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Credit Report Nuts and Bolts Part 3 of 6 – Help! I already ordered my free credit report fewer than twelve months ago! What to do?

[categories: Washington Bankruptcy Attorney]

As you may know, you an obtain a free credit report every 12 months by contacting www.AnnualCreditReport.com.

This is because of the Fair and Accurate Credit Transaction Act (FACT Act).

Note that these free credit reports (and reports obtained directly for free from most credit bureaus like Equifax, Transunion and Experian will not contain your "credit score" – they try to get you to buy that from them as proprietary information. There is not just one credit score for you – the bureau may or may not use the FICO (Fair & Isaacs Company) organization’s calculation of your "credit score".

If you already obtained your credit report within the past 12 months here are four ways to proceed.

(1) First, you can just contact the three credit bureaus as follows and pay a $10.50 fee for each report from each creditor for the credit report:

Equifax, 800-685-111, www.equifax.com Equifax Information Services LLC
P.O. Box 740241
Atlanta, GA 30374

Experian 888-397-3742, www.experian.com Experian will not provide a written request credit report address. They insist that you call, as far as I can tell.

Trans Union 800-916-8800, www.transunion.com Purchase a TransUnion Credit Report

Online

Phone number: (800) 888-4213

Mail:
TransUnion
2 Baldwin Place
P.O. Box 1000
Chester, PA 19022

Obtain a free, annual TransUnion Credit Report

Online

Phone number: (800) 888-4213

Mail:Download mail order form

Note that you may be able to obtain a 3-in-1credit report from just one of the above – but be careful that you are not signing up for some sort of credit monitoring service or other consumer rip-off of dubious value – I noticed that Equifax was trying to sell you something called "debtwise" or "creditwise" or some other sort of nonsense. Last I checked, Experian had a $39.95 charge for obtaining all three agency credit reports AND your Experian calculated credit score. TransUnion had a similar sort of scam for trying to get you to sign up for an expensive subscription or some other sort of service.

Beware of Experian, though, they had a $1.00 offer for your credit score – but it was a "tricky Nixon" in that it signed you up for a $14.95 monthly subscription if you did not cancel within a very short period of time. Experian apparently has terminated some of its arrangements with FICO, in favor of trying to hawk its own credit scoring programs, as of February 1, 2009.

(2) Note that there are three "situational" exceptions and you can sometimes get two reports in a 12 month period, including:

-You are unemployed and will be aplying for a job within the next sixty days; or

-You are receiving public assistance; or

-You have reason to believe that the file at the credit bureau contains inaccurate inforamation due to fraud.

(3) You can obtain two reports in a two month period if you have made a fraud alert to the credit bureaus, and requested that a fraud alert be posted on your credit file.

(4) Denial of credit/insurance. Sometimes you can be denied credit or insurance — or initially be charged a higher premium — because of information in your credit report. In that case, the FCRA requires the creditor or insurance company to give you the name, address, and phone number of the credit reporting company that supplied the information. Contact the company to find out what your report said. This information is free if you ask for it within 60 days of being turned down for credit or insurance. The credit reporting company can tell you what’s in your report; only the creditor or insurance company can tell you why your application was denied. See the Federal Trade Commission’s website at: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtm

Credit Reports Nuts & Bolts: Part 2 of 6 – How to avoid credit report “rip-offs”

[categories: Washington Bankruptcy Attorney]

The only true "free" credit reports are linked with www.annualcreditreport.com.

Beware of not-so-free credit reports says the National Consumer Law Center in their publication "Surviving Debt" available at www.consumerlaw.org, for about $20.00 – this is a great book, by the way and you should order it.

Some of these "free" credit report offers are not really free, but rather are introductory teasers that convert to an expensive subscription service. The new Credit CARD Act requires these businesses to now put a warning in their advertisments stating: "This is not the free credit report provided for by Federal law. To get your free report, visit www.AnnualCreditReport.com or call 877-322-8228.

Hola! The Hispanicisation of America – a major demographic and economic shift.

