Q&A w/ The Credit Queen, Terrica Matthews Mitchell

SwagHer talks with Terrica Matthews-Mitchell, who is nicknamed the Credit Queen. Mitchell is a FICO Pro and the Chief Executive Officer of Premier Planning & Consulting Group, LLC.

•Can you first tell us your occupational title and a little about what you do?
I’m the CEO of Premier Planning and Consulting Group, LLC, which is a licensed, and bonded credit repair agency dedicated to turning dreams into realities. Through various professional trainings, education, and hands on experience, I’m able to audit a consumer’s credit file and locate violations of FCRA (Federal Credit Reporting Act). Once violations are found, I challenge them on behalf of the consumer to have them legally and permanently deleted from their credit file.

What is the average credit score for those between the ages of 25-32?
The average credit score of individuals between the ages of 25-32 is 625. A 625 credit score is considered moderate risk, allowing one to obtain financing but not at the best interest rate.

•Where do most people’s credit problems occur?
The majority of credit problems occurfrom a poor payment history. 35 % of your credit score is based upon payment history alone, so an inconsistent payment history; damages your credit score tremendously.

•Should we utilize credit-monitoring sites?
Not all credit-monitoring sites are created equal. Your credit score will vary from site to site. However, I highly recommend credit monitoring because it allows you to proactively guard yourself from identity theft as well as allow you to be in the know about your credit situation. I personally usewww.creditchecktotal.com to monitor all 3 (Equifax, Experian, and Transunion) credit reports and scores.

Are you familiar with employers first asking us to visit these sites before arranging interviews?
Typically employers will have a prospective employee to give written consent before obtaining their credit file.

Please share 2-3 credit tips. 

1.Paying off a collection or charge off account will not help your credit score. In addition, paying these accounts, will not have them deleted from your credit file, the tradelines will remain but the status will change to “paid in full” or “settled in full” which does absolutely nothing to help your overall credit score.

2.79% of consumers have inaccuracies on their credit file, and these inaccuracies are likely the reason for a recent loan denial, higher interest rates, unfavorable insurance rates, and/or being denied for employment. FCRA indicates that every item on a consumer’s credit file must be 100% accurate.

3.Constantly communicate with your student loan providers. Once in default, they severely damage your credit score plus you run the risk of wage garnishment, property seizure, and etc. Student loan providers are the easier debtors to communicate with because they all offer payment options as well as payment deferment options for consumers who are facing financial hardships.

For tips like those previously mentioned and so much more, attend Premier Planning and Consulting Group’s Financial Literacy Boot Camp held on Saturday, October 18, 2014 from 3:00 pm-5:00 pm. The Boot Camp will take place at the Radisson Hotel located at 2445 South Acadian Thruway. Baton Rouge, Louisiana 70808. Early bird tickets are $35.00 and can be purchased at https://premierpcgbootcamp.eventbrite.com

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