Debt Collectors and Social Media

Debt collectors have found new ways to reach out to consumers. With the rise of social media outlets, collectors can target individuals and contact them. Many people are not as cautious with sharing information about their personal life using social media. Sometimes we have gotten too comfortable updating statues on the internet.  Now this still does not mean that debt collectors can harass individuals. They are still held to the same standards imposed by the Federal Trade Commission. Now, I am not saying that you should run from your debt. I am saying that we should take a little more caution in updating statuses and the latest items we have acquired recently. If you have someone attempting to "friend" you, make sure you really know the person. If you find yourself being harassed contact the FTC to report the company. If you feel you cannot organize your finances and need help, there are companies out there that specialize in these matters.

Source: Fresh Start Consumer Care, LLC www.freshstartconsumercare.com

College Tuition and Financial Aid Help

How to pay for college has been on many parents and students minds. Many programs to assist financially are on the chopping block or have already been eliminated. You may ask what are some things that you can do for yourself or your loved ones. Below is an excerpt from the Wall Street Journal that may be helpful.

For one, if your financial circumstances have changed materially, ask the aid office to review your aid package. Under a "professional judgment review," financial-aid officers can make adjustments to the aid package if there have been significant changes to the family's income or assets.

Another strategy: Since financial-aid forms ask parents to list the assets in their accounts the day they fill out the forms, aim to draw down those accounts as much as possible before filling out the paperwork--and soon enough that the change in assets will be reflected in account statements, suggests Fastweb.com's Mr. Kantrowitz. For example, families with hefty savings sitting in their bank accounts should use it to pay down any unsecured consumer loans, such as credit-card balances, since such debts aren't included in aid formulas, he says.

Source: Wall Street Journal

Identity thieves hard at work: Dining out can be hazardous to your bank account....

Identity theft is still on the rise. Identity thieves are using ever changing technology to steal your identity from you. A few months ago, I was made aware of a device that fits in the palm of your hand. This device is called a skimming device. It is used to take the information from your debit/credit card and store it for later use by identity thieves. In the example that was used, an unsuspecting diner had finish their meal and gave their credit card to the server. Now this has always been the normal course of dining; however in this case the card was swiped twice. One of the swipes was for the food and service, the other swipe was to store the card information so that the identity thief could use later.  I now make it a common practice to take my card to the register so that I can see my card at all times. I do feel a little more comfortable watching my card. Now this may not solve the problem completely, as I stated technology is ever changing. Using some method to deter theft is better than no method at all.

Source: Fresh Start Consumer Care, LLC www.freshstartconsumercare.com

Signs of job growth are showing- How is your credit?

Recent studies show that new jobs are being added to the job market. Now, I won't begin to say that this is happening in all parts of the country, but I will ask are you prepared for the calling? Over the past few years many of you may have noticed that some employers are requesting credit checks as part of their evaluation process. However, I don't believe that credit checks always paint the most accurate picture of a person. This takes many years of studying credit reports and sometimes the correct conclusion still is not made. Credit reports sometimes show a snapshot of a person's life. That snapshot may have been several years prior and circumstances then may not apply today. Since the practice of credit checks before hiring seems to be growing, is your credit up to the test? Have you reviewed your credit report lately? Is it telling the most up to date story of you? If not, you need to get a handle on it. Review your credit report and be prepared when the job market expands to your area if it already hasn't.

Source: Fresh Start Consumer Care, LLC www.freshstartconsumercare.com
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Credit TuneUp: Debt Collection-What you need to know

Credit TuneUp: Debt Collection-What you need to know: "If you are behind in paying your bills, you can expect to hear from a debt collector. A debt collector is someone, other than the credito..."

Debt Collection-What you need to know

If you are behind in paying your bills, you can expect to hear from a debt collector. A debt collector is someone, other than the creditor, who regularly collects debts owed to someone else. Lawyers who collect debts on a regular basis are considered debt collectors, too.


You have rights: Federal law requires that debt collectors treat you fairly. In short, that means:

• A debt collector may contact you in person, by mail, telephone, telegram, or fax, but may not contact you at inconvenient times or places – for example, before 8 a.m. or after 9 p.m – unless you agree. A debt collector may not contact you at work if the collector is aware that your employer prohibits it.
• If an attorney is representing you about the debt, the debt collector must contact the attorney, rather than you. If you don’t have an attorney, a collector may contact other people only to find out your address, your phone number, and where you work.
• A debt collector may not harass, oppress, or abuse you or any third parties they contact about you.
• A debt collector may not lie or mislead anyone when collecting a debt. 

Source: Federal Trade Commission

Credit TuneUp: Small business lending slashed by $43 Billion-Are ...