In December 2005, I booked a United Airlines ticket to Antigua, Guatemala. I had enrolled in an intense course of Spanish instruction. The course was one-on-one. One teacher, one student (me) for six hours per day, six days per week.

I resided with a wonderful Guatemalan family in their large home, studying for about eleven days. I returned in June 2006 for three weeks of study and studied similarly in August 2006, February 2007 and March 2008. March 2006-May 2009 I studied almost weekly for two hours with a wonderful Guatemalan lady, meeting every Monday evening, at Borders Books in Lakewood, WA.

Why?

America is turning hispanic. One study I read indicated that by 2047, Spanish would be the dominant language in California.

An interesting September 11, 2010 article in The Economist magazine was further informative:

Over 40% of New Mexico’s population is of hispanic origin.

30% to 40% of Texans, Arizonians and California are of hispanic origin.

20% to 30% of Nevada’s, Florida’s and Colorado’s population is of hispanic origin.

Washington, Oregon, Idaho, Utah, Illinois, New Jersey, New York and Connecticut have populations estimated at 10% to 20% hispanic origin.

Nationally, 16% of the population is now hispanic/latino, numbering 48.4 million in 2009. The Economist reports that the Pew Research Centre estimates that by 2050, hispanics will comprise 29% of the population, with caucasians declining to 47% of the population, and falling into the minority.

Julian Castro, the young Latino and Democratic mayor of San Antonio, which is 60% Hispanic, says Democrats should not take Latinos for granted. Castro points out that hispanics tend to support better public education and health care, but are socially conservative and religious, according to The Economist.

The Economist points out that even if you don’t see a large number of hispanics today in your area, things will change….The Economist points out that many hispanic immigrants are bypassing traditional destinations of California and Texas and moving instead to states such as Arizona, Georgia and North Carolina, which dollectively had 10% of America’s undocumented aliens in 2009, up from 4% in 1990.

Arizona’s "backlash" against immigration (known as SB1070) now partially blocked by a Federal Judge may have grown out of a "fear" of the minoritization of caucasians. Over the past two decades, Arizona’s latino population has almost tripled, with the majority of caucasians dropping from 72% to 57%.

Unfortunately, a University of Arizona poll found that 81% of the state’s registered voters favor SB1070’s requirement that people produce documentation to show that they are in the US legally, and that 74% agree that police should be allowed to detain anyone unable to prove their status.

This is misleading, though, as hispanics tend to lag caucasians in voter registration and participation, according to The Economist.

I have really enjoyed improving my Spanish, and I welcome much of what the hispanic culture brings. Some of my best friends are Spanish speakers – and I have found them to be generous and caring people, almost to a fault.

Fences, wires, guard dogs and towers are unlikely to contain human migration along the US border.

If you are interested in improving your career and your long-term marketability, consider learning Spanish – perhaps we would all be better off embracing – as opposed to retaliating.

I will make a post on how to affordably prepare yourself (and your children) for this century – by embracing Spanish.

Holding back the economy – Financing remains tight, Arizona firms say.

[categories:  Washington Bankruptcy Attorney]

When I was at the American Bankruptcy Institute, Western Leadership Conference, In Scottsdale, Arizona, in early December 2010 (for three days of intense classes and education about cutting edge bankruptcy issues) I came accross the following article about trouble financing small businesses. I recap the article here.

Small business is a major economic driver; so long as loans and financing remains tight for small business, it is very likely that the economic recovery will be very slow. So, thus, if you are facing financial dificulties, expect the economy to remain stagnant. I don’t think growth and increases in income are in the short term forecast.

December 11, 2010, The Arizona Republic, Saturday. Section D by Russ Wiles.

Russ Wiles reports on a conference, the Invest Southwest Capital Conference, recently held in Scottsdale, AZ, in early December 2010.

The financing climate has improved a little bit, but it is still very difficult to secure commitments for loans for capital acquistions and improvements.

