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Thanks there the -- numbers on holiday spending are in and that big online sales up 30% yesterday compared to the same day a year ago.
Joining us now is -- also.
I would all -- back -- qualify now that is take credit risk path company.
Paul welcome program thanks for having me -- reveal -- I had the you know expect I do okay this is -- wives what to expect at I put into negative credit -- -- again residuals and for companies yes it's in your interest for people to go deep into debt and the need credit risk that you are cheering on this consumer society you -- cheering on Black Friday selling and buying when people can't afford to -- -- -- No we're actually dealing with the aftermath.
That -- that we don't cheer people on but I won't back aftermath.
No we don't the reason why am on the show and the reason -- -- recently spoke out in Washington DC -- government affairs conference is to change the system what system.
The credit bureaus in the credit reporting system what's wrong with -- everything is wrong -- it -- roundup for the -- you know three companies right exactly I don't know what's wrong with.
Well they are for profit companies they are not government agencies and you'll know their.
Idea but I also don't control the lives of 300 million people so you have three repositories.
That collected data on all of us as consumers.
Then you have a separate company the Fair Isaac Corp.
that generates -- credits worse.
The government consistently tries to put their thumb on monopolies in this country but yet they overlook.
The one company there's only one that generates the credits -- for 300 million people why is that -- -- if you think he's fixed it is a monopoly in the government's got its thumb on what system would you put implies that the real fast.
I would probably follow the guidelines of the consumer stuff financial protection bureau and what they're doing is you're they're gonna try and come up with a better system.
On the first person to agreed that we need a tool to measure 300 million people and right now.
It's it's credits worsening credit -- okay if you have a better system.
To measure the credit -- the -- 300 million Americans if you have this kind of system that you want would show those 300 million Americans are in better shape.
Credit lines all -- shape credit one what do you think.
I think what you that -- in better shape that and they actually are because.
Everyone was stricken with the downturn in the markets in the housing.
Debacle that we all face so.
When someone -- at 130 daily payment and it cost them thirty points in their credits work.
But yet they paid their bills on time for the past -- -- years to meet.
That's a flawed system.
-- -- -- challenge to Britain rectify some of these bad credit that depends upon the amount of work it has to be done there should there's not a fixed price apparently it stood bunny comes do you not the average cost is 800 dollars 800 dollars that's -- So if I'm gonna lousy credit -- that would be say 500 that get pretty bad school or business that's a bit -- hundred dollars and you get -- a score of 700.
Well there are no guarantees story -- I got I've got tell you the money.
You do have to that's a guarantee that you can -- -- -- me from 500 to 700 a much credit school how would you do that at which time the -- There there are what are now all my life expect.
We have a six month program that we put clients through a what what you do account real fast when either way we do a credit analysis and we figure out what.
Information is on the report that's causing you pain.
The latest research actually shows OK OK do you then go to the credit reporting companies say hey Stuart Varney is not to Japan got ease up in that area he will pay that what we do is you pass some amount on the what what we shade of the credit bureaus is if you wish to continue to report that information.
You have to verify and validated you have to make it accurate and timely.
And unfortunately the credit bureaus quite frankly do with terrible job okay well I haven't paid my bills right I've got a lousy credit score of five and I just have not paid I'm in debt -- -- -- -- You can't fix that can you know like it right hundred bucks you can't cannot wait for eight thousand's it no not enough for 80000 dollars.
We would refer you to either a bankruptcy attorney or credit counseling services -- look it's gonna put all.
I I I'm really scared when you start to say governments have been -- kind of stuff itself like to me better.
So maybe you should try to create a company to compete against Fair Isaac but I -- -- -- a -- that there -- -- -- banking and -- you're talking about this one.
You want to give up from one entity.
To another single -- I just think it to have more -- will not controlled more and more regulated because.
I don't think anybody would argue with the fact that the system that's in place right now is not working the -- wait a minute wait a minute.
Wait a minute that the current system which you don't like they solving our customers to you for an average of 800 -- right to fix this call me crazy.
Call me crazy I -- -- out of business.
I'm worried about a man who wants to fix -- system which is supplying customers to him.
Some people call me crazy but that's the reality of the situation I went into this business I was in the mortgage industry has a mortgage -- And I went into the credit repair organizing a halt -- -- has broken right off well but at the end of the day I I truly went into the the industry.
To change the system not to take money from clients but.
Fortunately over the past seven years with help lots of people -- fight the system I'm just bleeding like him therapy.
Are you bleeding heart liberal support is and that's that would exceed -- -- the job at which you come back on this program I would love to you really wouldn't yeah.
OK if Paul -- thank you very much indeed some -- -- had been hit by thank you --
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