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Dave Sullivan
Works at Credit Technologies
Lives in Michigan
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Dave Sullivan

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The Truth About Debt Management

There is a myth out there that the debt management and credit repair companies on TV seen on TV will swoop in and save you, if you just give them a call at the number repeated a dozen times during the commercial.

The truth is, the may help you get out of debt , but unfortunately it'll be with your credit trashed.

Debt management  and credit repair companies are springing up everywhere.

These companies help you to "manage" your debt by getting a monthly payment from you, and then distributing the payment among your lenders, after they've usually worked out lower payments and lower interest agreements with them. However, this is not a loan as it is with debt consolidation. 

Often, people get the two confused. But, because Most Americans are up to their ears in debt, the debt  management and credit repair business has quickly become one of the fastest-growing industries there is today.

Many companies, like Consumer Credit Counseling Service, can help you to get lower interest rates and lower monthly payments, but doing so will come at a price. 

Be aware that when you use one of these companies, and then try to get a Conventional, FHA, or VA loan, you will be considered the same as if you had  filed a Chapter 13 bankruptcy.

Mortgage providers, using standard underwriting guidelines for traditional mortgages, will consider your credit  as being trashed, so don't do it. 

Real and effective debt help is only found by changing your spending behavior.

Again, don't us debt management companies. Work hard at changing your financial behavior. In so doing, you will change your life. Real debt management is really about one thing and one thing only: Controlling Your Spending.

There's not some magical or complex formula to sound debt management. The solution is common sense and having a specific yet simple plan, you know, like Grandma's simple way of handling money.

Smart debt management is about 80% discipline and 20% insight. And no matter what some debt management companies may try to make you believe, it isn't rocket science.

Is it easy? No. In fact, it can be pretty hard most of the time because it takes guts to have the discipline it takes to make it work.  But, is it worth it? Absolutely! Some simple determination and a simple plan that works is all it takes. Having both, its only a matter of time.

If you found this posting useful, informative, enlightening, entertaining, or you just simply liked it, please comment, share, +1, or even follow.

Thank You!     

 #moneymanagement #getoutofdebt #howtosavemoney
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Getting ready to sell?
 
Thinking of selling your home in 2014 or interested in increasing your homes value?  If so it is important to educate yourself on which projects will levy the largest return on investment!
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<a href="http://www.fico.com/en/about-us/newsroom/news-releases/new-version-industry-standard-fico-score-will-available-beginning-summer/" title="FICO Press " target="_blank">FICO (r) has announced another new scoring model</a>, they are calling this one "9" what they said was that it will be an improvement over the "8" version currently available. I really like the changes FICO made with the "8" model, the improvements would help many borrowers because of the changes and cut back on the gaming some people have used over the years with the authorized user loop hole.  What will version FICO9 bring? 

 Well the only information has been cryptic at best  "Our innovative, multi-faceted modeling approach incorporates a more exhaustive characteristic selection process to build a score that is even more effective across a wide variety of situations," said Andrew Jennings, chief analytic officer for FICO.  "This approach also uses FICO Model Builder's Multiple Goal Scorecard technology -- a sophisticated tool that balances out different scoring objectives applied across various product lines. As a result, we will deliver a new FICO Score that continues to be the credit score that defines U.S. consumer credit risk."

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Mr Greg Frost shares #1 reason he became the first Billion Dollar Originator 
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Have him in circles
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VantageScore 3.0 updates the old 2.0 model.  Score range is now 300-850 like FICO(r) but the scores will still be different. See below to find out why Vantage 3.0 will still not give you the same score as FICO;

Vantage; Inquiries lumped together for 14 days: Every inquiry for credit made within 14 days, except credit cards or collections, is counted as one inquiry,This means that whether you are shopping for a car or a mortgage, it's all counted as one inquiry within the 14-day period. VS FICO: groups like inquiries together over a 45 day window and they have a 30 day no impact as well 

VantageScore 3.0 has the ability to include utility and rent payments into your credit score. VS. FICO utilities are included but rent is not. 