"It’s better than it was last year," said Vaidy Iyer, chief executive officer and co-founder of SEAL Innotech, a Chandler, AZ company that develops mobile-phone applicatinos for large global companies. "But it’s still challenging, and it’s nothing close to where it was a few years ago."

Also cited as financing problems are a recent tightening of the federal rules governing "accredited" investors, making it harder for upscale individuals to qualify as investors in angel capital or venture capital funds.

"The climate for funding small businesses is in a crisis" said Terry West, CEO of Serious INtegrated, a Phoenix company that makes iPhone like touc panels for applications.

Credit Reports Nuts and Bolts – Part 1 of 6 – Best way to ordering your report for free

[categories: Washington Bankruptcy Attorney]

Ordering your Credit Report – Tip-off: consider doing it in phone or by mail.

If you order by phone or mail, you will receive a paper credit report that is more information and is easier to read than the electronic version. I understand that if you order your credit report on-line, there may be a risk that you might waive your right to take the credit bureaus to court. (I am checking into this waiver – it is new info for me – so check into a later edition of this blog by using our Google Site-Search of our blog on www.washingtonbankruptcy.com to see if I have had a chance to follow up with an explanation).

You can get your free credit reprots from the centralized request service by:
(1) going to www.annualcreditreport.com;
(2) calling 877-322-8228; or
(3) completing the Annual Credit Report Request Form and mailing it to: Annnual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can download the form at www.ftc.gov/credit.

You need to provide 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 credit bureau may ask you for some information that only you would know, like the amount of your monthly mortgage payment.

Source: National Consumer Law Center’s "Guide to Surviving Debt" pgs 39-41, Deanne Loonin, 2010 edition, Library of Congress Control #2010920702, ISBN 978-1-60248-065-0. www.consumerlaw.org

Credit Cards: Part 2 of 2 – Things to think about before getting a new credit card – Preventing trouble

This is part two of a two part series. Lets face it, credit cards have all sorts of new enticing promotions. Frequent flier miles, "cash back" promotions, school contributions, etc.

Adding to the difficulties is that it is difficult to shop for a card. Fees and high post-teaser rates are buried in the fine print and not well disclosed.

Here are some additional things to keep in mind when trying to compare credit cards:

– BIG ONE! – Trick cards – A creditor who acquired a prior credit card lender may offer you a new card – and then trick you by putting the old credit card lender’s debt on the new card, perhaps at rates less advantageous than you were previously paying.

– Look carefully at the interest rate, but recognize that the interest rate can EASILY change. Note that after the teaser rate expires, there will likely be a new rate. Find out what that new rate will be.

– Penalty rates – Credit card contracts, including those that advertise low rates, provide in the small print that our interest rate increases if you make a late payment or go over your credit limit. There are two distinctions here. If you are 60 or fewer days rate, the new penalty rate can only apply to future cash advances and purchases. If you are more than 60 days late, the new higher penalty rate can apply to existing balances of purchases/cash advances AND ALSO it can apply to any new purchases.

-Fees – Find out how much you will be charged for all sorts of fees. Here are a few ideas. Late fees, over-the-limit fes, annual fees, membership fes, cash advance fees, balance transfer fees, even fees for buying lottery tickets.

This post is largely thanks to the National Consumer Law Center’s "Guide to Surviving Debt" a 2010 publication available for a mere $20.00 from www.consumerlaw.org. Buy it – it is a fantastic book.

Credit Cards: Part 1 of 2 – Things to think about before getting a new credit card – Preventing trouble

Lets face it, credit cards have all sorts of new enticing promotions. Frequent flier miles, "cash back" promotions, school contributions, etc.

Adding to the difficulties is that it is difficult to shop for a card. Fees and high post-teaser rates are buried in the fine print and not well disclosed.

Here are things to keep in mind when trying to compare credit cards:

-Avoid accepting too many credit card offers – There is rarely any good reason to own and carry more than two credit cards.

-Avoid "store cards" like Good Guys Video, Bon/Macy’s, Nordstrom, Sears and JCPenny cards – why do you need these? Is there anything at Sears or Nordstroms that is essential to your present daily life?

