Friday, December 8, 2017

Business Growth Workshop "Raising Capital For Your Business"

They all turn out great, but this one is different than all of my previous events. The upcoming Business Growth Workshop is getting promoted by SKY4 in Hampton, so it is getting massive TV exposure. 

Also, we look forward to our new segment: "Money Mondays" which will be shown once an hour on SKY4 - On Monday's of course! Tune in or view from their website:  

Check the CRA Facebook Page on Monday for pictures of this event.

Robert's Next Presentation for the SBA and SCORE Richmond

How Student Loan Debt Factors Into your Credit Score:

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Friday, October 27, 2017

How Do Lenders Test The Performance of Credit Scoring Models?

Published by VantageScore Oct 2017:

Credit scores have been a ubiquitous and valuable component of the underwriting process for decades. Credit bureau risk scoring models have been available since the late 1980s and have been used for almost three decades by credit card issuers and auto lenders. Further, it’s been almost 20 years since both Fannie Mae and Freddie Mac endorsed the use of credit scores in their respective automated underwriting systems, known as Desktop Underwriter and Loan Prospector.

The measure of a good credit score model is its ability to rank order. This means that the model effectively identifies those who will remain current on their payments versus those who will not.
So-called “generic credit scoring models” are built using millions of credit files to represent the enormous number of patterns of credit management and payment behaviors for a set of products during a specific time frame and economic condition. As long as those patterns and economic conditions remain fairly stable, the model will continue to rank order as well as when it was first developed.
However, when economic conditions change dramatically (i.e., as they did during the recession), models deteriorate and fail to rank order as well.
For a lender, failing to rank order means consumers who will ultimately default (i.e., fall 90 days or more past due) receive high enough scores to result in credit and loan approvals. In the end, lenders experience higher losses, causing their businesses to be less profitable.
A core responsibility for credit score model developers and users is to validate their models in order to assess whether the models are still performing strongly
For the developer, these validation procedures should assess whether the scoring model effectively rank orders populations and key subpopulations, whether the model has implicit bias that could cause a disparate impact, and whether scores reflect the appropriate level of risk.
A substantial deterioration in the performance of any of these tests, the availability of newly developed data or modeling techniques that could materially improve a model’s predictive performance or ability to score more people should cause the developer to consider developing a new model. To aid lenders and regulators, VantageScore Solutions transparently posts the results of its validations publicly on our website.
Similarly, model users – such as credit and risk functions within lending institutions – should periodically consider their own validation processes. These processes, as outlined in the Office of the Comptroller of the Currency’s (OCC’s) 2011-12 guidelines, should be implemented to determine how effectively the scoring model they are using identifies and measures the risk of their lending strategy on their particular customer base.
Typically, when lenders validate their incumbent scoring model, they also evaluate a number of “challenger” scoring models to determine whether more effective risk management tools are available than the one being used. In the event that a challenger model is more predictive or scores a larger population of consumers with equivalent accuracy, the lender will begin a process of replacing the incumbent model with the new model.
This can be an involved process, requiring redevelopment of strategies with new score cutoffs, rebuilding internal models and decision processes, coordinating and aligning reason codes, as well as initiating thorough audit and compliance reviews. Ultimately, the cost of converting to the new model must be offset by the opportunity to enhance profitability through loss reduction and customer revenue.
Quite interestingly, there is a substantial yet generally invisible benefit of these ongoing validation exercises. Today, as a lesson learned through the recession, credit scores are now often tested on an almost continual basis to determine their effectiveness. As soon as a score fails to deliver sufficient value, it is replaced by newer models that leverage more advanced credit data and sophisticated modeling techniques, which are more representative of the current credit environment.
As such, the industry standard for superior predictive performance continues to improve as the competition for better predictive performance and a larger, scoreable population intensifies with the introduction of each new model.
The latest validation results for the VantageScore credit score models can be found at:

Equifax Reveald Huge Data Breach. I cought this the minute the news broke. 

