Debt Management Services - 5 Tips to Improve Your Credit Report
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1 Money Smart Week: Debt Management / Credit Repair State of Connecticut Department of Banking Bristol Public Library April 23, 2013
2 Goals For you to benefit from every federal, State, and local program--- that you qualify for Provide you with a plan to improve your credit and your credit report Learn about your consumer rights Provide you with the resources to identify and pursue your consumer rights for you.
3 You will learn about Ways to manage your debt Repair Your credit Common credit mistakes / Scams Interpret your credit report
4 Collection Agencies Collection Agencies must be licensed by the Department of Banking Consumer protection of cease communication letter from contacting you at home, work, and 3 rd parties (neighbors) Department of Banking pursues collection complaints, including cease communication Cease Communication creditor can refer to another collection agency or sue you. Company can buy your debt and they become creditor Statewide Legal Services
5 Manage Your Debt Gather information and documentation to prepare a budget. Handout of forms to list income and expenses. Checklist of documentation. List fixed expenses mortgage/rent, car payments, insurance premiums List variable expenses groceries entertainment, clothing Identify necessary expenses and prioritize the rest
6 Bristol Community Organization, Inc.: 55 South Street, Bristol, CT Ph: (860) Fax: (860) Internet: Social Services Manager: Nancy Micloskey (860)
7 BCO Programs Energy Assistance Program Eviction Prevention Program Grandparents Program Head Start Homemaker Program HUSKY and Healthy Start Youth Employment RSVP *Social Services Transportation
8 Automated Benefits Calculator ABC Calculator is an online questionnaire that screens for eligibility of many state and federal human service programs By answering just a few questions you can see if you may be able to get help with groceries, school lunches, your doctor bills, medication, heating costs, or even money for your day to day expenses.
9 Online Assistance Money Management International Certified HUD Housing Counselor, Bankruptcy Counselors, Reverse Mortgage Counselors, Connecticut Department of Banking licensed Debt Adjuster You can reach us 24 hours a day, 7 days a week at Mymoney.gov
10 Personal Action Plan for Your Current Creditors Contact your creditors for a reduced payment Work with a Credit Counselor: Debt Adjusters/ Debt Management Companies, licensed by the Department of Banking Debt Negotiators / Debt Settlement Companies licensed by the Department of Banking Credit Repair Companies, consumer protections from the Department of Banking Avoid Scams
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12 Account Verification Companies Consumer Protections of Fair Credit Reporting Act, Free ChexSystems Report, see handout ChexSystems: Reports on file for 5 years. If paid off, not required to remove from file (100 word statement from you). See sample ChexSystems Report. DOB consumer protections and complaints, see FTC brochures
13 Debt Adjusters Licensed by the DOB, which provides consumer protections pursues consumer complaints Information and Education, Consumer Information, Debt Adjusters Administers Debt Management Plans (DMP) The Debt Adjuster receives from you deposits of money. It uses your deposits to pay your unsecured debts like your credit card bills, student loans, and medical bills according to a payment schedule that the Counselor develops with you and your creditors.