-BIG ONE! – Avoid subprime credit cards – Avoid credit cards which advertise themselves as helping with "bad credit". Some of these credit cards are "fee harvesters" with low credit limits and so many fees that you couldn’t even charge any purchases to the card because the card was already maxed out when the account was opened.

This post is largely thanks to the National Consumer Law Center’s "Guide to Surviving Debt" a 2010 publication available for a mere $20.00 from www.consumerlaw.org. Buy it – it is a fantastic book.

Inflated: How Money and Debt Built the American Dream – The Economist reviews C. Whalen’s book on American Finance

The Economist reviewed Mr. Whalen’s book, "Inflated: How Money and Debt Built the American Dream", in the December 18, 2010 edition.

Here are some sobering thoughts, taken from the Economist review:

America’s financial history is a losing battle against the "twin demons" of debt and inflation.

The gold rush created an alternative to the Puritan notion of hard worka nd saving that had generally characterized the nation’s early days.

The legal-tender act under Abraham Lincoln paved the way for deficit spending by the government.

in the 1920s acceptable mores of financial policy grew looser with an explosion of consumer finance tied to the age of the automobile and speculative debt-fueled investment.

Credit boom and bust cycles have followed one after another.

The instability (and political power) of banks and the fiscal recklessness of individual states is a given.

The state and federal governments refuse to raise enough tax to cover public demand for services and entitlements.

Allowing the public debt to grow faster than the economy dates back to the time of Alexander Hamilton.

Bankruptcy became a "robber baron" means to advance a private agenda in the late 19th century, just as it was used to further political agendas with the recent General Motors and Chrysler bankruptcies.

The huge monetary expansion since 2008 mirors the money printing recklessness of the 1930s.

The Federal Reserve serves the White House and big banks before it serves the needs of individuals under the guise of "stabilizing" financial markets.

By the late 1970s housing had begun to replace defence as America’s engine of growth. Before long, the myth that you could never have enough of the stuff had taken hold.

The author ponders and wonders how the economy will cope without a buoyant and growing property/housing market.

According to Mr. WHalen, the US needs a dollar devaluation to bring down external deficits and stimulate exports.

The US dollar serving as the worlds only significant reserve currency gives America a "free ride" to be less responsible on fiscal discipline.

This would be, he says, a 21st Century Marshall Plan in reverse.

Wow, I think I am going to pick up this book!

Aprendalo! (Learn it!) How the Hispanicisation of America provides a road to your financial security.

In December 2005, I booked a United Airlines ticket to Antigua, Guatemala. I had enrolled in an intense course of Spanish instruction. The course was one-on-one. One teacher, one student (me) for six hours per day, six days per week.

I resided with a wonderful Guatemalan family in their large home, studying for about eleven days. I returned in June 2006 for three weeks of study and studied similarly in August 2006, February 2007 and March 2008. March 2006-May 2009 I studied almost weekly for two hours with a wonderful Guatemalan lady, meeting every Monday evening, at Borders Books in Lakewood, WA.

Why?

America is turning hispanic. One forecast I read indicated that by 2047, Spanish would be the dominant language in California.

An interesting September 11, 2010 article in The Economist magazine was further informative:

Over 40% of New Mexico’s population is of hispanic origin.

30% to 40% of Texans, Arizonians and California are of hispanic origin.

20% to 30% of Nevada’s, Florida’s and Colorado’s population is of hispanic origin.

Washington, Oregon, Idaho, Utah, Illinois, New Jersey, New York and Connecticut have populations estimated at 10% to 20% latino in origin.

These foreign room, board and lessons packages in Guatemala and Nicaragua are inexpensive and easy to access. You just call or email the school and ask them to pick you up at the airport. It is usually truly that simple. The total room, board and lessons package runs about $175-220 per week depending on whether u have a teacher for 20 or 30 hours per week.

I recommend Roger Ramirez’s One-on-One Tutoring in Granada, Nicaragua or Ixchel Spanish School in Antigua, Guatemala. Google them for contact information.

