Board Certified Credit Consultant Exam

Is Credit Repair Illegal? When looking below, please note that there could be more than one correct answer.

Look at the options below: From this list, what would drop a credit score the most? It could drop a score 20 to 100 points

If one has poor, or no credit history, how can they get approved for a loan?

What Act governs or oversees the actions of credit repair firms?

What are the different types of credit accounts?

When disputing items within a credit report, a successful credit repair consultant will NEVER do the following on behalf of their client:

How often do Credit Scores Change?

Where can a consumer order a FREE credit report?

To have a great score, How many good revolving accounts should one have?

What law governs credit bureaus?

What is Credit Monitoring?

What can be taken off a credit report?

How long will a Chapter 7 bankruptcy public record stay on a credit report?

When one applies for credit but is denied by a lender, can you determine what actually happened? From the options below what could be the reasons?

What Does the FACT Act stand for?

Let’s say you have a credit card with a small credit limit of $250. The current balance is $150. However, you pay the balance each month in full when the statement comes. Can this be a factor in a utilization ratio that will affect a credit score?

What is a Good Score? (Think about this question and select the best answer from the options below).

Some credit card companies have a dirty little secret when reporting the payment history of their customers to credit bureaus. Is this true?

This should be an easy question. Do you know the three major credit bureaus in the United States?

What is the best way to improve a credit score?

Can any company or employer obtain a copy of a credit report without the employee or applicant’s permission?

What information is used to calculate a credit score?

According to the law, Credit repair companies are allowed to do what from the options below?

Under what circumstances are consumers entitled to a free credit report from a credit bureau?

Your client just got married. They called and asked the following question: “What happens to our credit report now that we are married?“ What answer should you provide?

There is a 4th credit bureau that is not widely known, What is the name of this company?

What is a hard inquiry?

The Credit Repair Organization Act (CROA) explicitly states the type of information that must be listed in a credit repair firm’s contract. What is Not Required in the contract from the options listed below?

In a FICO Score Model, “Payment History” is what percentage of a score?

What are soft inquiries?

A R9, I9, or 09 on a credit report is a code that represents what type of account?

What should a consultant or client do, when paying off a collection account?

What is VantageScore?

What are the 5 main elements of a FICO SCORE?

Your client wants to obtain a mortgage loan fast. They have evidence to clear up errors in their credit report. What service should you use?

In a FICO Score Model, “Credit use” is what percentage of a score?

What can be a result of violating the Credit Repair Organization Act?

Which of the following statements are true regarding Repossessions?

To stop collection agencies from calling what should you do?

As a Credit repair firm, what CAN you do legally?

In a FICO Score Model, “Length of credit history” is what Percentage of a score?

Credit repair companies can NOT legally do the following:

How do most credit repair companies get paid?

Looking at the options below, what items a Credit Repair Consultant Do Not Need To Receive From a client?

What does Vacating a judgment means?

There is a status you must check first on a client’s credit report if a chapter 7 bankruptcy is listed. This status must show and will have an affect on the way you can dispute accounts.

Looking at the options below, what should you dispute first if this status is NOT showing properly? This is not a trick question

What can bill collectors or collection agencies do?

A negative account that is four years old is being reported incorrectly in your client’s credit report. This account shows that in the past, it was delinquent six times. How should you dispute this account?

In a FICO Score Model, “Inquires” are what Percentage of a score?

From the options below, what items Credit Repair Companies are required by law to provide clients?

How often should a consumer check their credit?

What is an Authorized User? Can it affect a credit score? Please note that there could more than one right answer.

Can a credit bureau approve or deny an application for credit?

How long does account information remain on the credit report?

How long does credit bureaus have to investigate a dispute? Please select the best answer.

In a FICO Score Model, “Type of credit” is what Percentage of a score?

What conditional reasons below that one can obtain a Free credit report?

What is a credit freeze?

How can one establish credit?

When a Credit Bureau internally reviews a credit report what type of effect does it have on a credit score?

A Tenant Screening has what type of effect on a credit score?

When interest rate shopping, How does these inquires affect a credit score?

Can Negative Accounts Return on a credit report?

What is the difference between payment history and credit history?

What is the maximum possible FICO credit score?

Some of primary questions you should ask a potential client seeking credit repair is: “Have your disputed any accounts with the credit bureau before?”and “Are you caught up on all reported accounts and currently paying them on-time for at least 3 to 6 months?”

Before repairing a client’s credit, Here is a point to consider:

Concentrate your efforts on entries in your client’s credit report that are less than one year old. Most things are NOT that important to challenge when attempting to increase your client’s credit score

Failing to document your efforts is a huge mistake in credit repair. You should Make a note of everything, even if you have your client to speak with a person, make sure they get that person’s name.

Your success in repairing your client’s credit is making sure you do no harm in lowering their credit score FIRST!!! It is important to note that negative items on their credit reports do not necessarily mean that it is affecting their overall credit score. However, yes, negative items play a part, but you must consider all of the factors of how credit scores are calculated before you start repairing credit.

The Estoppel letter is used when you request VOD “Validation of Debt” and do not get a response from the Collection Agency. It uses the “Doctrine of Estoppel” which tells the collection agency that their silence must mean they agree with you. This letter can be used after you have sent two (2) VOD requests to the collection agency

Admission by Silence: (VOD) The meaning from Black’s Law Dictionary is the failure of a party to speak after an assertion of fact by another party that, if untrue, would naturally compel a person to deny the statement. This is a powerful statement! If you are right, you speak up; if you are wrong you do nothing to stand your ground. The goal is to make the collector think twice about whom they are dealing with and give them the option of proving their claim of losing it all together.

When you purchase a credit report from the credit bureau directly, there is an arbitration agreement that will prevent you from suing with a jury trial. Consumer SHOULD NEVER Opt Out of Binding Arbitration Clause within 30 to 60 days of receiving a credit report from a credit bureau.

The term “credit repair organization” means:

What does TSR stand for?

What are exemptions to TSR

What are The TSR restrictions:

TSR has outbound and inbound call rules: It states whether you call a customer or whether a customer calls you. There are no exceptions. If using the phone with speaking with potential customers, you must finish and finalize the contract and presentation face-to-face with the client and that’s the only exception.