The Credit Miracle Worker at Frank Myers Auto Maxx Presents: Do You Know Who Has Access To Your Credit?

Hey! My name is Rich Little and I'm the “Credit Miracle Worker”. I’m back again with a question for you. Do you know who has access to your credit information? Did you know that the laws and guidelines that determine who can access your credit information are weighed in favor of the creditor or business owner to protect them from losses caused by defaults such as late payments, partial payments or no payments at all? It’s very important that you know what the rules are and what rights you have when it comes to someone accessing your credit information.

When you take out an insurance policy, apply for a loan, make a purchase on credit or even fill out an application to rent a home or apartment, the creditor (or landlord or insurance agent) involved has the right, under most circumstances, to look at your credit report. This includes auto dealerships and mortgage companies. Potential employers may request your credit information as part of their hiring process, but in most cases, they cannot do so without your permission. If you apply for a job where you will be dealing with large amounts of money or are solely responsible for a large budget, the employer may insist that you agree to allow them access to your credit information.

Unfortunately, your permission is not required when inquiries are made as part of a pre-approved credit offer.

The most unfortunate aspect of having poor credit is you may have difficulty securing a loan and you’ll pay higher interest rates if you get that loan. Over the course of a home mortgage for example, higher interest rates brought on by poor credit and a low credit score means higher monthly payments and the fact that you may end up paying as much as an additional $150,000 for your home over the course of the mortgage. That’s why me and my team of Credit Miracle Workers at Frank Myers Auto Maxx can help you restore your credit and put you in a position to secure the best possible rates when purchasing large ticket items such as a home or vehicle.

In addition, you may have to pay higher interest rates for credit cards and auto loans and perhaps have to place a cash deposit to secure that credit card and come up with a larger down payment for that auto loan. Even utilities such as power, water, cable and telephone service may require a larger security deposit. Frank Myers Auto Maxx can help you avoid these additional expenses.

Poor credit can also cost you in the sense that it is much more stressful to deal with all the issues surrounding your personal finances when you have credit problems

Here are some of the challenges you’ll face if you have poor credit:

• Obtaining an auto loan


• Getting a mortgage


• Renting an apartment, house, condo or office


• Securing a credit card or line of credit


• Taking out a life or auto insurance policy


• Paying bills online


• Utilities (security deposits)


• Renting a car


• Employment history and securing work

Keep an eye out for my next post because I'll share with you how to enter the dispute process with the credit bureau. It may not be as hard as you think.

The Credit Miracle Worker at Frank Myers Auto Maxx Presents: Credit Myths and Misconceptions

My name is Rich Little and I'm the Business Manager at Frank Myers Auto Maxx in Winston-Salem, NC. Over the years, I've been hailed as a “credit miracle worker” by many and as “too good to be legal” by others.

So...what kinds of kinds of credit problems have I dealt with in my storied career? Bankruptcy, medical bills, charge offs, late payments, divorces, student loan problems, IRS demands, repossessions, and more.

And even though I've literally helped thousands drive home in the car of their dreams, it's about more than that to me. It's also about helping folks rebuild their credit and rebuild their lives.

But there is a lot of false information about credit and credit reports and what does and does not lead to the necessity of credit repair and restoration.

So please allow me to share wth you some common myths and misconceptions.

1. Paying cash for everything will help your credit rating.Using cash for all your transactions does not have an effect on your credit (other than you are not using loans, lines of credit or credit cards).


2. Paying off collections, tax liens and late payments will remove them from your credit report. Resolving these items is no guarantee they will be removed from your report. You must continue to monitor the situation until the items are truly removed.


3. All of your credit reports and credit scores will be the same.It’s not unusual for reports to differ from credit bureau to bureau. Plus, major banks and creditors often have their own method of determining your credit score.


4. If you have poor credit, your credit scores will suffer for seven years.The seven year “rule” pertains to a certain type of bankruptcy, not credit issues. Credit issues can be resolved quickly, sometimes in a matter of days or weeks.


5. Making a lot of money will improve your credit report and scores.Income is not a big factor in your credit rating. More important is how you spend your money in terms of using credit to do so.


6. Divorce will absolve you of your credit responsibilities.The effect on your credit depends on your divorce decree, settlement and your history of sharing credit accounts with your spouse. The Equal Credit Opportunity Act states that married couples have the right to request separate credit reports and histories, even for joint accounts. And, if an account is listed under only one spouse’s name, the other spouse has the right to rely on that credit history.


7. Closing credit card accounts will improve your credit scores. A closed credit card account is considered “static” information (not being used) and has little effect on your credit.


8. The proper and responsible use of check cards can help your credit reports and scores.Most check cards do not have an impact on your credit status.

Next time, I'll tell you the differences between the three credit bureaus and how your credit score is determined.