14 Debt Adjuster Free Services Free credit counseling and budgeting assistance before entering into agreement Written agreement of services and fees Determine your financial ability before agreement Contact each creditor to participate in plan Negotiate to lower interest rate and waive fees Quarterly statement of payments made by the Debt Adjuster company
15 Debt Negotiator / Debt Settlement Companies Required to be licensed by the DOB Negotiate with secured and unsecured creditors to pay a settlement a lump sum that is less than the full amount you owe. To fund the settlement you deposit an amount to a dedicated bank account administered by an independent third party. Often instruct clients to stop making payments to their creditors
16 Debt Negotiator Risks Often require deposits for 36 months or more before all debts will be settled. Difficult to set aside payments for the full length of the program Creditors no obligation to negotiate. Negotiate smaller debts first leaving interest and fees on larger debts to continue to mount. Bc you stop payments credit report, debt and fees continue to accrue, calls from creditors, can be sued
17 Debt Negotiator Protections Complete and detailed list of services, costs, and statement of results to be achieved. Evaluation of likelihood that the service will reduce debt / prevent foreclosure Notice of 3-Day right of Rescission Schedule of Maximum Fees
18 Protections from Overdraft Fees Use register, Reconcile account statement Learn about bank s overdraft programs: Link Checking Account to Savings. Bank transfers funds as needed (transfer fee < overdraft fee) Application and credit approval. Interest charges apply. Annual fee. Line of Credit Special Credit Card
19 Debt Negotiator Questions to Ask Explain its fees and any conditions on its services How long will it take to get results how many months or years before it will make an offer to each creditor for a settlement How much money or what percentaeg of each outstanding debt you must save before it will make an offer to each creditor on your behalf
20 Credit Repair Companies Not required to be licensed by the Department of Banking Consumer Protections: Credit Repair company must provide a written summary of consumer s rights under the State and federal consumer Credit Repair Statutes
21 Credit Repair Company Notice All actions you can do on your own for free: Right to obtain copy of credit report Right to dispute inaccurate information by contacting the Credit Reporting Bureau Credit Reporting Bureau has 30 days to investigate remove inaccurate information If your dispute is not resolved you can prepare 100 word statement to be included in your file and future reports
22 Free Credit Report Free report every year from each of the nationwide credit reporting bureaus (Experian, Equifax, TransUnion). or, from landline phone (877) DOB Consumer Protection of 30 days from your dispute to correct errors. Basis of credit score for best rates on insurance and loans. Identity Theft/Scams
23 Credit Reports Your Credit History Lenders Insurance Companies Employers Telephone and Utility Companies Landlords
24 Improve Your Credit Report Obtain a copy of your credit report Report credit report errors Statement of your dispute to be included with all credit reports Pay your bills on time Use a secured credit card account
25 Deposit Insurance Coverage FDIC , National Credit Union Share Insurance Fund FDIC unlimited coverage for noninterest bearing checking accounts until 12/31/12 plus Not covered stocks, bonds, mutual funds that invest in them, safe deposit boxes, life insurance, annuities
26 FDIC Deposit coverage $250,000 per account ownership category Single account Checking + Savings JT Accts Per Co-Owner Self Directed Retirement (IRA) Revocable Trusts Payable on Death and Living Trusts Per
27 Choosing An Account Your Personal Profile Average balance (daily/monthly) you keep in your account How many transactions you tend to make each month including debits, checks, online payments and ATM withdrawals How many other bank services, including electronic bill paying, that you re likely to use.
28 Questions To Ask Checking Acct. Is there a monthly fixed fee to maintain your account? Is there a minimum balance requirement to avoid certain fees? Daly balance or average monthly Is there a fee for each check you write? Is there a charge for paying your bills electronically, either monthly or per transaction? Is there a charge for withdrawing money, or getting checking account balances from the bank s ATMs? Is there a fee for using an ATM from another bank? Is there a charge for using your debit card to pay for a purchase? Is overdraft protection available? Interview bank representative using your profile. See handout checklist
29 Read Your Credit Report Verify personal information. your name, social security number, date of birth, current and previous address etc. Check the credit history - when the accounts were opened, maximum credit limit and so on. Check the public record section - bankruptcies, tax liens, judgments Look at the inquiries -. Soft pull is recorded when anyone looks at your credit history to send promotional credit offers. Hard pulls are recorded in the credit report when the credit checked for real financial transactions such as new loans, accounts etc.
30 Avoid Scams Advance-Fee Guarantees loan or credit card regardless of credit history. You have to pay fee in advance. You never receive loan. Payday loans impose very high interest rates. Small loan companies are required to be licensed by the Department of Banking. We pursue complaints. Out of DOB jurisdiction American Indian Tribe and located outside the United States
31 Contact the Department of Banking Deborah Ellen Buckley Associate Financial Examiner Toll Free: , extension 8187 Fax: (860)
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