Participants: Yvonne Lewis (Host), Ryan Mack
Series Code: DAS
Program Code: DAS000012A
00:27 Hello, and welcome to Dollars and Sense.
00:30 My name is Yvonne Lewis, and I'm the co-host for this program.
00:34 Our primary host is Ryan Mack, Financial Literacy expert.
00:38 He's an author, a speaker, and he has been just schooling us on
00:46 this program. And today we have Episode 2, Part 2 of credit.
00:51 Yes, exactly. And we're going to talk about the importance of
00:54 credit, getting good credit, all of that.
00:56 And you have such... Part 1 was so good.
00:59 If you didn't get Part 1, if you didn't watch it before,
01:02 you've got to get it because it is really good.
01:06 You're going to learn a lot.
01:07 And share it with your friends and family.
01:08 Tell them to tune in to Dollars and Sense.
01:11 There's so much information on this program.
01:13 You're not going to miss it.
01:14 We had a great time.
01:16 And, just a little recap.
01:19 We went over how gentrification ties into good credit,
01:24 or good credit ties into gentrification.
01:26 And for those who don't know what gentrification is?
01:28 Essentially it is individuals who are of better economic
01:33 means, who are able to move into a depressed value community.
01:38 And those who are living in the community might be priced out.
01:41 Because as individuals move in who could afford to pay more,
01:44 prices start going up.
01:45 They're being priced out.
01:46 Then they have to move out.
01:48 So we talked about how it's not a black, or brown, or white
01:51 thing, it is a green thing.
01:52 And so as individuals with good credit having access to
01:56 capital in this economy, we have to make sure that we understand,
02:02 fully understand that there's liquidity.
02:04 Having a lot of money and good credit will allow us to be
02:07 able to purchase property.
02:09 Many people living in urban areas, and rural America,
02:12 and Appalachia, might not have a lot of liquidity,
02:16 but they can get good credit.
02:18 So that will allow them to be able to purchase property,
02:20 stopping gentrification, and take more ownership
02:23 in their communities.
02:25 And when you see, we talked about last time how crime rates,
02:30 poverty rates, substance abuse rates, all that,
02:34 it correlates with credit, and not necessarily directly.
02:39 But because those practices that you have in terms of paying your
02:42 bills on time, being able to...
02:44 That translates into access to capital, being able to purchase
02:47 homes, having bank accounts, start businesses,
02:50 purchase businesses, taking out loans.
02:52 All of that translates into a more wealthy community,
02:56 and it translates into lower poverty rates,
02:58 lower crime rates, lower substance abuse rates.
03:00 And so if you look at where a lot of unrest, economic unrest,
03:05 are in the country, you'll see many of those communities are
03:10 lower credit score communities.
03:11 So we really have to focus on this.
03:13 This is bigger than what people think.
03:15 It's bigger than people believe.
03:17 It's something that's traditionally,
03:19 by the mainstream, swept under the rug.
03:22 And we talked about, most importantly, that it's directly
03:26 related to the word of God.
03:28 It's directly related to Christ.
03:30 We read in Deuteronomy how the FCRA, Fair Credit Rights,
03:36 their sharing is directly from Deuteronomy.
03:40 And so, and it's almost as if they did it word for word
03:46 from the Bible. Uh huh.
03:48 So the influence of faith and Christian faith on our laws
03:53 of society is inside of me.
03:55 But it's very interesting to me how they take that principles
03:58 of good credit, and integrity from the Bible,
04:01 and they implement them in our laws.
04:03 And so we must walk by them. Yes.
04:06 We must follow them.
04:07 And so we have a verse for today, Romans 13:8.
04:12 I love this verse. I've said this verse a few times.
04:16 But I think this verse definitely bears repeating.
04:18 It says:
04:27 And that first part of it, Owe no man anything, and it says,
04:32 I mean the word of Christ, it talks a lot about debt,
04:36 and being a borrower, being a lender.
04:39 And one's the head and one's the tail.
04:41 It talks a lot about that.