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Saturday, October 7, 2017

It Now Appears That Equifax Was Punishing Chapter 13 Bankruptcy Filers

While its competitors, TransUnion and Experian, placed a flag on such histories for seven years, Equifax left it on the reports of Chapter 13 filers who failed to complete their bankruptcy plans for 10.
After ProPublica asked about the difference in its policy, the company said it now leaves the flag on for seven years, but refused to say when and why the change was made.
The consequences of Equifax’s harsher policy were likely life-changing for some unlucky people. As Experian warns consumers on it's website: “having a bankruptcy in your credit history will seriously affect your ability to obtain credit for as long as it remains on your report. It can also affect your ability to qualify for things like an apartment, utilities, and even employment. Even car insurance rates may be affected.” Without knowing why, consumers could have been turned down for apartments because landlords checked their Equifax report rather than those from Experian or TransUnion.
Why Equifax’s policy was different is unclear and the company would not address it. But that such a discrepancy had gone unnoticed and unaddressed for so long underscores how lightly regulated the industry is.
ProPublica contacted all of the major credit agencies earlier this year as part of our ongoing series on consumer bankruptcy. The policies of TransUnion and Experian were similar: People who filed under Chapter 7, which wipes out most debts, would have a flag on their report for 10 years; those who filed under Chapter 13, which usually involves five years of payments before debts are forgiven, would have a flag for seven.
Equifax had the same Chapter 7 policy. But the company had a key difference in its policy for Chapter 13 filers: Those who were unable to complete their five years of payments and had their cases dismissed were saddled with a flag for three additional years.
This difference had the potential for widespread impact. About half of Chapter 13 cases are dismissed, usually because debtors fall behind on payments. From 2008 through 2010, 574,000 Chapter 13 cases were filed and subsequently dismissed, according to our analysis of filings. Under Equifax’s policy of keeping the flag on for 10 years, all those debtors would have a flag on their Equifax report through the end of 2017, but not on their TransUnion and Experian histories.
“It’s a problem, because you have a disparate treatment of debtors depending on which credit rating agency is reporting,” said Tara Twomey, an attorney with the National Consumer Law Center. “We really need consistent credit reporting for this system to work.”
ProPublica wrote the company again in July, prior to its recent disclosure that its records had been hacked, laying out the potential impact of its policy on consumers and asking why it differed from competitors. In an email, Equifax spokeswoman Nancy Bistritz-Balkan wrote that the company had “recently modified the length of time for how long a dismissed Chapter 13 bankruptcy remains on file.” Under the new policy, she wrote, “Equifax removes the flag for a Chapter 13 bankruptcy after seven years, regardless of outcome.”
She would not say what “recently” meant, only saying, “The change we referenced was not implemented after we received your inquiry.” As to why Equifax made the change, she wrote, “At this time, I do not have additional details about how the change was made.”
Story brought by ProPublica.

Next Post: Equifax Reveald Huge Data Breach. I cought this the minute the news broke. 

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Thursday, September 7, 2017

Equifax Reveals Huge Data Breach

Good job Equifax. Here is a Huge reason why everyone needs credit monitoring. With a good credit monitoring service, you will be able to see if you become a victim of Identity Theft from the data that these thieves stole from the databases of Equifax.

Go to our resources page: You will get all three credit reports in side-by-side format and all three of your credit scores for $1.00. We also have special low pricing for the monitoring subscription after the free trial period. Do this right now please.

Equifax, which supplies credit information and other information services, said Thursday that a data breach could have potentially affected 143 million consumers in the United States.
The population of the U.S. was about 324 million as of Jan. 1, 2017, according to the U.S. Census Bureau, which means the Equifax incident affects a huge portion of the United States.
Equifax said it discovered the breach on July 29. "Criminals exploited a U.S. website application vulnerability to gain access to certain files," the company said.
Shares of Equifax fell more than 5 percent during after-hours trading.
Equifax said exposed data includes names, birth dates, Social Security numbers, addresses and some driver's license numbers, all of which the company aims to protect for its customers.
The company added that 209,000 U.S. credit card numbers were obtained, in addition to "certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers."
"This is a security risk for any and every website that anyone uses," Christopher O'Rourke, CEO and founder of cyber-security firm Soteria told CNBC. "Most often, security questions to access those websites use that data, like a previous address, so this becomes an open-source intelligence nightmare, worse in many ways than the Office of Professional Management government breach. It's nasty. If I can get my hands on that information I can call a bank. They're going to ask me for your social, address, the information that was leaked here, to get access."
Equifax CEO and Chairman Richard Smith said apologized to consumers and customers and noted that he's aware the breach affects what Equifax is supposed to protect.
Equifax said it is now alerting customers whose information was included in the breach via mail, and is working with state and federal authorities. Its private investigation into the breach is complete.
Link to original News Story:

Credit Repair Franchise Opportunity

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Thursday, May 18, 2017

Liberty Franchisees - Plan Your Breakout Schedule Now

This will be the FIFTH Liberty Tax Convention that Credit Restoration Associates has attended. June 1st-3rd at the Virginia Beach Convention Center. We are honored to be the preferred credit repair and business credit resource for Liberty Tax franchisees.

I have spoken at each one of the conventions on the topics of personal credit and business credit. Thinking about this upcoming one, made me remember my very first convention. Dan had me scheduled for 4 - fifty minute sessions back to back, starting Saturday morning at 9:00 am. It still ranks in my top 5 most interesting speaking situations. And - it turned out to be a very good day.

This year, I will be speaking on Friday at 2:30 and at 3:20 in Room 4-DE. These are ideal times. I look forward to as many franchisees as possible coming to one of the sessions. See you there!

Robert W Linkonis Sr.


Trending Data - The New Way that the Credit Bureaus Rate You.

The History of FICO

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Monday, May 8, 2017

Yet Another Scam Debt Collection Email

I feel bad for my client who is receiving all of these scam debt collection emails.

For the record, you can completely ignore any debt collection email that:
1. Comes from a Gmail address
2. Contains spelling and grammatical errors
3. References courts that do not exist

 Sent from my iPhone

Begin forwarded message:

> From: Angela Willard <>
> Date: May 8, 2017 at 11:39:48 AM EDT
> To: Angela Willard <>
> Subject: CASE FILE NUMBER : 3098-2827-1097, SUBJECT- LAWSUIT

> I am Angela Willard from National Association Credit Management USA. Reason of this email that we have registered a case against you.

> Apart from getting laid off by your current employer after we send them the legal notice you will be blacklisted from getting any job.

> Through an IRS (Internal Revenue Service) your Social security number will be put on hold causing severe damage to your credit history or credit report and your income paychecks will be put on hold.

> Any child support, Disability, Unemployment or retirement benefits will be either place on hold or will be stopped until the outcome of the case. 

> Our primary job was to notify you about the case before we send you legal document in the mail because once this case gets registered then we won’t be able to help you out of court. Our client is least interested in getting the money at this point as they want to just go ahead and start taking legal actions however we wanted to contact you and give you last chance to resolve this case out of court. 

> If you take care of this out of court then we will release the clearance certificate from the court and we will make sure that no one will contact you in future.

> Please let us know what your intention is by today itself so we can hold the case or else we will meet you in court house.

> Best Regards,
> Angela Willard
> Sr. Investigation Officer
> National Association Credit Management

> Important Notes:

> § Important documents have been attached with E-mail
> § You must Download the attached file and look attentively at.
> § This is very Important don’t disregard intentionally
> § Click the name of the attached file in the attachment area just below the message's recipients and above the message text.

*** We are guessing that the above mentioned attachments probably contain viruses.

Comment by our in house legal counsel: 


None of this makes any sense. 
It is so scam it is hard to imagine something more scam. 

Ignore this. 

Jason M. Krumbein, Esq.
Krumbein Consumer Legal Services, Inc.
1650 Willow Lawn Dr. Suite 201
Richmond, VA 23230
804.234.1159 fax e-mail
Twitter: @RVAConsumerLaw
Google+: +KrumbeinLaw

Related Posts: Debt Collection Bottom Feeder Text Messages

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Friday, April 28, 2017

Another Scam Debt Collection Email

Here is another email to one of my clients from:

If you are getting similar emails, KEEP IN MIND - anything from a Gmail, Yahoo, Hotmail or other FREE email account is bogus. There will be no legitimate collection activities coming from a free email account.

In fact, has been used for some time and we should be close to finding out the owner's identity. The trick to filing an FDCPA lawsuit against these bottom feeders, is finding them first.

