As of September 1, 2005 everyone in the United States, U. S. Territories and Puerto Rico is entitled to receive a free copy of their credit report. Basically there are three credit reporting companies: Equifax, Experian, and TransUnion. They have come together to create one easy way for consumers to request a copy of their credit report. You are entitled to a free copy of your report annually from each credit reporting company. This means you can actually receive three free copies of your credit report per year. The three versions of your report may not contain the same information. If you would like to check to make sure they all have the same correct information, you can request a copy of all three at once. However, if you would like to monitor your credit report over time, you can request a copy from a different company over time, for example every 4 months. This way you can easily monitor your credit report for fraud and accuracy.
The website set up for requesting a copy of your report is www.annualcreditreport.com. You may also obtain a report by calling 877-322-8228. The mailing address is: Annual Credit Report Service, PO Box 105281, Atlanta, GA 30348-5281. When submitting the request online, results are instantaneous. You can easily view and print your report as well as dispute any discrepancies. For a fee of $5, you can receive your credit score along with an explanation of how the information on the credit report was used to calculate the score. Suggestions are also offered on how to improve your score.
Be wary of anyone who tells you they can quickly repair your credit. They can give you tips on how to improve your credit score; like dispute any errors, or make sure you have more available credit than you use. However, the only thing that is truly going to repair your credit is time. It took time to lower your score and it will take time to better your score.
The best way to improve your credit score is to consistently make payments on time. Consider using an automatic online bill paying service to help if you have trouble remembering to pay your bills. This service of usually free. The credit repair agency can make payments for you, but they will charge a fee. I recommend setting up the automated service yourself and using the money you would have paid to the credit repair agency to accelerate your debt pay-off.
Wednesday, August 31, 2005
Tuesday, August 30, 2005
Bankruptcy Deadline Coming Soon
The deadline is approaching. On October 17, the new bankruptcy law comes into effect. If you are considering filing for Chapter 7, you had best beat the deadline. Not that I am a proponent of bankruptcy filing, but according to a leading bankruptcy attorney most who file have undergone tramatic life events like divorce, job loss, or major illness. If you need to file, it is best to beat the deadline.
The new law brings costly new requirements. People will be required to seek credit counseling before they can file. The counseling will be at their expense. People will also have to complete required classes before receiving the bankruptcy discharge. There is some sort of means testing which calculates and tests for elligibility. If it turns out you do not qualify, you may have to pay creditors back. Auditors will visit your property and verify your assests. The total cost to file Chapter 7 after October 17 is estimated to be between $1500 and $2000. How is someone who cannot pay their bills supposed to come up with that amount of money.....put it on a card?
This is all the more reason to make sure you spend less than you make and have something set aside for emergencies. If you live pay check to pay check with no cushion, an emergency could push you over the edge. In today's world of corporate downsizing and lack of company loyalty to the long term empoyee, job loss could easily happen, and without warning. Many people have not only lost their job, but their pension as well.
Many couples have difficulty discussing financial matters much less agreeing to a plan. They argue so they avoid the discussion. This is a mistake. If you fail to plan, you plan to fail. If you and your spouse have difficulty discussing and agreeing on financial matters, find a coach or a planner and buffer your discussion with the wisdom of the impartial third party. If you are single, have a financial plan. Get help making one if you need it. In this case, ignorance is not bliss.
The new law brings costly new requirements. People will be required to seek credit counseling before they can file. The counseling will be at their expense. People will also have to complete required classes before receiving the bankruptcy discharge. There is some sort of means testing which calculates and tests for elligibility. If it turns out you do not qualify, you may have to pay creditors back. Auditors will visit your property and verify your assests. The total cost to file Chapter 7 after October 17 is estimated to be between $1500 and $2000. How is someone who cannot pay their bills supposed to come up with that amount of money.....put it on a card?
This is all the more reason to make sure you spend less than you make and have something set aside for emergencies. If you live pay check to pay check with no cushion, an emergency could push you over the edge. In today's world of corporate downsizing and lack of company loyalty to the long term empoyee, job loss could easily happen, and without warning. Many people have not only lost their job, but their pension as well.
