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In the meantime what -- -- -- the author zero debt.
Ultimate guide to financial freedom is is with us today as is Barrett -- the president and CEO of vantage score solutions so we're gonna talk a lot -- and in that time we have left.
About you know what people can do that get to see you again by the way we appreciate -- that -- thanks for coming in as well good to see use we we we talk and people are answering.
Once you talk about that credit score first people either that funny at either check it very often they're on top bit.
Or or just never pay any attention to -- at all -- -- think.
Question with the people who tend to get turned down for credit watch very carefully for obvious reasons unfortunately people that don't get turned down for credit don't monitor it.
And they should whitewash it that's like say that's my point here and when and you can win on this you have to -- -- homer question that I mentioned earlier jettisoned and how often do you check in Atlanta really check it.
That -- get a car whatever the case may be your house and that you know someone else is checking it for me -- I I might pay attention to why should -- be paying attention to a more often than I did.
Well first of all credit scores learn they learn your behavior so if you change your behavior scored gonna change either up or down.
And credit scores are.
Applicable to you know landlords -- pull credit scores so of course lenders.
You know -- -- widely used in the -- -- arena.
I think when it.
Well in these times when we have a global economic credit crunch that's on.
I'm really your three -- -- score some of the keys to the kingdom it's the litmus test frankly that lenders are going to judge you by so if you have a need for any kind of loan product a mortgage and auto loan a student loan business -- -- You know even just a credit card -- an increase in a credit line that you have already they're going to pull that credit report and check if Michael credit score.
Couple questions here one just came in a moment ago about how do I get from Roger how to might get might try to score for free so what's the best place Gary what's a plus -- -- I should say to look for this.
Well you know -- number web sites we can purchase the the credit scores.
Right that the the main thing people think progress about getting the free credit report.
That's available to -- well annual credit report dot com -- -- established.
Website for the Big Three credit bureaus Trans Union -- -- and experience.
So cycle credit score that's when you have to pay write what you -- on the matters and it's my cycle dot com.
The other question that came in and you guys -- on this as well what's what's a good credit score we -- seven -- thrown around but is that the real measure is there another number by the way or should we always go with that number.
Well there are many credit scores in the marketplace and really depends on the lender.
Just that it's cutoffs and it's so -- so the consumer should go to the lender and say what's -- good score for -- -- with the subprime score for you got it under your system -- credit criteria fishing and here's another point -- by the way you agree on the number what -- what what about.
And -- I think as a general rule of course -- Michael score ranges from 300 to 850 points.
I tell people to try to strive for what I call perfect credit branches in the 760.
To 850 point -- just a high -- My score but yet but a -- didn't do well in this event in the retail terms and everything Richard -- Myers has said has been on our our chat from value engine throughout the -- -- credit scores -- problem banks relied on a credit score when they gave folks know doc loans.
How do we get by without credit scores forty years ago and he says dump credit scores says there were problems people relying on him too much what -- said -- that.
Well it really depends upon the credit criteria that's hooked up to their credit score the credit scores the first screen a consumer comes -- to -- determined.
Or predict the probability of default.
So as long as scores or highly predictive.
They're still useful methods -- that you what do you think when -- I think scores are very valuable tool but I agree that it's really up to the lender to go beyond just that three digit number.
They've got to look at your income how you gonna use alone other assets he might have -- and not just use.
Michael credit score as the sole determinant to determine whether or not to extend or deny you credit.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- And Barrett Byrnes from this Venice -- solutions is also here in just back from Fox News such fun reintroduce your gas -- made them an engine.
I'm going to have -- You know America wanted that the talking a little bit we've been talking obviously about -- -- -- well known but you guys to calculate your own scores right and what's the difference between the cycle scores and what you guys are doing and what people should.
Know about -- other than the market was demanding something you know an algorithm that was more predictive scored more people particularly as volatility rams got fined 2004 in 2005.
With us subprime and all of a -- ramping up in consumer debt being held on you know really dramatically.
So the market was demanding a new album us taking it is good to have the architecture had that in embedded in the algorithm.
And so you worked out something -- -- what what's -- new part about it that that maybe gives people an advantage over just relying on this Michael score that we all seem to look at our numbers you what it is no nothing else about what those three things that are important about wanted to do it's more consistent across the street bureaus around with a three bureaus therefore we have access their data and there.
Definitions of -- and they had to be.
The level we call leveled to the definitions of the data were on different.
So therefore that it's more consistent secondly -- needed to -- more people millions of more people are accountable.
And vantage score.
And also be highly -- given the new products and the debt -- were coming in the marketplace -- -- -- but that's sort of get an out of people find advise him on your website whatever the case is that is that where the best place to go go to your website and then they can.
Check their -- that way -- -- now they have to go to the figure us.
But important in this it was recognize and people that use debt differently for example new interest in the marketplace and FICO credit users.
And -- -- consumers that don't use debt and traditional ways they needed to be recognized and to have -- that behavior patterns in the marketplace.
That's a really interesting point because I think a lot of young people in particular they often ask me this question essentially they'll have a -- credit file -- perhaps no credit file.
Right or fifty million Americans out there who have -- are no credit files.
Some of them might be immigrants some of -- might be women who work.
Married me -- widows and Craig was in the spouse's name Federer or perhaps his young people may be coming out of college some of them -- -- going to borrow money for people who just don't want to get into debt.
And one of the exciting things I think is that there are ways now that consumers stand.
Establish -- track record of credit track record without taking -- -- and Hostin here Dan Ramsey when they get alone in order to do about it.
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