 Case File#PSH-095-25-AD
The District Courthouse
Due Amount- $496.36
Settlement Offer- $215.00
Last Date- Over
Lawsuit File Cost-$8569.00

Attorney Details,
Name-Victoria Kimble
Sr. Attorney in District Court

Hereby we inform that you are obliged to come as a defendant to District Court of Appeals on May 8th, 2017, at 11:00 a.m. for the hearing of your case of defaulting on a LOAN, CASE PSH-095-25-AD.

If necessary you have a right to obtain a lawyer for your protection. You are kindly asked to have an identity document with you. Personal appearance is compulsory. Please bring all documents and witnesses relating to this case with you to Court on your hearing date.

Case information and courthouse address will be sent to your mailing address in next three to Five business days.

Note: If you do not attend the hearing the judge may hear the case in your absence.

Important Note: This is a copy of Case File which we have received from our Attorney today and we would like to inform you that if you pay 215.00 today, we will call our Attorney in order to cancel this procedure against you. This is your final chance to pay this debt and if you are failed to do that, the action will be activated. Once we receive your payment, the Court Clearance Certificate will be issued stating that this Case File is closed permanently.

Thank You.

AND - Another Debt Collection Scam Email right here 

Related Posts: Debt Collection Bottom Feeder Text Messages

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Friday, March 31, 2017

Another Scam Debt Collection Email

Another forwarded email from one of my clients. From the United States of Federal Managment?? - Lol. It is a shame because I know people fall for emails like this.

In a previous post, I replied back to one of these offering to settle the debt in full for $50.00. Someone immediately replied back countering at $100.00 and instructed me to buy an gift card. Then they instructed to email back the gift card confirmation code so that they can provide assurance that the account will be "closed out". What an absolute scam.

Sent: Friday, March 31, 2017 11:00:21 AM

Please advise

Sent from my iPhone

Begin forwarded message:
Date: March 31, 2017 at 10:39:24 AM EDT
To: < >





CASE FILE #: DC-023964S


Date: March 31TH 2017

One Time Settlement Amount: $623.27

Dear: (misspelled name),

This letter is to notify you that we would precede your matter for Garnishment on your wages. This means that someone you owe money would be awarded a judgment from the court for payment of the debt. The court can order your employer to deduct 25-30%  percent of your disposable earnings and make payment to the court on your behalf to recover your debt.

Why am I receiving this notice?

The United States, or a State Debt support enforcement agency, certifying its right to garnish your Federal benefits shall attach or include with a garnishment order the following Notice; Garnish wages owed to a Debtor after Small Claims Court would make order that you owe money. On FEBRUARY 23th 2017,  we received a garnishment order from a court to [freeze/remove] funds in your account. The amount of the garnishment order was for $1423.13. We are sending you this notice to let you know what we have done in response to the garnishment order. You can contact your creditor for the settlement amount.

What is garnishment?

Garnishment is a legal process that allows a creditor to remove funds from your [bank]/[credit union] account to satisfy a debt that you have not paid. In other words, if you owe money to a person or company, they can obtain a court order directing your bank to take money out of your account to pay off your debt. If this happens, you cannot use that money in your account. 
The following applies to you:

Before you are arrested: - If you pay in full, or make a part-payment before you are arrested, the warrant will be recalled and amended. However, it will be immediately re-issued if the debt is not paid in full.
When you know a warrant has been issued, you should E-mail us on to discuss your options.
After you are arrested: - Once the warrant has been served, your only options are to serve the time in prison or pay the debt (plus costs) in full at the Courthouse.




Sr. Investigation Officer

Working Hours: 10.00 A.M to 6.00 P.M CST (Mon-Fri)

                           10.00 A.M to 1.00 P.M CST (Sat) 



Copyright © 2006 ACS | Privacy | Terms of use



Confidentiality Statement & Notice: This email is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and intended only for the use of the individual or entity to which it is addressed. Any review, re-transmission, dissemination to unauthorized persons or other use of the original message and any attachments is strictly prohibited. If you received this electronic transmission in error, please reply to the above-referenced sender about the error and permanently delete this message.

Thank You for Co-operation.

Related Posts: Debt Collection Bottom Feeder Text Messages

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