Many couples have difficulty discussing financial matters much less agreeing to a plan. They argue so they avoid the discussion. This is a mistake. If you fail to plan, you plan to fail. If you and your spouse have difficulty discussing and agreeing on financial matters, find a coach or a planner and buffer your discussion with the wisdom of the impartial third party. If you are single, have a financial plan. Get help making one if you need it. In this case, ignorance is not bliss.
Friday, August 19, 2005
Website on a Budget
I discovered Go Daddy a couple of years ago when I could not decide which domain name to purchase. I wanted to lock-in several options, but did not want to spend a lot of money. Go Daddy sold domain names for less than other competitors like Network Solutions and Register.com. Today, a .com domain name at Go Daddy will set you back $8.95. The same purchase at Network Solutions will cost you $34.99. At first I wondered if there was a catch, the cost was so much less.
Two years of experience as a Go Daddy customer has shown there is no catch, not in the cost of the domain name. The lower pricing is simply their competitive edge, a way to attract a good chunk of the target market. They have now matched, if not surpassed, a prime competitor in the number of domain names registered. Read an interesting blog post by Go Daddy founder, Bob Parsons, at http://www.bobparsons.com where he responds to statements made by Network Solutions' Champ Mitchell.
I have since learned that Go Daddy builds every product they sell. I have found them to be an inexpensive way to build and publish a website with advanced features. In fact the reason my postings have been scarce lately is that my creative time has been spent developing a new website using Go Daddy's Website Complete.
Website Complete is a website building software sold by Go Daddy for $14.95. It offers plug in features like an event calendar, auto responders, flash animation, background music, forms, a guest book, and a directory. You can even add a page hit counter to track the number of visitors to your site. There are other options like a quick shopping cart and special fonts that require an additional purchase.
Everything Go Daddy sells, including hosting, seems affordable. Their customer service and technical support is available 24/7. They have walked me through specific functions many times. The technical support representatives have been courteous and successful in problem solving.
When the time comes to take the site live, there are a few catches. There is a $35 licensing fee that must be paid before a Website Complete built website can be published. Also, some of the advanced features like the event calendar will not work unless the site is published on Go Daddy's server. Still, I was able to build and publish an advanced website for far less than the hundreds or thousands of dollars it would have cost me to have someone else build it for me. I can make changes myself, whenever I want. I added a store and a shopping cart for a small monthly fee of $9.95. I can accept credit or debit card payments for no additional up front costs using PayPal. The capability is already built into my shopping cart. All in all I have been very satisfied with the hosting service, the domain names, and the products that I have purchased through Go Daddy.
There is a learning curve associated with Website Complete, unless one of the templates totally meets your needs. There are many pre-designed templates from which to choose. If you would like to see what a Website Complete finished product looks like, visit http://www.thedebtstopper.com, my new website. I am very interested in what you think, so please leave comments. Comments can be made here or on the website.
Two years of experience as a Go Daddy customer has shown there is no catch, not in the cost of the domain name. The lower pricing is simply their competitive edge, a way to attract a good chunk of the target market. They have now matched, if not surpassed, a prime competitor in the number of domain names registered. Read an interesting blog post by Go Daddy founder, Bob Parsons, at http://www.bobparsons.com where he responds to statements made by Network Solutions' Champ Mitchell.
I have since learned that Go Daddy builds every product they sell. I have found them to be an inexpensive way to build and publish a website with advanced features. In fact the reason my postings have been scarce lately is that my creative time has been spent developing a new website using Go Daddy's Website Complete.
Website Complete is a website building software sold by Go Daddy for $14.95. It offers plug in features like an event calendar, auto responders, flash animation, background music, forms, a guest book, and a directory. You can even add a page hit counter to track the number of visitors to your site. There are other options like a quick shopping cart and special fonts that require an additional purchase.
Everything Go Daddy sells, including hosting, seems affordable. Their customer service and technical support is available 24/7. They have walked me through specific functions many times. The technical support representatives have been courteous and successful in problem solving.