70/70 Radio – Hispanic demographic changes alter media formats – La Kalle from S.F. California

My wife’s uncle is a fine fellow – he is an Iranian immigrant who lost nearly everything when the Shah of Iran’s regime fell in the late 1970s with the Islamic Revolution.

Nevertheless, he has hacked out a place here in America with the hard work of his wife, a registered nurse.

They are profoundly interesting people for whom I have the deepest respect.

This Iranian immigrant has purchased 11 acres of Chardonnay grapes in one of the best locales of Napa Valley, California, and he farms the vines with his heart, sweat and soul, aided by his sons and wife. He does side jobs as an architect to make extra money.

But this blog post is not about Iranian immigrants….it is about the immigration and melding of latino and caucasian culture here in the United States.

Every year my wife and I (and now our three children) go down to visit her uncle at his vineyard. We usually fly into Oakland, California and rent a car for a drive north of some hour and thirty minutes.

As a radio "dial flipper", on this ride I bumped into something odd about three years ago. I began listening to SF Bay station with a heavy DJ presence, and what was odd is that the DJs would deliver the spoken content in about 70% Spanish and 70% English, so the DJs were frequently repeating much (but not all) of their content.

"Muy buenos dias caballeros y ladies, hace mucho calor hoy mismo, today it is going to be hot, por eso no olviden tomar algo muy refresco y remember to turn up the air conditioner while you enjoy that cold drink."

I found it disorienting to try to imitate this manner of speaking…and I wondered how it came to exist?

I was listening to La Kalle, a station that mixed Spanish and English language and also Spanish and English pop music.

Over the past three years, I have noticed that the station La Kalle seems to be shifting a bit more towards devoting a significant share of the play time (but still less than 50%) to English language pop/rock music, with an emphasis on current top 40 hits. In prior years, the English language music seemed to be just an occassional garnish, so obviously, La Kalle is trying to figure out its market and fine tune something new.

Here are some reviews for San Francisco Bay Area station La Kalle (a funny word play on "La Calle" which means "The Street" – see how they used the letter "K"? The letter "k" is common in English, but is extremely rare in Spanish, so it uses a mix of English and Spanish spelling for a Spanish word, using "K" as the first letter in the radio station’s call moniker. ) Below is a link to some reviews of this station posted by English speakers:

http://www.yelp.com/biz/la-kalle-radio-100-7-and-105-7-fm-san-francisco

In June 2009, I obtained satellite radio for the first time – and I noticed that even in top 40 current music (Sirius channels 20-24) there is quite a bit of Spanish language creeping into pop music, and I am hearing reggeaton sounding beats from time to time.

Why am I talking about a San Francisco Bay area radio station on a bankruptcy lawyer’s blog?

It is because I am telling you of a change that is coming. You can get ahead of that change and secure your employment future with a burst of concentrated and focused energy. You need to learn Spanish. You can do it in 18 months if you work hard.

On my last two visits to Maui, Hawai’i, (June 2010 and December 2010) again and again, I bumped into many people speaking Spanish. It was odd for me to be in Hawai’i, speaking Spanish.

There is a Central American diaspora going on as we speak. It ebbs and flows according to comparative economic conditions, but it never goes away. There is net migratory inflow to the US from our Southern neighbors…and there has been for years. Many of these new immigrants are concentrating in communities where they no no longer need to learn English well in order to survive.

Businesses, the government and employers will need to serve these people who end up not learning English very well as they concentrate in communities that are Spanish speaking.

If you are worried about the future, learn Spanish, and you will worry about it much less about the future than you used to. I doubt that a Spanish speaking Anglo will ever be unemployed for long as this centry progresses.

If I am overstating my case for Spanish education, then I will stand corrected, as time will tell. Note that if worse comes to worse, you can apply for a DJ job at La Kalle, or some other online and broadcast radio station that are sure to follow this format.

Other posts in my blog give ideas about how to study Spanish – use our Google sitesearch function (the little Google box up in the right-hand corner) to search for the posts.