Godliness
00:17:07.42\00:17:10.76
gives us a lot of gain.
00:17:10.79\00:17:12.43
Being
comfortable with where we at
00:17:12.46\00:17:14.53
would mean that we may not
get that additional charge card.
00:17:14.56\00:17:17.73
It may mean that we not,
00:17:17.77\00:17:19.10
we may not go out and
purchase that additional item.
00:17:19.13\00:17:21.97
But we eventually do.
00:17:22.00\00:17:23.44
And as seen by the
statistics and the graphics
00:17:23.47\00:17:26.14
that are out there saying
00:17:26.17\00:17:27.51
that we are at a
negative spending rate
00:17:27.54\00:17:29.41
here in the United States.
00:17:29.44\00:17:30.78
We hear that
because our government
00:17:30.81\00:17:32.61
and or other
agencies will tell us that,
00:17:32.65\00:17:34.88
"Hey, to kick start
any type of economy,
00:17:34.92\00:17:37.12
we have to have the
individuals in that economy."
00:17:37.15\00:17:39.69
The middle class
borrow more and spend more.
00:17:39.72\00:17:43.43
Just at the time when all of us
00:17:43.46\00:17:45.26
are beginning to
pay down our debts
00:17:45.29\00:17:47.23
and save more money,
00:17:47.26\00:17:48.60
they tell us to
spend more and buy more.
00:17:48.63\00:17:52.37
And that is a thing
I've asked all of you
00:17:52.40\00:17:54.17
to begin to think more so
about is what you actually hear,
00:17:54.20\00:17:58.31
and what you're actually given
00:17:58.34\00:18:00.01
from the media is only something
00:18:00.04\00:18:01.78
as they will tell
you in their own words.
00:18:01.81\00:18:04.58
It's to manipulate you
00:18:04.61\00:18:06.48
into buying their
products and services.
00:18:06.51\00:18:08.72
So much so that we see
00:18:08.75\00:18:11.09
based on just strict advertising
00:18:11.12\00:18:13.25
and the nag effect,
00:18:13.29\00:18:15.09
if you understand what that is,
00:18:15.12\00:18:17.33
that nag effect
00:18:17.36\00:18:19.03
is they've taught our
young people, our children,
00:18:19.06\00:18:21.46
to nag at least
seven or eight times.
00:18:21.50\00:18:24.23
And ask the parents,
00:18:24.27\00:18:25.60
"I want, I
want, I want, I want."
00:18:25.63\00:18:27.70
And after a
certain amount of time,
00:18:27.74\00:18:29.87
after about seven or eight asks,
00:18:29.90\00:18:32.14
the parent is broken down
to the point of capitulating
00:18:32.17\00:18:36.34
and giving the
child what they want.
00:18:36.38\00:18:38.75
40 percent of purchases
00:18:38.78\00:18:40.55
are attributed
to the nag effect,
00:18:40.58\00:18:42.35
and they know this.
00:18:42.38\00:18:43.82
They know that we as
middle class Americans
00:18:43.85\00:18:46.96
spend what we make.
00:18:46.99\00:18:50.23
Do you think
there's any possibility
00:18:50.26\00:18:51.89
of feeling
comfortable with investments,
00:18:51.93\00:18:53.90
and securities,
and emergency savings?
00:18:53.93\00:18:56.43
No, because every
single penny of that
00:18:56.46\00:18:58.27
they tell us we have, we spend.
00:18:58.30\00:19:01.90
They tell us they're
going to give us a tax break at
00:19:01.94\00:19:05.54
and they tell us the
amount of that tax break.
00:19:05.57\00:19:08.48
We get excited about it.
00:19:08.51\00:19:10.05
And the moment we
get that tax break,
00:19:10.08\00:19:12.11
where does it go?
00:19:12.15\00:19:13.55
Do you think it would
go into a savings account?
00:19:13.58\00:19:15.78
Do you think it would go into
some type of emergency savings?
00:19:15.82\00:19:18.39
Would it go into
some type of investment?
00:19:18.42\00:19:20.52
No.
00:19:20.56\00:19:21.89
They know that we are
going to spend the money.
00:19:21.92\00:19:24.56
I know, I was there.
00:19:24.59\00:19:26.19
I've done the same exact thing.
00:19:26.23\00:19:28.13
But I'm here to tell
you that we can change this.
00:19:28.16\00:19:30.80
We can approach things
in a whole different way
00:19:30.83\00:19:33.34
and understand that
all they're trying to do
00:19:33.37\00:19:35.44
is gain information
from us by what we purchase,
00:19:35.47\00:19:38.24
by getting information on us,
by being able to categorize us
00:19:38.27\00:19:41.58
in specific demographic groups.