04:43 It talks about putting yourself in a position of power.
04:45 And we talked last week about righteousness,
04:47 and how in Proverbs it talks about having righteousness,
04:51 having integrity, and measuring being either
04:54 wicked or righteous.
04:55 FICO, FIR ASIC Corporation, is the measure from 350 to 850
05:01 that really discerns how righteous an individual has
05:05 been, or how wicked they have been by not paying off.
05:08 By nature, Leroich is financially wicked.
05:11 Exactly! Right, right.
05:12 And, so, I mean, it just to me, and I guess I'm a Bible nerd,
05:16 but it just is very, it's intriguing to me.
05:20 It's very interesting, and exciting all at the same time,
05:23 how so many things correlate with the word of God.
05:26 And again, it just continues to prove how timeless it is,
05:30 and how relevant it is, and how pertinent it is to being able to
05:33 make sure that we can walk the path of righteousness within our
05:36 credit and every other area, but this particular
05:39 program about our credit.
05:42 So it goes from 350 to 850 FIR ASIC Corporation
05:46 and how they measure.
05:48 We talked about that, but what we didn't say
05:49 was what each rating was.
05:52 So 619 and under is poor credit, 620 to 679 is below average,
05:59 680 to 719 is average, 720 to 749 is good,
06:05 and 750 plus is great or excellent credit.
06:08 So, I mean obviously, ideally we are able to work, continue to
06:14 work our way up, continue to check our credit scores.
06:17 We talked about Credit Karma being a great source to...
06:20 I have a lot of friends who are at Credit Karma.
06:22 And it's free. It's free; free of charge.
06:24 Totally free. Yes, so... It's an app.
06:27 Yeah. It is. Just put it on your phone and you can check your
06:30 credit all of the time.
06:31 And there really is no excuse now for us to
06:36 not have good credit. Yeah.
06:37 Unless we just don't feel like being righteous.
06:40 Yeah! Right! Unless we just intentionally,
06:44 because we can with so much free help:
06:45 Operation Hope has free assistance,
06:47 National Foundation of Credit Councils has free assistance,
06:50 Credit Karma free assistance.
06:51 You can get a free credit report from annualcreditreport. com
06:55 once a year; free assistance.
06:58 You should never have to pay a dime on any of this.
07:00 Please, if someone comes up to you and says, Pay me $600
07:06 and I'll improve your credit.
07:07 Run as fast as you can away from them.
07:11 Do not pay a dollar to improve your credit.
07:13 There's too many free resources out there
07:15 to get your credit repaired.
07:17 So I actually have seven steps to how to repair your credit.
07:21 Oh great! In addition we talked about the breakdown last week.
07:25 I guess I'll go over that again briefly. Yeah.
07:28 35% is the regular paying your bills on time.
07:30 Now this is how to raise your credit?
07:33 Yeah, well, this is how the FIR as a corporation
07:35 calculates your credit score.
07:37 Oh, okay, so this is how the credit score is calculated.
07:39 35% is the record of paying your bills on time.
07:42 30% is your balance to your lending limit ratio.
07:45 Remember, don't cancel accounts.
07:48 It lowers that ratio and makes it less favorable,
07:51 and lowers your credit score.
07:52 15% is your length of credit history.
07:56 The more points of data that you have...
07:57 This why your oldest credit card is the most
08:00 favorable credit card.
08:02 Because the FIR ASIC Corporation has more points of data
08:04 to measure how responsible you've been in that.
08:06 So if you want to cancel any... If you have to cancel the credit
08:09 card don't cancel the oldest one.
08:12 Cancel the newest one first.
08:14 Well that's a great tip. Yes.
08:16 That's a great tip.
08:17 If you have to cancel one don't cancel the oldest one.
08:21 Because they check out your history; the length of time.
08:24 That is one of the categories on my Credit Karma thing. Yep.
08:28 The length of time that you've had the credit cards.
08:31 Exactly. Well, 15% of your FICO score is
08:33 length of credit history.
