credit – NJAAW – New Jersey Advocates for Aging Well

How to get your Credit Report

Posted on January 23, 2014

We‚Äôve all seen those funny commercials for credit reports and have probably read articles in magazines urging us to get our yearly free credit report. However, have you ever wondered why you need it? Or how to go about getting it? And how to avoid scams posing as free credit report services? Well, let‚Äôs try to answer some of those questions.

Knowing your credit score can help guard against identity theft. Identity thieves may use your information to open a new credit card account in your name. Then, when they don‚Äôt pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job. Since your credit report has information that affects whether you can get a loan ‚Äî and how much you will have to pay to borrow money, you should check it annually to make sure it is accurate

The Federal Trade Commission enforces The Fair Credit Reporting Act (FCRA) which requires each of the nationwide credit reporting companies ‚Äî Equifax, Experian, and TransUnion ‚Äî to provide you with a free copy of your credit report, at your request, once every 12 months. A credit report includes information on where you live, how you pay your bills, and whether you‚Äôve been sued or have filed for bankruptcy. Nationwide credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. You can see why it is important to receive your credit report to monitor these things yourself before applying for a loan, credit card, mortgage or even a new job.

To order your free credit report, visit¬†annualcreditreport.com, call 1-877-322-8228. Or complete the¬†Annual Credit Report Request Form¬†and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Do not contact the three nationwide credit reporting companies individually. They are providing free annual credit reports only through¬†annualcreditreport.com, 1-877-322-8228 or mailing to Annual Credit Report Request Service.

Here‚Äôs an important piece to remember– The law allows you to order one free copy of your report from each of the nationwide credit reporting companies every 12 months.

You may order your reports from each of the three nationwide credit reporting companies at the same time, or you can order your report from each of the companies one at a time.

Okay, so here is the part to make a note of to protect yourself from scams. Use only annualcreditreport.com to order your free credit report. That is the only site under the law- FCRA that is mandated to provide your credit report for free. Other websites that claim to offer ‚Äúfree credit reports,‚Äù ‚Äúfree credit scores,‚Äù or ‚Äúfree credit monitoring‚Äù are not part of the legally mandated free annual credit report program. In some cases, the ‚Äúfree‚Äù product comes with strings attached. For example, some sites sign you up for a supposedly ‚Äúfree‚Äù service that converts to one you have to pay for after a trial period. If you don‚Äôt cancel during the trial period, you may be unwittingly agreeing to let the company start charging fees to your credit card.

Some ‚Äúimposter‚Äù sites use terms like ‚Äúfree report‚Äù in their names; others have URLs that purposely misspell annualcreditreport.com in the hope that you will mistype the name of the official site. Some of these ‚Äúimposter‚Äù sites direct you to other sites that try to sell you something or collect your personal information. So make sure you type the url correctly and don‚Äôt enter your credit card information, exit the site if they ask for this information and then attempt to connect with annualcreditreport.com or call 1-877-322-8228.

The only information that you‚Äôll be asked for to process your credit report is your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide credit reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.

While your credit report helps determine your credit score, these reports will not give you your credit score. For more information about your credit score visit- http://www.consumer.ftc.gov/articles/0152-how-credit-scores-affect-price-credit-and-insurance#credit

For more details and to learn what steps to take if you do find inaccurate information on your credit report, please visit the Federal Trade Commission and read the article on Free Credit Reports http://www.consumer.ftc.gov/articles/0155-free-credit-reports or call 1-877-FTC-HELP (1-877-382-4357)

Money saving tips

Posted on September 13, 2013

Money saving tips

Here are some great tips for saving money. We gathered these from various¬†sources, to learn more about each follow the¬†links provided or contact a trusted¬†financial advisor.¬†

Find your pension

To see if you or someone you know has an unclaimed pension-Search.pbgc.gov

Free credit monitoring

Creditsesame.com

Catch-up

If you are 50 or over you can contribute an extra $5,500 to your 401K plan as a catch up contribution in 2013

¬†Family ties

If adult children or grandchildren live with you it may mean special tax breaks. Ask your tax preparer about claiming dependents for family members you support.

