Reading Credit Reports

You probably have a good grasp on how to read and interpret a credit report. But do your customers know how?  Many consumers have no idea how to read a credit report, or what most items on a credit report even mean.

This is why it’s a great idea to record video of you or a team member going through a review of how to read a credit report.  Of course the credit report needs to have all identifying information blacked out – account numbers, consumer name, social security number, and any and all other identifying information should be removed from the report before you shoot the video.

You could even use your own report for the video, again only if your name and all other details are blacked out.

Once you have your report ready, you can record a video of your screen using a screen recording software. You can get this software for an affordable cost or even free online, by searching on Google for “free screen recording”.  Then plug in a headset with microphone, and start going through the report.

Explain what information is in the personal information section. Go through inquiries and show how groups of inquiries can lower their scores.  Show different accounts and what they look like on a credit report including mortgage, auto, and credit card accounts.

Explain codes for things like authorized user accounts or co-signer accounts.  Show the date opened, high credit, and current balances.  And point out inaccuracies, in order to show how accounts are not always 100% accurate, as they should be.

The purpose of your credit report walk-through video is so you can film something once, then put it on your client site or YouTube channel, then direct clients there in the future.  Since you have the recording you won’t need to do another walk-through again, you can just direct clients to your video for help on how to read a credit report.

Remember, just because you know how to read and interpret a credit report, doesn’t’ mean your clients do. This is why they will really appreciate you taking the time to record a video walk-through, so they can see how to read and interpret their own report.

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