08:35 So that measures into points of data that they can use to
08:38 gather how responsible you've been in paying off credit cards.
08:41 10% of your FICO score is account inquiries.
08:44 So every time you fill out a credit card application
08:48 you essentially will get 5 to 6 points dinged
08:52 off your credit score, even if you don't get the credit card.
08:55 That seems so unfair to me.
08:56 Yep. Just because somebody's looking into your credit,
08:59 you get penalized for that. Right.
09:01 You apply for a card; you get penalized for that.
09:04 Exactly. Well, they view that as you're taking on more risk.
09:08 So as you take on more risk they're going to decrease your
09:11 financial score in order to compensate for that additional
09:15 risk that you're taking on.
09:16 That's how they categorize it.
09:17 Now there's a hard hit, and there's a soft hit.
09:20 The hard hit is when someone actually...
09:23 You apply for credit, and you're actually trying to get
09:25 additional lending.
09:27 The soft hit is when someone gets... sold your information.
09:33 And they want to solicit you to get a Visa or a Master Card.
09:37 They have a good deal, and they see that you've taken out
09:42 various things before.
09:43 And they've looked at your credit report to see is she,
09:46 or he a good candidate?
09:48 Then, you know what, let's send her an application to see if she
09:51 wants to get this credit card.
09:53 Well that's a soft hit, and that shows up on your credit report.
09:56 When you go to annual credit report it will show all the
09:59 individuals who are looking at your credit report for potential
10:03 solicitation of business.
10:04 That does not impact your credit card, your credit report.
10:07 So just be mindful of that.
10:11 You know, be mindful of different lists that you're on.
10:13 I mean we've talked a little bit about identity theft.
10:15 We'll be getting into that today.
10:17 So be mindful of all...
10:19 I mean your information is just floating around.
10:21 There's the onslaught of information, and access to that
10:25 that we have today is easier today than it's ever been
10:29 which causes us to have... more prone be... to have our higher
10:33 information stolen from us.
10:34 But it also, on the positive side, it allows us to access
10:38 data a lot easier, because FIR ASIC Corporation has gotten
10:42 a lot when I got into this in 2003, or 2002 or 3,
10:47 and really started researching how, and actually created a
10:51 bankruptcy course in 2005.
10:54 So since then the FIR ASIC Corporation has gotten a lot
10:58 more lenient in how they are revealing their data,
11:02 and how they're measuring credit.
11:04 And so, I mean things are on the up and up.
11:07 But again, that is also readily available as well.
11:10 So ready for the seven steps to...?
11:13 Yeah! Oh, absolutely!
11:15 Alright. So step one is basic housekeeping. Okay?
11:21 Basic housekeeping says that 75% of your credit report
11:25 has errors on them.
11:26 So you want to make sure that the first thing you do is go,
11:30 go to annualcreditreport. com pull off of your credit report
11:35 get your frequent report, look at it and see if there's
11:38 any errors on them.
11:39 You're going to find some, more than likely.
11:41 Most reports have errors.
11:43 It could be a wrong name.
11:44 It could be a wrong address.
11:45 It could be, Oh, now those are trivial, or maybe not,
11:50 because they might not be able to get access to send you a bill
11:53 that is late, in terms of the credit bureau.
11:54 So it may or may not be trivial.
11:57 But for those, if when you get that data correct it
12:01 as fast as possible.
12:02 Dispute all items that you want to remove.
12:05 Those small balances, you'd be amazed;
12:09 on those small balances you might have owned,
12:12 or you had a gym membership from two years ago.
12:15 And it was $20, or $30 that you owed on that gym membership.
12:19 Or a cable bill, or something that was very trivial.
12:22 And it's still on your report.
12:23 Go ahead and pay it down.
12:25 Pay it off. It gets off your report.
12:28 It raises your score up very quickly.
12:30 For those larger accounts, and again it all depends on the
12:34 subjective and what is large for you and what is not.
12:37 But maybe it's a $100 or more, or maybe $500 or more.
12:40 But for those larger accounts you want to start to organize.
