Credit repair expert George Cole has important information to share about keeping your credit clean. The founder and president of National Credit Educational Services in Marietta, Georgia, has 30 years of experience in credit education. He spoke to rolling out about credit myths and how to be wiser with your credit decisions.
What are typical credit misconceptions?
When you [close] an account, it remains on your credit report. Instead of [closing] it, reverse it to show paid as agreed and never late. It’s like someone having an F in chemistry, calculus and geometry. Instead of deleting that grade, let’s change it to an A, which will boost the grade-point average. We do credit restoration based on what Fair Isaac Corporation thinks and conveys to the lenders. We’re in front of the game. FICO did not expect us to be this smart. Credit reporting agencies did not expect us to outthink them. We’ve tapped into their thinking to provoke the highest potential of a score that a consumer could ever imagine.
What is your advice for maintaining good credit during a pandemic?
Let’s say a person called their mortgage company in March 2020 to get help with payments. We are now in May 2021, and that person is at Pappadeaux Seafood Kitchen every night. What they don’t realize is you’re adding money to your principal mortgage plus interest. They are still calculating your payments. That service is not free. You’re just getting a pass. If you can’t make a $500 payment, send them $150 or $250 to help keep the debt down.