Credit TuneUp: Small business lending slashed by $43 Billion-Are ...: "Recently, it was reported that banks cut small business lending by $43 billion. While the federal government infused small business lending ..."

Small business lending slashed by $43 Billion-Are you prepared to start your business?

Recently, it was reported that banks cut small business lending by $43 billion. While the federal government infused small business lending with the $30 billion Small Business Jobs Act, this was only granted to banks with less than $10 billion in assets. The SBA assumes commercial loan amounts under $1 million went to small businesses.You may be asking yourself "How does this affect me?" Many individuals have tried braving the job market and realized that maybe they need to market themselves to a larger audience. They have decided to start their own business. Remember if larger banks are reducing lending, smaller banks may be your best be. You must be ready to answer that call. Starting a business takes a lot of time and preparation. Do your research on the service or item you want to provide.  Take the time to write a business plan. Make sure you are credit worthy before you try to obtain a small business loan or lease office space.  If you have these items covered, great! If you need assistance or referral contact us at www.freshstartconsumercare.com

Source: Fresh Start Consumer Care, LLC

Credit TuneUp: Filing Taxes On Your Smartphone-Are we really that...

Credit TuneUp: Filing Taxes On Your Smartphone-Are we really that...: "Well consumers tax season is in full swing. The 'app' world has taken us to a new level. You can now file your taxes by phone. I won't menti..."

Filing Taxes On Your Smartphone-Are we really that strapped for time?

Well consumers tax season is in full swing. The "app" world has taken us to a new level. You can now file your taxes by phone. I won't mention the companies that are offering this service. I will say if you are one that feels it necessary to file in this way, ask yourself is it really safe to do so?  Smartphones are gaining presence at record speeds. While I do enjoy some of the "apps", I would caution having them take over such important events in my life. Give yourself plenty of time to file.  If you are completing your taxes yourself make sure you are focused and have time to catch the "little" things. Try not to wait until the last minute when you feel pressured to 'just get it done". Remember filing on time can save you money later, even if you might owe. If you already have a tax adviser that you trust continue to use them. If you need a referral contact us at www.freshstartconsumercare.com

Source: Fresh Start Consumer Care, LLC

Credit TuneUp: Consumer Credit is Rising: How is your personal bu...

Credit TuneUp: Consumer Credit is Rising: How is your personal bu...: "The numbers are in and they show that consumer spending has risen during the month of December. While this shows progress to our sluggish ec..."

Consumer Credit is Rising: How is your personal budget?

The numbers are in and they show that consumer spending has risen during the month of December. While this shows progress to our sluggish economy, I have to ask individually is your budget prepared for the additional payments?  Do you currently have a budget? Many individuals calculate in their mind "money in-money out". This is not the best way to keep track of your expenses. There are many budget programs on the internet that you could use. You need to be very honest with yourself when creating your budget.  Sometimes this can be difficult for us and if this is you, then you might consider using a professional. Using a professional is like using a personal trainer. Their objective is to get you in the best financial shape possible.  If you have a professional currently then you are ahead of the game. If not and you believe you need a little extra guidance then follow this link www.freshstartconsumercare.com

Source: Fresh Start Consumer Care, LLC

Credit Card Reform and Bank Fees

We were outraged when we saw our interest rates rising on our personal credit cards. We needed credit and debit card reform.Well the Credit Card Reform Act was passed in 2009. Here we are in 2011 and banks have begun to find new/old ways to increase there revenues to pre-credit card reform. Many of you may have received notices that your checking or savings accounts that were previously "free" now are at a cost to "you".  If you are opening a new account, take time to research banks in your area. Compare fees and minimum limits. Don't forget about your local credit unions. Local credit unions sometimes have no fees or lower fees than larger banks. A good source to compare bank rates and fees is http://www.bankrate.com/checking.aspx

Source: Fresh Start Consumer Care, LLC

What can I do to improve my credit score?

Are you maxed out? Many scoring systems evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, it’s likely to have a negative effect on your score.

Have you applied for new credit lately? Many scoring systems consider whether you have applied for credit recently by looking at “inquiries” on your credit report. If you have applied for too many new accounts recently, it could have a negative effect on your score. Every inquiry isn’t counted: for example, inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not considered liabilities.

Scoring models may be based on more than the information in your credit report. When you are applying for a mortgage loan, for example, the system may consider the amount of your down payment, your total debt, and your income, among other things.
Improving your score significantly is likely to take some time, but it can be done. To improve your credit score under most systems, focus on paying your bills in a timely way, paying down any outstanding balances, and staying away from new debt.

Source: Federal Trade Commission