12:43 We're going to have a segment on debt as well.
12:45 On how to organize your debt and pay it off in the
12:47 most responsible way.
12:49 And that's when you want to put it into that category.
12:51 But for those small things, go ahead and pay those off.
12:53 So that's Step 1. This is basic housekeeping.
12:56 Step 2. Pay bills on time.
12:58 That's automatic bill payment.
13:01 You know, make sure that you are setting up a budget
13:05 within your household.
13:07 Automatic bill payment can be very dangerous if you don't
13:09 have a budget, and you don't know what your balance is.
13:12 So I've seen many individuals who they've over drafted various
13:16 accounts because they just didn't know that they only had
13:19 $10 or $30 left in their account, and they allowed a
13:22 $50 charge come through through automatic bill payment.
13:25 So let's just make sure that if you set up automatic bill
13:28 payment you have a budget, a working budget in your
13:31 household, and you're using it, okay?
13:33 Step 3. Pay down old debts.
13:36 Carrying balance serves no purpose.
13:38 And avoid being seduced with special offers.
13:41 There's a lot of various offers that are always floating around.
13:46 There are different ways, and as a matter of fact Google,
13:50 AdSense, and all these organizations have ways
13:52 that they sell your information to these debtors.
13:55 This is a way they make money.
13:56 So you might be, you can go and you purchase something
14:00 with one thing, and they'll say, Wow, they're using that credit
14:02 card at this store, that store.
14:04 Let's send them this credit card for that store.
14:07 And the reason that they sent these, credit cards work so well
14:11 is that we have a propensity to spend an additional 35% more
14:14 money with plastic than we do with cash.
14:17 And it's the same thing.
14:19 And, like for instance in most casinos,
14:22 they want to take all your money.
14:24 They want to give you plastic, and they want to give you chips,
14:28 because it doesn't feel like you're spending money.
14:29 There's little tricks they give.
14:31 The more chips they give you, you're just spending all this
14:34 money, and that's the same concept with a credit card.
14:37 It doesn't feel like you're spending money.
14:39 You're taking that and you're swiping it,
14:40 and you're spending money.
14:41 By the end of the day you don't know that you've spent 2 to $300
14:44 at the store or what have you.
14:46 So we want to make sure that we are not being
14:49 seduced by these offers.
14:51 And every time we get a credit card we're getting them with a
14:54 lot of thought behind it.
14:55 And there is an do you need that card?
14:57 Is it adding to be a component of your emergency fund?
15:00 Are we going to be able to use it wisely?
15:03 All those things are being, should be thought as opposed to,
15:06 Oh wow, this happens to be a good offer at the particular
15:09 time, so let me get this credit card. So!
15:11 Now 4. is don't cancel old accounts.
15:16 Again, 15% of your FICO Score is your length of credit history.
15:20 The points of data on your older accounts are more plentiful
15:24 than the newer ones.
15:25 So they're more valuable in terms of calculating what your
15:28 FICO Score is, and 30% is your debt to lamellate ratios.
15:32 So as you cancel accounts you're actually lowering your FICO
15:36 Score because they're viewing you as having less
15:39 ability to take on risk.
15:41 Then you have Step 5. Don't fear credit counselors.
15:45 Now free ones, free credit counselors, for the paid ones
15:51 again, run as far away from them as possible.
15:54 But everyone, I use credit counselors.
15:56 I go to Operation Hope.
15:58 And I just go by and I say, Hey, you know what, Crystal Nixon
16:01 who I've worked with, I say, Listen, pull my credit score up.
16:07 Pull my credit score up.
16:08 Make sure I get a free credit report.
16:10 And she pulls it up on the spot.
16:11 And I check out my identity.
16:13 If I have any identity theft, which we're going to talk about,
16:15 and she says, Nope, Ryan, everything's good.
16:18 And I walk away. It's just that simple.
16:20 So there really is no income level for you having them
16:23 check your credit scores, especially if
16:25 it's a free service.