Save on stamps

Paying bills online means not buying stamps

Free credit report

Don‚Äôt pay for credit reports. Get a free copy once a year from three companies- Equifax, TransUnion and Experian. Visit annualcreditreport.com

Selling your home?

The best day of the week to list your home for sale is Friday and the worst is Sunday. according to an analysis by a major real-estate brokerage firm. Listings on Fridays sell faster and for more money.

Save money on medications

Ask your doctor for free samples. Drug company reps drop them off all the time.

Skip the ER

If you have a non-life-threatening medical issue, like fevers, cuts, minor burns or headaches. Urgent care centers with walk-in features are more affordable and usually are open 7 days a week.

Grow it

If you put the stub of romaine lettuce in a glass of water and place it in a sunny spot it will grow back, the same is true of celery, spring onions and cabbage.

Weigh your options

If you need only a few vegetables or fruits for a recipe or meal, buying a small amount from the salad bar at your supermarket may be cheaper than buying a bag of precut vegetables.

Check it out

Instead of buying a book, why not visit your local library and borrow it.

Service advisory

If you get your car serviced at the dealer, ask to check for any service advisories. You might save on a repair that is covered.

Compare 401 (k) fees

Financial information company, BrightScope features free 401 (K) ratings directory that compares fees among plans. Check it out at brightscope.com/ratings

Reminder: Social Security is benefits are going electronic.

Posted on December 19, 2011

Reminder: Social Security is benefits are going electronic.

Not only can you apply for benefits and get all the update information at www.socialsecurity.gov but they are also requiring that everyone receive their benefits through direct deposit. All new applicants will have to choose direct deposit, however if you currently receive a check in the mail you have until March 1, 2013 to make the switch. But why wait?

The Federal Government wants everyone who receives benefits to get them electronically through direct deposit, why not check out how to do it and save yourself from last minute hassle of doing it in 2013. You have two choices when switching to direct deposit. You can chose to have your benefits transferred directly into your bank account each month or you can apply for the Direct Express^¬Æpre-paid debit card and your monthly benefit will be applied to that card.

With direct deposit, the U.S. Treasury sends an electronic message to your bank or credit union crediting your account with the exact amount of your benefit. The difference is, your check isn‚Äôt printed or mailed.¬† You can have your benefits transferred into your checking or savings account.

No bank account or credit check is required for the Direct Express^¬Æ card, prepaid debit card. The Direct Express^¬Æ card gives you the advantages of direct deposit without requiring a bank account. Your money goes straight into the Direct Express^¬Æ card account on payment day each month. There‚Äôs no need to wait for the mail to arrive or to make a special trip to cash a check. There‚Äôs no risk of lost or stolen checks and your money is insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. Use your card to make everyday purchases everywhere Debit MasterCard^¬Æis accepted. You can make purchases, pay bills, buy money orders and get cash at thousands of locations nationwide. You can use your card 24 hours a day, seven days a week. There are no sign-up, monthly account or overdraft fees. There are many free services such as cash withdrawals, low balance alerts and notification of deposits by phone, email or text.

Some people may ask, why do I have to do this? The Federal Government is trying to save money and make the process of receiving your benefits easy. Some people have asked if that means they have to do all their banking online such as paying bills electronically. The fact is the change to the way federal benefits are being paid only affects how you get your money. How you pay bills or buy things ‚Äì by check, cash or electronically is up to you. There is also concern about whether electronic payments sent over a computer are safe. ¬†The U.S. Department of the Treasury sends your money in a safe way to your bank or credit union account or the Direct Express^¬Æ card account. Your personal information is not sent over the Internet.

If you have a bank or credit union account and want to sign up for direct deposit go to https://www.godirect.gov/gpw/index.gd, or call(800) 333-1795, or visit your local bank/credit union branch or federal benefit agency office.

