The Credit DVD, 3rd Edition

Consumer credit myths are busted in this eye-opening treatment guide to “building a perfect credit score.” Seen against CGI-screensaver backgrounds, the presenters here point out that the three "credit bureaus"—Experian, TransUnion, and Equifax—are not all-knowing quasi-governmental agencies but rather for-profit outfits selling their own and not necessarily accurate statistic called a “credit score.” Lenders and banks use FICO scores (named for its 1960s originator, the Fair Isaac Company), a numerical determination of how well one uses credit. Director Nabil Captan's primer is aimed at alerting viewers about spurious competing “FACO” (pronounced "fake-oh") scores, questionable “pre-approved” credit-card offers, and financial-service hustlers who take fees (sometimes illegally) for what consumers could accomplish for free. Viewers learn that multiple credit cards with debts can actually give a healthy "utilization ratio" boost to the score, more so than credit accounts that are consolidated or left unused. The program also points out that while old delinquent payments or bankruptcies do not go away forever, they also don't have to be deal breakers if one follows the advice given here (legitimate credit and FICO websites and toll-free numbers are included). DVD extras include an interview with Captan and Craig Watts of FICO that puts special emphasis on how home-loan modifications and mortgage defaults can damage credit. Highly recommended. Aud: P. (C. Cassady)