16:26 So, I mean, Operation Hope, Green Pass, National Foundation
16:29 Credit Counselors, all these are offering free services that
16:33 we should be utilizing.
16:34 They're there. They want to use them.
16:36 They have to get numbers.
16:37 I mean these, they're being paid by their funders,
16:40 based upon the numbers of people that they serve.
16:42 Meanwhile we're not using them.
16:44 So I think that especially in those communities where the
16:48 average credit scores are very low, we should definitely be
16:51 having our own campaigns to say, You know what, hey let's go to
16:55 this church, let's go to this business, let's go to this
17:00 community based organization.
17:01 And then make sure all of their members, all of their employees,
17:04 know about these services in this community.
17:07 So we can all use and take access to these services. So...
17:12 And then we have Step 6. Steer clear of bankruptcy.
17:16 Again, as it said from the onset, Romans 13:8, Owe no one
17:21 anything except to love each other.
17:23 For the one who loves another has fulfilled the law.
17:25 I believe in this principle.
17:28 I think it's one that when ever you're thinking about whether
17:31 that you want to pay back a debt or not, just look at Romans
17:35 13:8. I think it's pretty clear, owe no one anything.
17:40 If you owe it, even if they say, You know what, Ryan...
17:44 Now if they say it's forgiven, okay, that's one thing, okay?
17:49 But if you owe it pay it.
17:52 And that's just one way of integrity,
17:54 again, as we walk with integrity.
17:56 Then we'll be able to, and the Scripture talks
17:58 about that as well.
18:00 And then lastly, this is important,
18:01 we've got to be patient.
18:03 Because a lot of time we're looking for, and we can in many
18:06 instances get an instant response if we dispute items,
18:10 and remove items from our report.
18:12 But we've got to be patient.
18:14 And I've seen a lot of individuals get succored into
18:18 paying $600 on this paid for services just because they can
18:21 promise, falsely promise that they're going to do something
18:24 more than what these seven steps are doing.
18:27 If you just do these seven steps, this is exactly what
18:30 any paid for service is going to be doing.
18:32 They might be able to write some letters.
18:35 Like you can get from free letters written on your behalf.
18:37 They might write a letter on your behalf.
18:38 They might make a call on your behalf to a creditor.
18:41 And to a certain extent it does mean something to have a credit
18:45 counseling agency that is accredited advocate on your
18:49 behalf as opposed to you advocating.
18:50 Because if you're late on some debt, there's really no reason
18:54 for them to believe you over...
18:55 If you're late and you hadn't paid, so what are they going
18:58 to believe you for? Right.
18:59 Now you have this credit agency.
19:01 They're saying that they have a budget put together.
19:04 They're saying that they've been talking to you,
19:06 they're working with you.
19:08 And that gives a lot more weight for them, the credit agent,
19:11 for the debtor to say, You know what, okay we'll go with
19:14 what you're saying.
19:16 They will be able to work it out.
19:17 But again, call, be forthright, and be very diligent in making
19:20 sure that whoever you owe, that you're up front with them,
19:22 you're honest with them, and you're paying back in the most
19:25 expeditious way possible.
19:27 That makes sense. Wow, these are some great steps.
19:30 Right, right. These are some great steps, and if we implement
19:33 them just like you said, a lot of... There's some places...
19:36 I did business with one where I wanted my credit score to come
19:40 up and... But I kind of noticed they were dragging their feet
19:43 like it's a certain amount each month, and then well they did
19:47 this, but they don't do that till next month.
19:51 And they're just dragging it on, whereas you could
19:53 just do it yourself.
19:55 Right, right. And so those are steps.
19:57 Now let's just, we can transition into identity theft.
20:00 I think this is a huge thing. Yes!
20:03 And many individuals, I mean we have to be cautious on how
20:08 we're using our personal information.
20:09 By all means please do not pull up any important
20:13 banking information.
20:15 I can't tell you how many individuals that I know
20:17 personally got their... because they went to a Starbucks,
20:21 or some sort of a unsecure Internet line, and then they
20:24 logged in their bank account.
