06/17/08
if you find erroneous information on your credit report, you have the legal right to dispute it? Send a written dispute to each credit bureau that has reported inaccurate information. Enclose copies of documents that support your claim. They must investigate, and respond to you within thirty days.
http://www.bankrate.com/brm/news/credit-management/creditbureau-info.asp
06/03/08
the Federal Trade Commission gives these suggestions for avoiding credit and charge card fraud:
05/20/08
if you've fallen behind on your mortgage payments, you may be able to negotiate
a mortgage workout or agreement with your lender. Before you call, be prepared with:
04/22/08
Federal law requires collection agencies to stop contacting you if you send them what is known as a cease letter. If you are being harassed, write the collection agency and ask that they stop contacting you based on the Fair Debt Collection Practices Act. For more information on this law, logon to www.FTC.gov
ACCC provides links to other services but does not endorse non-ACCC websites or validate their content.
03/25/08
With tax day fast approaching, you can get free tax help from the IRS. Most metropolitan communities have trained IRS personnel who conduct free tax clinics. For more information, call the IRS hotline at 1-800-829-1040 or logon to www.irs.gov
02/28/08
Most financial experts recommend that you have a cash flow in your retirement of about 70% of your pre-retirement earnings to comfortably maintain your standard of living. If you have not yet opened a 401k or IRA account, be sure to investigate it as soon as possible.
For more information, logon to www.401k.org
02/05/08
Your need for life insurance will change with changes in your life. For example, the arrival of children usually triggers a sharp increase in the amount you need. As you grow older and they leave the nest, you will probably need less protection.
Term life insurance (only death benefits, no cash value) is the least costly. Visit www.accuquote.com for online comparisons of term life insurance.
01/22/08
Low Income Taxpayer Clinics (LITCs) represent low income taxpayers who go before the Internal Revenue Service (IRS) in audits, appeals, collection issues, and federal tax litigation - for free or for a nominal charge. The clinics also provide educational workshops on tax issues to taxpayers for whom English is a second language.
Call the Taxpayer Advocate Service Case Intake Line to see if you are eligible: 1-877-777-4778
01/08/08
Utility companies must follow certain rules before terminating your service, and consumers are granted significant protections before termination. For example, there is often protection against shut-offs during winter months or extreme weather. If you are having trouble paying your utility bills, contact your state's public utility commission.
http://www.consumeraffairs.com/links/state_pucs.html.
12/18/07
Many experts recommend saving for your retirement before you save for your child's college education. Why? Because there are no scholarships for retirement - but your children could apply for financial aid if necessary. Add money to your child's college fund after adding money to your retirement account.
10/30/07
There are question you can ask yourself to help you understand if you're a compulsive debtor.
For the rest of the questions in this assessment, logon to www.debtorsanonymous.org
10/16/07
USA Today reports that 97% of people age 65 can't afford to write a check for $600, 54% are still working and only 3% are financially secure. According to Bankrate.com, you should diversify your sources of retirement income as early as possible. So save in as many different types of tax-favorable investment vehicles as you can manage - such as a 401(k) plan or an Individual Retirement Account. For more information, logon to:
9/24/07
Spending substantial amounts of money on the lottery in the hopes of improving your financial situation is a longshot at best, and can compound your money troubles. States only pay out a percentage of what they take in - sometimes only 50% - meaning that for every 2 dollars you spend, you will only win back 1 - not good odds! For more information on problem gambling, logon to:
http://www.gamblersanonymous.org/
9/07/07
If your wages are being garnished as a result of a court order, certain types of income are exempt from garnishment. For example, social security benefits, supplemental security income, and veterans' benefits are almost always exempt from garnishment under federal law. For more information, click on:
http://www.dol.gov/esa/whd/garnishment/index.htm
8/21/07
If you've been a victim of fraud, you can contact the National Fraud Information Center. They can assist you in filing complaints with various federal agencies, provide recorded information on current fraud schemes, and have tips on how to avoid becoming a fraud victim.
To reach the NFIC, logon to www.fraud.org, or call 1-800-876-7060.
7/31/07
When creating your budget, you should leave some room for entertainment expenses. To totally cut recreation from your budget isn't realistic. However, the amount you spend on entertainment shouldn't exceed 5-10% of your monthly household budget; if it does, it's time to scale back to keep your budget under control.
To download a budget worksheet, click here: http://www.consumercredit.com/docs/BudgetSheet2006.pdf.
7/17/07
You can improve your credit score over time by doing the following:
For more information on the FICO credit score, go to www.myfico.com.
6/26/07
The difference between a simple interest rate and an APR (or Annual Percentage Rate)? The APR INCLUDES any fees on the loan, and is meant to disclose the loan's true cost, so that consumers can compare loan products. The Federal Truth in Lending law requires lenders to disclose the APR when a rate is advertised, so that consumers can easily compare terms and shop wisely for credit. For more information on consumer protection, click the link below:
http://www.ftc.gov/bcp/index.shtml
6/12/07
Your debt to income ratio is a very important number. Some experts say it's as important as your credit score. This ratio is simply the amount of debt you have each month, compared to your overall income. Generally, having this number 36% or below is considered acceptable. For more information, click on the link below:
http://www.bankrate.com/brm/calc/ratio-debt-calculator.asp
5/30/07
You should be very careful about bouncing checks. It might seem tempting to write a check when you are not certain there are sufficient funds in your account, but it's never a good strategy. You will incur high fees from both the creditor and your bank - and eventually - you might face criminal prosecution for fraud. If you're ever in doubt - always check your balance before writing a check. And if you have a joint account, be sure to coordinate carefully with the other authorized check writers.
5/15/07
If you're having trouble paying student loans, you might be able to get a deferment, which allows you to delay making payments. Reasons to defer a student loan include: being in school at least half time, economic hardship, being unemployed, and joining the Peace Corps. For the latest information on this subject, visit:
http://www.amsa.com/bor/index.cfm
5/1/07
If your car is being repossessed, the creditor may not "breach the peace" in doing so? This means they cannot:
If you're having trouble making your car loan payment, call your creditor to arrange a payment plan before repossession becomes a possibility.
http://www.ftc.gov/bcp/conline/pubs/autos/carrepo.shtm
4/17/07
If you're having trouble making your mortgage payments, foreclosure may occur. This is the legal means your lender can use to repossess your home. You should avoid foreclosure if at all possible, since it has an impact on your future credit.
Three steps can help:
For more information, logon to www.consumeraction.gov.
4/4/07
You should file your tax return even if you owe tax and cannot afford to pay at the time of filing. The penalty for late payment is only a fraction of the larger penalty for NOT filing a return. So...always file your return, even if you do not send in your tax payment; the penalties will be much smaller. For more information, see:
http://www.irs.ustreas.gov/faqs/faq-kw131.html
ACCC provides links to other services but does not endorse non-ACCC websites or validate their content.