00:19:41.61\00:19:43.55
And being able to target us.
00:19:43.58\00:19:44.98
And even though the
legitimate people target is--
00:19:45.01\00:19:47.98
target us, for the
purposes of purchasing,
00:19:48.02\00:19:50.75
there are illegitimate resources
00:19:50.79\00:19:53.39
that are solely
looking to take advantage of us
00:19:53.42\00:19:58.16
and get access to our money.
00:19:58.19\00:20:00.03
There are things
you should look for.
00:20:00.06\00:20:02.00
And in this specific situation
00:20:02.03\00:20:03.73
based on some
questions that you have asked,
00:20:03.77\00:20:06.50
I just started to start--
to talk specifically about
00:20:06.53\00:20:10.44
what to look for when
people are telling you
00:20:10.47\00:20:13.48
that they can
repair your credit.
00:20:13.51\00:20:16.04
That's the thing
we started out with.
00:20:16.08\00:20:17.95
So I would like to
discuss the specific issue
00:20:17.98\00:20:22.72
to look for when you're looking
00:20:22.75\00:20:24.09
at the issue of
repairing credit.
00:20:24.12\00:20:27.12
Number one,
00:20:30.69\00:20:32.36
are you given your consumer
credit file bill of rights
00:20:32.39\00:20:36.56
via your state and
under the federal law?
00:20:36.60\00:20:40.24
Do you know your rights
00:20:40.27\00:20:41.60
in reference to
obtaining a free copy
00:20:41.64\00:20:43.41
of your credit report?
00:20:43.44\00:20:44.91
And how to dispute a
credit report information
00:20:44.94\00:20:49.11
that may be on in your file.
00:20:49.14\00:20:51.58
If you're not
given this information,
00:20:51.61\00:20:52.95
it gives you warning sign.
00:20:52.98\00:20:54.58
A red flag per se, to question,
00:20:54.62\00:20:57.29
who it is you're
actually dealing with?
00:20:57.32\00:20:59.25
If you don't give you
this type of information,
00:20:59.29\00:21:01.32
is it something
they're trying to hide?
00:21:01.36\00:21:03.16
Is there something that
I should be more aware of
00:21:03.19\00:21:05.89
in reference to this individual?
00:21:05.93\00:21:07.83
I would pretty much say that
00:21:07.86\00:21:09.66
if you're not
getting specific information
00:21:09.70\00:21:11.73
that you should be aware of,
00:21:11.77\00:21:14.07
you should probably
check these people out
00:21:14.10\00:21:15.80
on the Better Business Bureau
00:21:15.84\00:21:17.61
and check out whether or
not they're legitimate business
00:21:17.64\00:21:20.84
and or check out
how many complaints
00:21:20.88\00:21:23.48
they may have against them.
00:21:23.51\00:21:25.18
Do your research.
00:21:25.21\00:21:26.95
Ask that additional question.
00:21:26.98\00:21:28.88
Because by doing so,
00:21:28.92\00:21:30.45
it'll be a little
bit better for you
00:21:30.49\00:21:33.29
to make the right decision.
00:21:33.32\00:21:34.66
Number two,
00:21:34.69\00:21:36.02
you aren't given a
copy of the contract to view
00:21:36.06\00:21:38.49
before you're asked to sign it.
00:21:38.53\00:21:40.00
You should have a chance
to review the full contract.
00:21:40.03\00:21:42.56
It should give you a context
of what they're going to do.
00:21:42.60\00:21:45.70
And if they're
asking to sign something
00:21:45.73\00:21:48.10
and or ask you
to pay in advance,
00:21:48.14\00:21:49.90
that should also be
another type of warning
00:21:49.94\00:21:53.21
as to what type of organization
that you're working for.
00:21:53.24\00:21:57.71
If you're not given a copy
of that contract, before hand
00:21:57.75\00:22:01.85
don't sign it.
00:22:01.88\00:22:03.22
And always ask for some
time to read it through,
00:22:03.25\00:22:05.75
so it can give you full context
of what they intend to do.
00:22:05.79\00:22:11.23
Number three,
00:22:11.26\00:22:13.03
the contract doesn't contain
00:22:13.06\00:22:15.30
the following
bits of information
00:22:15.33\00:22:17.60
such as the amount
that you're being charged
00:22:17.63\00:22:20.20
or details about the service
00:22:20.24\00:22:23.07
that are being
performed on your behalf.
00:22:23.10\00:22:25.67
What about the date
00:22:25.71\00:22:27.38
by which the
services will be performed
00:22:27.41\00:22:30.31
or the time period required
00:22:30.35\00:22:32.08
to perform these actual services
00:22:32.11\00:22:34.75
on your behalf?