20:26 I mean that's a cardinal rule.
20:28 You just don't do that.
20:30 They logged in their bank account from an unsecure
20:32 Internet, and there are people out there who making a living
20:36 fishing information off of unsecure Internet sites.
20:40 The know where every single site is.
20:42 They know they can monitor when people log on.
20:45 They have data and they have technology that allows
20:49 individuals to look and see what people are watching.
20:52 So all this... so much technology... there's data,
20:56 information out there, there's something you can even purchase
20:59 on eBay where you're walking by, and you have a credit card
21:03 in your pocket, they can take a magnet of some sort
21:06 go by you and pull your magnetic data off your credit card,
21:10 and therefore stealing your credit card information just by
21:13 walking in the same vicinity of you. Wow!
21:15 So, I mean this is... they've gotten very technical
21:19 with all this stuff here.
21:20 And so we've got to be very cautious.
21:22 Odds are that we will be a victim of identity theft.
21:26 I mean you can try as much as possible to stop it,
21:29 but the, and I'll tell you this much, the individuals who
21:35 are making millions of dollars a year by stealing information
21:38 and their investment, and making sure they can continue
21:44 to make millions of dollars by stealing information,
21:46 is not as much as the investment that we're putting in to making
21:52 sure that we can stop it.
21:53 So our law enforcement, our FBI, which is... We just don't have
21:59 the manpower to keep up with the amount of the technology
22:02 that they're doing.
22:04 So every single morning when you wake up,
22:06 I check my bank account online.
22:07 Every single... We have to do that.
22:09 I'll say that again.
22:11 Please every single morning check your bank account.
22:13 It takes five seconds. Right.
22:15 You go online, you have a general idea what the balance
22:19 was for the previous day, and how much you spent.
22:22 You check your account.
22:23 You see if there's any fraudulent activity.
22:25 And now also looking for a small activity.
22:28 Sometimes they've gotten very good at stealing in small
22:32 increments that you'll never see:.7,.17, point...
22:38 So 17 cents doesn't seem like a lot, but if they're stealing
22:42 17 cents from 100,000 people, that's a lot of money.
22:46 And they're doing that over time.
22:48 And they do it and the next thing you know it like,
22:49 where this?... And that actually happened to me before
22:52 where I said, what is this 17 cents?
22:54 And I looked it up, and I made a call, and immediately I was
22:58 talking to TV Bank and they said, You know what,
23:00 we're shutting you down.
23:01 We're shutting your credit card down.
23:02 You've got to order a new one, because that
23:04 card's been compromised.
23:05 So I said, Wow, that is a very brilliant scheme.
23:09 Because I would have never had, unless I was looking for it,
23:11 I'd have never known to look for it. Right.
23:14 So these little tricks: checking your account every single day,
23:17 making sure you're looking for any small incremental
23:21 amount that are off.
23:22 And they've gotten good to even changing
23:24 the amount of increments.
23:26 So they go from 32 cents to 15 cents, to 7 cents.
23:29 And most people are not looking at that. Right.
23:32 And they don't notice that it's missing.
23:34 So here are quick some steps, easy steps that we can use
23:39 to make sure we can avoid identity theft,
23:42 in addition to the ones I just mentioned, right?
23:44 So the first thing we have to do if we think that we're a victim
23:48 of identity theft is contact all three credit bureaus and ask
23:52 that an extended fraud alert be immediately
23:56 placed on your account. Okay?
23:58 So, again, I'll say that; extended fraud alert be
24:02 immediately placed on your account, okay?
24:04 Secondly, we want to close all accounts that have been
24:08 fraudulently accessed.
24:10 And then thirdly, we want to file a criminal complaint with
24:14 the local police department.
24:15 That's key because many banks that you want to go to and say
24:19 that my card has been compromised.
24:21 They're going to ask you for that criminal report,
24:24 because that's actually a scamming of itself to say,
24:27 you know, my card's been compromised.
