Understanding Credit Day 1

Stop restricting your personal finances when you utilize credit wisely and improve your score, giving you the freedom to invest.


Eric Counts

Eric is an author, business trainer and nationally featured speaker. His extensive knowledge of credit and credit repair have gained him audiences with the likes of Wells Fargo, Regions Bank and Century 21 branches across the country. He is the President/CEO of CreditNerds and has served as an expert witness to lawmakers in the matters of credit and debt collection. Now he applies that same information to help you qualify for lending assistance and get busy building your investment portfolio.


Acclaimed presenter, Eric Counts teaches you how to make your personal credit work for you instead of against you! Take an extensive look at scoring models and how credit utilization can impact credit score as profoundly as late payments, high revolving account balances and other factors. Learn about the credit monitoring industry and how the three credit monitoring companies became the gate keepers for personal finance. Eric will also share with you detailed strategies that you can implement immediately to manage you own credit more effectively, regardless of what your score is today. With comic relief and engaging dialogue, Eric Counts entertains as well as educates. Learn why it might not be you and it really is the bank. Find the latest credit trends and information you need to know. Come learn what it means to make the best credit choices possible and why sometimes “good” financial sense does not equal “good” credit sense.

  • 1


    Take this quick pre-assessment to see how much you already know and what you'll be learning.

  • 2

    Class Introduction and Disclaimers

    Eric Counts begins this course by insisting that your score doesn't matter. Find out why and what does matter in this segment.

  • 3

    A Brief History of Credit

    Learn about principle and interest, through an entertaining cave man example, and an introduction to the topic of data sharing.

  • Show all 44 segments

    • 4

      Present Day Credit- Equifax, Experian, and TransUnion

      The three largest and most commonly used credit reporting companies are covered, along with a brief history of how they came to be.

    • 5

      Important Philosophies

      Understand how the best credit decision may not be the best financial decision, especially in the short term.

    • 6

      Important Philosophies Continued- Credit is a Tool Not a Trophy

      Know how you use your fantastic credit so that it benefits you the most, rather than leave it unused to keep your score high.

    • 7

      What is a Credit Report?

      Eric explains how credit reports are created from the data available that "might" be about you.

    • 8

      History of Pulling Credit Reports

      Understanding the process of pulling credit reports, and how they are compiled, shows us why there are so many errors in our credit reports.

    • 9

      What is On Your Credit Report?

      Learn exactly what details are always included in your credit report and how the lenders weigh the risks of loaning money.

    • 10

      Question and Answer- Judgments

      Eric shares why judgments and liens may not show up on your credit report.

    • 11

      What is On Your Credit Report, Continued, and 3 Ways to Get a Credit Report

      Most of us know that our credit is pulled when we apply for a loan. Learn what other two situations create a credit report.

    • 12

      Hierarchy of Data Importance

      The weight credit bureaus place on specific pieces of information can drastically affect the chances that your report will have inaccuracies.

    • 13

      Recovering from Identity Theft

      Eric discusses the chances that your identity will be stolen, how the topic has been magnified to reflect the more common occurrence of unauthorized charges.

    • 14

      Identity Theft Continued and The Card Act

      Find out who most often commits identity theft and what the Card Act does to protect individuals.

    • 15

      The Card Act Continued and Insurance

      Do you need identity theft insurance? Understand what it does and what your options are before you purchase.

    • 16

      How Does Data Get on the Report and How Long Does it Stay

      Know the three main sources of information on your credit report and the length of time that the information is likely to remain on your report.

    • 17

      Reports Recap

      Eric teaches about Metro Reporting, their purpose and their limitations, and how this affects the data in your report.

    • 18

      Reports Question and Answer

      Eric shares a personal experience to answer a question concerning the information that is required to report to or pull a credit report.

    • 19

      Reports Question and Answer Continued

      Learn how attempts to regulate information and improve accuracy have actually increased the risk for the lenders, based on current credit reports.

    • 20

      What is a Credit Score?

      Understand possible credit scores, what they mean and how they may, or may not, compare with each other.

    • 21

      Credit Score Continued- The Proof

      Find out how credit scores are affected by the credit bureaus business models and what makes a score useful or valid.

    • 22

      Report and Score Question and Answer

      Eric discusses some of the differences between various credit model scores and what elements affect them.

    • 23

      Scores Question and Answer Continued

      Though credit scores "don't matter" to us, lenders rely on them heavily, so Eric explains what we do know about how they make decisions.

    • 24

      Score Models

      What is the difference between FICO and Vantage? Learn about these two major credit reporting companies.

    • 25

      Vantage Score Factors

      Though this model isn't used as much by lenders, it can be helpful to know how they weigh different categories of data to create your score.

    • 26


      Learn about the five scoring factors that FICO uses, beginning with payment history.

    • 27

      Late Payment Question and Answer

      Our instructor answers questions about the effects of both late and early payments.

    • 28


      What are your utilization ratios and how does your indebtedness affect your credit?

    • 29

      Utilization Ratios Question and Answer

      Eric explains why credit reports and scores cannot get anyone approved for a loan, but they can get them declined.

    • 30

      Trended Payment Data

      Know how your past use of credit can be included in part of the approval process. Is it better to be a transactional user or a debt carrier?

    • 31

      Trended Data Question and Answer

      Eric shares some specific strategies you can use to improve your utilization ratio and keep your credit ratings up.

    • 32

      Ratios Question and Answer

      What is the ideal utilization ratio? Eric provides a number that will optimize your chances of qualifying for a loan.

    • 33

      Age of File

      Learn how your actions, such as opening and closing new accounts, can affect your likelihood of being approved for a loan.

    • 34

      Age of File Example

      Eric uses a few hypothetical examples to explain how age of file and payment timing can have a surprisingly strong effect on your credit.

    • 35

      Mix of Credit

      How is mix of credit like choosing a basketball player for your team? Eric shares why lenders want you to be good at handling a variety of credit use situations.

    • 36

      Inquiries and New Credit

      In addition to Hard and Soft Inquiries, learn about inquiry timing as they are compared to alcoholic drinks.

    • 37

      The Approval Process

      Inquiries can play a large role in whether or not a loan is approved, so Eric explains the timing involved and how long the effect of an inquiry will last.

    • 38

      Inquiries and The Approval Process

      A quick recap of how you can take your knowledge of the credit reporting process to evaluate your personal purchasing decisions.

    • 39

      Credit is About a Relationship

      Your relationship with creditors can affect future financial options and allowing the lenders to make a little interest fosters that relationship.

    • 40

      The Funding, the Approval Process, and Things to Consider

      How much funding do you want, need and qualify for? The answers may be very different, but essential to securing your funding.

    • 41

      Building Credit

      Eric explains when it's a good idea to use an authorized user account, a secured card, a store card and other credit-building options.

    • 42

      Building Credit Question and Answer

      Questions from the audience prompt a discussion on building credit for kids and young adults.

    • 43

      Medical Collections (Update June 2022)

      Update for new regulations taking effect July 1st, 2022.

    • 44


      Check your knowledge and see how much you've learned! Then you'll know if there are any segments you want to re-watch.

  • 44


    Check your knowledge and see how much you've learned! Then you'll know if there are any segments you want to re-watch.