00:22:34.78\00:22:36.12
What about the name
and business address
00:22:36.15\00:22:38.99
of that organization?
00:22:39.02\00:22:40.52
If things are missing,
00:22:40.56\00:22:41.99
it should tell you
that there's a problem.
00:22:42.02\00:22:44.29
There is an inherent concern
00:22:44.33\00:22:45.96
about what they're
planning to deliver.
00:22:45.99\00:22:47.96
One of the big things
00:22:48.00\00:22:49.33
that we talk about
in business is this.
00:22:49.36\00:22:51.03
When you're
asked to do something,
00:22:51.07\00:22:52.77
ask them when do you need it by?
00:22:52.80\00:22:55.47
How quickly this
should this be done?
00:22:55.50\00:22:57.71
If you get some type
of open ended contract,
00:22:57.74\00:22:59.97
it will say, "We will
address your credit concerns."
00:23:00.01\00:23:03.38
But they don't
have a timeframe in it,
00:23:03.41\00:23:05.21
that shows you that
there is another concern
00:23:05.25\00:23:08.15
that you should be aware of.
00:23:08.18\00:23:09.82
And then of course, a
statement letting you know
00:23:09.85\00:23:12.79
how you can cancel the
contract within three days.
00:23:12.82\00:23:17.03
Now, that cancellation
feature is very important
00:23:17.06\00:23:19.59
because you need
to take the time.
00:23:19.63\00:23:21.23
Now, what I always
tell people is this.
00:23:21.26\00:23:23.26
That's a wonderful thing
00:23:23.30\00:23:24.63
to have that
cancellation feature
00:23:24.67\00:23:26.00
but why, why sign something
when you have doubts initially?
00:23:26.03\00:23:29.87
Because remember,
there's always that,
00:23:29.90\00:23:31.77
that's that, that
voice that tells you that,
00:23:31.81\00:23:34.91
this is
something you should avoid.
00:23:34.94\00:23:36.58
If there's a question,
00:23:36.61\00:23:37.95
if there's any type of
concern that you may have,
00:23:37.98\00:23:40.42
my voice of reason is my wife.
00:23:40.45\00:23:44.65
My, my beautiful wife has such
a tactful way of telling me,
00:23:44.69\00:23:49.19
"No, you
shouldn't be doing this."
00:23:49.22\00:23:51.03
So I feel
pretty much comfortable
00:23:51.06\00:23:52.56
knowing that voice
of reason has helped us
00:23:52.59\00:23:55.46
through several
different situations
00:23:55.50\00:23:56.87
where I have haven't had to
use that three day refusal rule
00:23:56.90\00:24:01.90
that should be in
any type of contract.
00:24:01.94\00:24:04.81
Because many of the other things
00:24:04.84\00:24:06.37
that may not be there
00:24:06.41\00:24:07.74
has already caused
a reason to question.
00:24:07.78\00:24:10.85
Next thing is, if
you're asked for payment
00:24:10.88\00:24:13.15
before the services
have been performed,
00:24:13.18\00:24:15.02
that's one critical issue.
00:24:15.05\00:24:16.72
Should you have to
pay for something up front
00:24:16.75\00:24:18.65
before you can get the
service or product delivered?
00:24:18.69\00:24:21.06
No.
00:24:21.09\00:24:22.42
You shouldn't have to
pay for something in advance.
00:24:22.46\00:24:24.26
You should see the
results of something
00:24:24.29\00:24:26.06
before you're
required to pay anything.
00:24:26.09\00:24:29.33
Number five.
00:24:29.36\00:24:30.77
The company promises to remove
accurately reported information
00:24:30.80\00:24:34.77
from your credit report.
00:24:34.80\00:24:36.64
That should be a warning sign.
00:24:36.67\00:24:38.81
Because as we
talked about before,
00:24:38.84\00:24:42.04
you cannot repair your credit
00:24:42.08\00:24:45.08
if the information
that's there is accurate.
00:24:45.11\00:24:48.52
It will stay on your
report for seven years.
00:24:48.55\00:24:51.22
That's just the way it is.
00:24:51.25\00:24:52.95
Now, if they tell
you that they are going
00:24:52.99\00:24:55.76
to try to remove any
inaccurate information.
00:24:55.79\00:24:59.16
What if someone has
stolen your identity?
00:24:59.19\00:25:01.16
What if something is awry
with your credit information
00:25:01.20\00:25:04.47
and they find some
wrong information there.
00:25:04.50\00:25:07.37
That's fine.
