Economic Update with Chicago Federal Reserve Business Economist Paul Traub. Mr. Traub (BBA, MBA) currently holds the position of Business Economist at the Detroit branch of the Federal Reserve Bank of Chicago where his responsibilities include both research and current analysis.

Prior to joining the research department of the Federal Reserve Bank of Chicago Paul was the President of Scenario Economics LLC and Senior Economist for Americas Commercial Transportation Research Company, LLC (ACT Research). 

How could you have a low credit score, if you pay all your bills on time? Check this out! My Top 3 reasons why your score is not higher, even if, you are paying your bills on time. Credit score Tips. I hear this all the time “Dave, look at this credit report, he has no late dates and he is a Doctor and his score in in the low 600’s” then “There has to be a mistake, he makes over $250,000 a year.” Well credit scores don’t look at income and it is easy to have a low score without a late date. So watch this video and find out how to fix your credit report and credit score. How to take your OK credit to Great Credit……

Greg Frost has been one of the top loan originators in the United States for over 20 years. His nuts-and-bolts approach to increasing business is easily understood and duplicated.

Key’s to Success!!!

Know your product and know how to market yourself in a manner that sets you apart from the competition

You may have heard about the recent rash of celebrities that were victims of identity theft. The Repositories have admitted that the free annualcreditreport.com was the portal used to obtain the personnel information on: Oprah Winfrey, Tiger Woods, Ricky Gervais,Will Smith, Martha Stewart,Beyonce, Michele Obama, Hillary Clinton,Jay Z, Mel Gibson, Britney Spears, Hulk Hogan, Arnold Schwarzenegger, Donald Trump, Joe Biden and Steven Spielberg.

Having lenders check your Facebook page is not something that could happen in some future situation, it is going on now!! Private companies are starting to figure out ways to automate the process. It is time to realize that the IRS, employers, lenders, and other government agencies are checking your Facebook page thoroughly. It may be time to look through your wall posts again and edit some things.

From the FICO website; On April 1, 2013, FICO announced that it had acquired Infoglide Software, a leading provider of entity resolution and social network 

The CFPB gave some advise on credit scores this week. View the highlights below:

So, what builds good credit?

Pay your bills on time, every time. An automatic payment from your bank can be a good way to do that, but make sure you keep an eye on your balance so you always have enough in your account to cover the payment. You don’t want it to bounce.

Don’t get too close to your credit limit. Credit scoring models look at how close you are to being “maxed out” on credit cards. If you use too much of your total credit lines, say by carrying big balances, you can hurt your credit score. Experts advise keeping your use of credit at no more than 30% of your total credit limit — some even say (AKA THE CREDIT GUY ) you should keep it at less than 10%.

Don’t apply for too much credit in a short time. Your credit score may go down if you apply for or open a lot of new accounts in a short time. Buying something and want the discount that comes with opening a new store card? Transferring balances from an old card to a new one? Do that very often and it will show up on your credit report as lots of new credit accounts, which is likely to hurt your credit score.

Want to completely remove an IRS tax lien of your Credit Report? check out this interview with the new Credit Guy Michael!

I had Michael contact me while he was going through the process of getting an IRS tax Lien removed from his credit report. When he finished I begged him to tell his story to help inspire others to take advantage of this unique opportunity. watch the video to hear the interview.

The number for Centralized Lien Processing department is: 800-913-6050 FREE this is where he was able to obtain his serial number, date filed and where it was filed. His was for self-employed, but I believe it is the same information for all.

Credit Education is the 1st step out of the rat race. Get the Credit Education you should have received in school, Since 1991, I have been helping lending professionals improve the credit of their borrowers on a daily basis. I know that I can help any borrower no matter how bad your credit, if I could just sit down with them, for a few minuets and go over there specific credit situation I could give them the individual advise they need. I have helped borrowers get the loan they want or a better loan than they were going to settle for, thousands of times. I just never figured out a way to do it, on a larger scale. 

Don Huff of Capital title explains a problem in some states where existing home sales come with a special gift. The open home equity loan from the last homeowner. Electronic payoff funds are now normally transferred to the home equity line of credit account holder. Although, the documentation to close the home equity line account is mailed separately then getting lost and the account remains open. Creating a lien on your new home from the previous homeowner, watch this video to hear about what he testified in front of the State of Michigan House Financial Services Committee.

Contact the Issuers of all Your Credit, Debit, and ATM Accounts.

Don’t Close the Cards!!!!! Just report them stolen. You will then get to keep the history of the account and still get a new credit card number. If you close the account you will lose all value you gain from a long credit history. The numbers for the four major card companies are as follows: MASTERCARD: 1-800-627-8372 FREE (US) VISA: 1-800-VISA-911 FREE (1-800-8472-911 FREE) AMEX: 1-800-528-4800 FREE DISCOVER: 1-800-347-2683 FREE. If you have a bank or credit union credit card, call them as well. If checks were in your wallet, they can handle that accordingly. If any of those cards were used for automatic debits, you need to inform those companies ASAP. If you don’t update your payment information you will wind up with a late payment so don’t forget this important step.
Add a Fraud Alert or Credit Freeze on Your AccountsThis step will save your future don’t wait take this step now! Once you add a fraud alert any creditor will have to verify your identity before approving any new credit. This is usually done with a phone call to a number you put on file with the fraud alert. The problem is that you are relying on the credit grantor to stop the fraud. That is why I would tell you to go with the credit freeze. Trans Union: 800-680-7289 FREE Experian: 888-397-3742 FREE Equifax: 800-525-6285 FREE Report the Theft to the police.
The reason for this step is to provide evidence in your favor should you become a victim of identity theft. If it happens, you don’t want to be explaining why you didn’t report the loss. Some information the police may ask you includes: Where and when you believe you lost your wallet, what was actually in the wallet (amount of money, credit cards etc.), A description of the wallet itself, If stolen, any suspects or a description of anyone suspicious. When you’ve finished filing the report, keep a copy for your records.