If you prefer a prepaid debit card or don‚Äôt have a bank account, you can enroll in the Direct Express pre paid debit card at http://www.usdirectexpress.com/edcfdtclient/index.html or call (800) 333-1795, or notify your local federal benefit agency.

Everyone has to make the switch, if you are applying soon for Social Security then you‚Äôll have to do it at the time you apply, if you are receiving a check for Social Security then you have until March 1, 2013 to make the switch, but whether you do it tomorrow or February 28, 2013, you have to do it. This is true of all Federal benefits, such as Supplemental Security Income, Veterans Affairs, and Railroad Retirement Board.

For more information visit www.godirect.org or call 800-333-1795.

New Program from NJ Housing and Mortgage Finance Agency to help those facing foreclosure

Posted on May 4, 2011

New Jersey HomeKeeper Program

Many people have felt the impact of the recession due to unemployment or underemployment. You may be asking, what is being done to help? New Jersey Housing and Mortgage Finance Agency has announced a new program to help those at risk of losing their home. The program is called New Jersey HomeKeeper and it will be available starting May 9, 2011.
New Jersey HomeKeeper is a program funded through a federal grant from the United States Treasury‚Äôs Hardest Hit Fund awarded to States most impacted by unemployment and underemployment. The HomeKeeper offers help to New Jersey homeowners who may be facing foreclosure as a direct result of unemployment or underemployment.

The Homekeeper Program is designed to assist the homeowner with mortgage assistance payment and/or arrearages to prevent an occurrence of foreclosure on the home. The program provides financial assistance to qualified homeowners in the form of a 0% interest rate, deferred-payment second mortgage loan. The loan proceeds may be used to cover arrearages and/or a portion of the homeowner‚Äôs monthly mortgage payment, including property taxes, property insurance, and mortgage insurance. Homeowners may be eligible for up to $48,000 in assistance for a period of up to 24 months.

If a homeowner sells or refinances their home within the first five years of the closing date of the HomeKeeper mortgage loan, the full amount of the loan will be due and payable upon the sale, transfer or refinance of the property (except for a lower rate/term refinance) or, if the homeowner ceases to occupy the property as his/her primary residence. However, after the fifth year, the HomeKeeper mortgage loan amount would be forgiven 20% per year, to be forgiven in full at the end of the tenth year.

You may be eligible for the Homekeeper program, if within the past 12 months, through no fault, decision or personal circumstance of your own, you or your spouse or civil union partner fall into one of the following category:

Became unemployed which caused you to fall behind on your mortgage. You are receiving or are eligible to receive unemployment compensation
benefits and may have at least 12 more weeks of benefits remaining.

Became underemployed (a drop in income of at least 25% from prior or existing employment income) which caused you to fall behind on your mortgage. ¬†¬†

Became unemployed or underemployed. While you have stayed current with your mortgage payments thus far, you have not yet regained enough income/resources to continue paying on time for much longer.

Became unemployed or underemployed.¬† You have since regained enough income to pay the mortgage but you need help covering the arrearages that accumulated during the unemployment/underemployment period

To apply for Homekeeper assistance you will need to apply online using a computer with internet access.¬† The online application(available May 9th) contains all of the information that you will need to begin your application for assistance, with step by step instructions and prompts to help you.

If you do not have access to the internet from your residence, public computers can be found throughout many communities at public libraries, educational centers and One Stop Career Centers.

For more information or to apply visit: www.njhomekeeper.gov

Resources for assistance with foreclosures, credit and debt problems

New Jersey Housing and Mortgage Finance Agency

1-800-654-6873

www.nj-hmfa.com

Novadebt ‚Äì A Garden State Consumer Credit Counseling Agency

1-800-992-4557

www.novadebt.org

Consumer Credit and Budget Counseling, Inc.

1-800-792-0270

www.cc-bc.com

To find a One Stop Career Center in your County, contact your County Office on Aging, see list on our website at www.njfoundationforaging.org/services.html

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