24:29 They stole... I'm going to go to the store and I'm going to
24:32 spend $500, or $2,000, then go to the bank and say,
24:36 I didn't spend it. Right.
24:37 You know, so that criminal report adds a little
24:39 bit of validity to it.
24:41 And then 4th, report the theft at the ID Theft Clearing House
24:46 at 877-IDTHEFT.
24:49 And so these four steps will, again, just help individuals
24:53 to make sure that at the end of the day they're doing what's
24:57 necessary to make sure that they are not being an identity
25:01 theft victim all over again.
25:02 What do you think about those companies that offer you
25:07 identity theft protection? Yes.
25:09 There's one particular one I'm thinking of.
25:11 I won't name it, but they say, you know, we'll protect you
25:14 against identity theft, all that.
25:15 What do you think about those?
25:17 Well, they actually do a service.
25:19 They do a service, and again that service is something that
25:22 you could probably do yourself for free,
25:24 but will you do it yourself for free?
25:26 So just like any other service, we just need to make sure that
25:30 we know what we're spending our money on.
25:32 And I can probably guess the name of the company
25:36 you're talking about, but that one particular company
25:38 does a decent job of monitoring.
25:41 So if you're that type that you just know, Hey, you know what?
25:45 I'm not going to be the one monitoring that
25:48 on a regular basis.
25:49 Then I think it might be $15 or $17 a month, or whatever it is.
25:53 That $17 a month could be worth it for you.
25:56 It's a service of something that you wouldn't do yourself,
25:58 that gets you an extra added layer of protection,
26:00 that makes sure that they're monitoring any additional
26:03 expenditures that you hadn't necessarily, didn't have done.
26:07 So again, anytime we spend money we should be questioning,
26:11 do I need to do this?
26:13 Can I do this myself?
26:15 Is there a way I can do this less expensively?
26:18 But also I don't want to compromise the integrity of
26:20 something that can actually be adding me value.
26:22 Because, for instance, I want to have a segment of stocks
26:27 on how to select a financial adviser.
26:29 I do believe that we should get financial advisers.
26:32 And sometimes we have to pay for them, either, or depending
26:37 upon the type that we get.
26:38 We'll be talking about this.
26:40 I prefer a registered investment adviser that has a fee only,
26:43 that doesn't have a conflict of interest trying to sell you
26:46 investments based on commission.
26:48 So we'll definitely be talking about that.
26:51 But even with that, questioning, can I do this myself?
26:54 And do I want to? And do I have the ability to do it?
26:58 Am I playing myself cheap?
27:00 Because you don't want to do that.
27:01 And that's going to compromise the integrity of actually moving
27:04 yourself forward economically.
27:05 So for identity theft services it could be very good.
27:09 I've seen a lot of people say, You know what, they work for me.
27:13 It gives me a protection.
27:15 It keeps me sane at night.
27:17 And I check my account every morning.
27:20 Someone said to me the other day, Ryan, I check my account
27:23 every single day, but I need to have that service just to make
27:25 me, just keep me sane.
27:27 And I say, you know what, if that keeps you sane
27:28 that's, that works for me.
27:30 Cause there's minimal; the cost is minimal. Exactly.
27:33 And like you said, you have to evaluate it for yourself.
27:35 Exactly. Well you have given us, once again,
27:38 some rich information.
27:40 And I know you're going to give us a dynamite take away.
27:43 Absolutely! Let's go!
27:47 Every successful financial plan needs to have clean credit,
27:50 and a high Fico score.
27:52 If we are to see more home and business ownership,
27:55 having good credit is the first step towards
27:57 accomplishing this goal.
27:58 Too many times I've personally seen many opportunities missed
28:01 because we have not taken the time to clean our credit.
28:04 The word says in Proverbs 10:9, Whoever walks in integrity
28:07 walks securely, but he who makes his way
28:10 crooked will be found out.
28:11 A higher credit score shows the integrity we must possess
28:14 to turn our communities around.
28:16 As always, be the change, and remember, the purpose of life
28:19 is a life of purpose. Be blessed.