VantageScore 3.0 will start including information as quickly as the first month, VS FICO requires six months of history in order to generate a score. 

Vantage 3.0; if you have been credit active within the past 24 months, you can be scored. VS. FICO will not score you if you have been credit inactive for more than six months

Only positive authorized user data is considered by all VantageScore models, FICO score counts both good and bad information on authorized user (AU) accounts but only for spouses and direct relatives.

VantageScore 3.0 scores student loans, differentiating between government and private loans, as well as deferred loans. Vs. FICO Score counts all types of student loans the same. 

Medical debt: VantageScore 3.0 doesn't count medical debt unless it's outsourced to collections. Vs. FICO 8 and 9 will not count any medical debt under $100

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Jim

to answer your question, None!!! are using Vantage because Fannie will not accept it until they do Vantage will never have any meaning for mortgage lenders. for more info watch this http://youtu.be/7ZdZbLM-NSs and this http://youtu.be/giXgB1WYaA4  thanks for the feedback!! 

Dave 
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My interview with Steve Richman of Genworth Financial 
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Just starting to build your credit history? Dave Sullivan from Credit Technologies, Inc. shares how to build credit when you’re starting from scratch.
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Guest Blogging on the "At any Rate" Blog
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Dave Sullivan

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<a href="http://www.fico.com/en/about-us/newsroom/news-releases/new-version-industry-standard-fico-score-will-available-beginning-summer/" title="FICO Press " target="_blank">FICO (r) has announced another new scoring model</a>, they are calling this one "9" what they said was that it will be an improvement over the "8" version currently available. I really like the changes FICO made with the "8" model, the improvements would help many borrowers because of the changes and cut back on the gaming some people have used over the years with the authorized user loop hole.  What will version FICO9 bring? 

 Well the only information has been cryptic at best  "Our innovative, multi-faceted modeling approach incorporates a more exhaustive characteristic selection process to build a score that is even more effective across a wide variety of situations," said Andrew Jennings, chief analytic officer for FICO.  "This approach also uses FICO Model Builder's Multiple Goal Scorecard technology -- a sophisticated tool that balances out different scoring objectives applied across various product lines. As a result, we will deliver a new FICO Score that continues to be the credit score that defines U.S. consumer credit risk."

<a href="http://www.youtube.com/subscription_center?add_user=sullythecreditguy" title="YouTube " target="_blank">Youtube</a> 
<a href="http://www.linkedin.com/in/thecreditguytv " title="linked in " target="_blank">Join me on LinkedIn</a> <a href="http://www.twitter.com/TheCreditGuyTV" title="Twitter" target="_blank">Follow me on Twitter</a>
<a href="http://www.facebook.com/TheCreditGuy " title="facebook" target="_blank">Like the Facebook Page</a> 
<a href="http://www.pinterest.com/thecreditguy" target="_blank">Follow my Pintrest board</a> 
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Have him in circles
332 people
Bobbie Smith's profile photo
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Marketing Director
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The Credit Guy TV
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  • Credit Technologies
    Marketing Director, present
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Credit Score Improvement
Introduction
Dave Sullivan graduated from Western Michigan University in 1989 with a bachelor’s degree in Finance. He started in the mortgage industry as a loan officer in 1991. Less than one year later started selling credit reports to Mortgage Companies, Banks and Credit Unions. On September 19, 1997 he started AIR Credit Midwest out of his car. Over the next two years Air Credit Midwest grew to a multimillion dollar company. In 2000 he was approached by one of the largest Credit Reporting Bureau’s in the nation to purchase AIR Credit Midwest. He sold it and worked for that company as Sales Manager of the Michigan and Ohio market for the next ten years. During his career in the credit industry he has personally reviewed thousands of credit reports and credit scores. He currently provides free information on his weekly Video Blog at www.thecreditguy.tv
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Joel, did a horrible job on our driveway, we had to teach him how to seal it and then he still could not get it correct after weeks of trying not it is starting to come off and it is not even winter yet. Do not use this company for stamped concrete
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