When the time comes to take the site live, there are a few catches. There is a $35 licensing fee that must be paid before a Website Complete built website can be published. Also, some of the advanced features like the event calendar will not work unless the site is published on Go Daddy's server. Still, I was able to build and publish an advanced website for far less than the hundreds or thousands of dollars it would have cost me to have someone else build it for me. I can make changes myself, whenever I want. I added a store and a shopping cart for a small monthly fee of $9.95. I can accept credit or debit card payments for no additional up front costs using PayPal. The capability is already built into my shopping cart. All in all I have been very satisfied with the hosting service, the domain names, and the products that I have purchased through Go Daddy.
There is a learning curve associated with Website Complete, unless one of the templates totally meets your needs. There are many pre-designed templates from which to choose. If you would like to see what a Website Complete finished product looks like, visit http://www.thedebtstopper.com, my new website. I am very interested in what you think, so please leave comments. Comments can be made here or on the website.
Tuesday, August 09, 2005
Call to Action
A new bankruptcy law was passed last April and will take effect in October. It makes it much more difficult for borrowers to wipe their slate clean of debt during bankruptcy proceedings. Instead, an increasing number of debtors will be required to liquidate assets to pay off their debt, or negotiate with lenders for new tems of repayment.
Two bills are being proposed in an attempt to increase consumer protection. The first addresses something referred to as automatic overdraft protection programs. An increasing number of banks have begun to cover overdrafts for a flat fee of $25 to $35. The overdraft is covered irregardless of its source. It could be caused by a check written on your account, an ATM withdrawal, or a debit card transaction. The banks claim to be doing the consumer a favor; saving them from paying the bank fee and the bad check fee charged by the retailer. Supporters of the bill, Consumer Overdraft Protection Fair Practices Act, object to the service being rendered without the informed consent of the consumer. The bill supports the practice of informing the consumer and obtaining their written consent before applying the service.
The second bill addresses something called universal default. If you have ever experienced a sudden hike in your credit card interest rate and if you have made every payment to that credit card account on time, you have most likely been a victim of universal default. You see the credit card companies reserve the right to adjust interest rates if they discover you have been late paying other creditors. These other creditors can be your telephone company, cable service, or utility company. Sometimes your interest rate can sky-rocket from 8.99% to 28.99% overnight. The Consumer Credit Card Protection Act of 2005 would stop this practice, as well as attempt to limit the rate increase to new charges only, rather than to the entire outstanding balance.
Of course the best practice is not to use a credit card, and most definitely not to carry a balance from month to month. But if you have a balance, or are just inclined to support consumer protection, contact your US Senator(s) and US House of Representative(s), the legislative coalition for your area. You can be sure the lobbyists for the credit card companies will be.
Speak now or forever hold your peace!
Two bills are being proposed in an attempt to increase consumer protection. The first addresses something referred to as automatic overdraft protection programs. An increasing number of banks have begun to cover overdrafts for a flat fee of $25 to $35. The overdraft is covered irregardless of its source. It could be caused by a check written on your account, an ATM withdrawal, or a debit card transaction. The banks claim to be doing the consumer a favor; saving them from paying the bank fee and the bad check fee charged by the retailer. Supporters of the bill, Consumer Overdraft Protection Fair Practices Act, object to the service being rendered without the informed consent of the consumer. The bill supports the practice of informing the consumer and obtaining their written consent before applying the service.
The second bill addresses something called universal default. If you have ever experienced a sudden hike in your credit card interest rate and if you have made every payment to that credit card account on time, you have most likely been a victim of universal default. You see the credit card companies reserve the right to adjust interest rates if they discover you have been late paying other creditors. These other creditors can be your telephone company, cable service, or utility company. Sometimes your interest rate can sky-rocket from 8.99% to 28.99% overnight. The Consumer Credit Card Protection Act of 2005 would stop this practice, as well as attempt to limit the rate increase to new charges only, rather than to the entire outstanding balance.
Of course the best practice is not to use a credit card, and most definitely not to carry a balance from month to month. But if you have a balance, or are just inclined to support consumer protection, contact your US Senator(s) and US House of Representative(s), the legislative coalition for your area. You can be sure the lobbyists for the credit card companies will be.
Speak now or forever hold your peace!
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