00:25:07.40\00:25:08.74
If they tell you that
they'll try to reclaim it up.
00:25:08.77\00:25:10.97
But if they tell you
00:25:11.01\00:25:12.34
they can remove
accurately reported information
00:25:12.37\00:25:16.31
that has faults,
they cannot do so,
00:25:16.34\00:25:18.85
and that should
also be a warning sign.
00:25:18.88\00:25:21.12
Now, what if someone
says, "Hey, why don't we offer
00:25:21.15\00:25:24.22
to create a new
social security number
00:25:24.25\00:25:26.92
or create some type of
00:25:26.96\00:25:28.72
new federal employee
identification number
00:25:28.76\00:25:31.53
on your behalf so we
can start you out a new?"
00:25:31.56\00:25:34.83
Run away from them.
00:25:34.86\00:25:36.20
Because that's not
a way to do business
00:25:36.23\00:25:38.73
and you shouldn't
be able to do that.
00:25:38.77\00:25:40.10
You can't create a new
social security number.
00:25:40.14\00:25:42.80
You have yours
00:25:42.84\00:25:44.17
and that should
remain the way it is.
00:25:44.21\00:25:47.31
When you take a look at
00:25:47.34\00:25:49.98
what is going
on in the industry.
00:25:50.01\00:25:51.91
There are legitimate
businesses and their businesses
00:25:51.95\00:25:54.78
that are out there
just to take your funds.
00:25:54.82\00:25:57.49
There is an alternative to
buying credit report, repair.
00:25:57.52\00:26:03.56
The alternative
is seeking an agency.
00:26:03.59\00:26:07.06
And there are agencies out there
00:26:07.10\00:26:08.43
that will give
it to you for free
00:26:08.46\00:26:11.03
and that will
provide you the resources
00:26:11.07\00:26:13.94
and the actual
template information
00:26:13.97\00:26:15.97
that you can actually fill
out and send in to your agency
00:26:16.00\00:26:19.91
to have them review
and possibly rebuild,
00:26:19.94\00:26:23.48
help you start the
process of rebuilding.
00:26:23.51\00:26:27.45
Here's, my thing to you today.
00:26:27.48\00:26:29.92
In reference to scams
and credit and credit repair.
00:26:29.95\00:26:33.86
We all have, if you're an adult,
00:26:33.89\00:26:36.42
probably have some type of
credit information out on you.
00:26:36.46\00:26:39.26
If you've
opened up a gas account
00:26:39.29\00:26:41.80
to give gas to
your home to heat it
00:26:41.83\00:26:43.83
or electricity account,
00:26:43.87\00:26:46.07
through any electricity
providing organization.
00:26:46.10\00:26:49.27
There are credit
files on individuals.
00:26:49.30\00:26:52.27
And because
information is out there,
00:26:52.31\00:26:54.34
there are
individuals, organizations
00:26:54.38\00:26:56.48
that are looking to
target specific people
00:26:56.51\00:26:59.55
for the use of their services.
00:26:59.58\00:27:02.25
And a lot of
organizations that are out
00:27:02.28\00:27:04.65
there are not
necessarily legitimate.
00:27:04.69\00:27:06.99
You know, we're
finding more so today
00:27:07.02\00:27:09.79
than ever before.
00:27:09.82\00:27:11.39
We're finding out
that many organizations
00:27:11.43\00:27:14.96
and on with technology,
00:27:15.00\00:27:17.40
that are
supported by technology.
00:27:17.43\00:27:20.30
These type of
organizations are only out there
00:27:20.34\00:27:24.14
to take
advantage of individuals.
00:27:24.17\00:27:27.38
And people who bought
things via the Internet
00:27:27.41\00:27:29.54
that haven't got
the actual products
00:27:29.58\00:27:31.91
and or services
that they have requested.
00:27:31.95\00:27:34.68
This is one of the biggest items
00:27:34.72\00:27:36.58
that can impact
your personal budget
00:27:36.62\00:27:39.09
by spending money
00:27:39.12\00:27:40.46
that you don't
necessarily have to spend.
00:27:40.49\00:27:42.32
And it all it takes is for you
to ask the critical question.
00:27:42.36\00:27:45.86
That critical
question is, do I need this?
00:27:45.89\00:27:48.46
Do I have to buy it?
00:27:48.50\00:27:49.83
Is there an alternative resource
00:27:49.86\00:27:52.00
for me to gain access to
the same type of resource
00:27:52.03\00:27:56.00
that I can do
without spending money.
00:27:56.04\00:27:58.77
Take that to the
bank and God bless you.
00:27:58.81\00:28:01.34