credit reporting

Equifax - two incorrect collections on Equifax credit report - Equifax has not corrected the errors, nor published written rebuttal statement in credit file - have submitted statement twice already to Equifax

There are two incorrect collections on my record and Equifax is the only company to not correct nor publish my 100 words or less statement to my credit file.

I’ve submitted the statement twice and Equifax still failed to provide my statement on my credit report. more…

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We’re back up and running, with a NEW LOOK and newer version of our software… Watch for more exciting things coming to this website more…

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I am very pleased to find this web site. I sincerely hope that it takes off!

I just found out yesterday that my Equifax credit report has been mixed/blended with my husband’s x-wife. I actually suspected this would happen, unfortunately my first name is Jennifer, and so is my husband’s ex-wife! (I know, what the heck was I thinking when I changed my last name to his.) I had hoped that it would not be a problem, because the x-wife changed her last name back to her maiden name several years ago.

I just completed the sale of my old home, and we are attempting to purchase the home that we are currently renting. Since my Equifax report was blended with the X, I now show a very LARGE debt to income ratio. My scores are still great, but it looks like I owe a ton of money.

My frustration is not that this happened, but that it will take an excessive amount of time, money, stress, and anxiety to repair. I have been a victim of identity theft in the past, so I am all too familiar with the irritating process of repairing inaccurate credit files.

I know that my Equifax report is in error, but I cannot speak to anyone about it, because I have a merged report from my mortgage broker, and not an actual Equifax report.

There are several things that Equifax could do to make this process a little less painful:

1.Give me a phone number that I can call to talk to a live body! (Any-one know of one?)

2.Fast track investigations for consumers with Real Estate deals pending. (I hate watching interest rates go up while Equifax takes their time investigating)

3.Pay consumers $100 for each item that is found to be inaccurately reported on a credit file due to Equifax’s error. (This would defray the time/money/stress that I will spend on resolving this matter.)

Since I am forced to spend hundreds of hours of my life fixing my credit file, I am willing to also spend hundreds of hours working towards improving the laws.

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I have repeated sent validation that a debt is to be removed to Equifax who then does nothing but tell me the account is owned by CSC. And CSC says the debt has been removed, but when I pull an equifax report it is still there. HELP more…

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WELCOME THIS IS A TEST MESSAGE
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Ok! I have tried something really retarded but got caught and ummmm.

I received a letter from verizon indicating paid, i then sent Equifax a copy of the letter and showed them the accounts mentioned on my credit report should be removed. Ummmm, then i spoke with some people in the Consumer affairs office and here is what happened:

According to Mrs. DOROTHY COATES" she clearly indicated that once a consumer sends any letters we (EQUIFAX) contact the original creditor to check up on the facts regardless of what it is and to verify the documents are legit "

= Then I also wanted to add the following consumer statement on my credit bureau report but I was told this is not a statement and they wont add it because its not considered a "consumer statement" and a consumer statement is why you disagree with something on your report. , this is what i requested be shown, (Thanks to CreditWrench)

EQUIFAX Credit Bureau is falsely reporting inaccurate and incomplete information about me in my credit reports even though I have attempted to get them to correct their erroneous information to no avail. In doing so, EQUIFAX is knowingly defrauding you who are their paying customers. It should therefore be obvious to all who purchase credit reports from EQUIFAX Credit Bureau that any information you pay for may be and probably does contain false and inaccurate information. When purchasing information from EQUIFAX Credit Bureau you should follow the age old advice about "let the buyer beware."

– So who is right? Equifax is going down hill and thats why this website is up and running!!!!!!!

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To: Equifax

I recently had a problem with the information availability at your company, and I am writing in the hope that you can help me resolve this situation.

Sir or ma'am, over the past year your office has been removing positive accounts from my credit file held with your company WITHOUT permission from the merchants that reported the accounts or from me. These accounts were not disputed nor had they reached 10 years of age. Your office removed TEN, yes TEN accounts, oddly enough all starting with the same letter of the alphabet, F. I have written, called, and faxed. The merchants have either contacted your office via their sales rep or directly by phone, or email, or through the investigation line. I have submitted all requested documentation. Your office still refuses to add them back.

There is a serious internal issue, perhaps a computer glitch within your system. I don't know the cause…but sir…I am feeling the effects.

Here's what I'd like to see happen: Do the right thing! Correct the error and allow these TEN positive accounts to report on my credit file.
I would like your office to contact me as I have already contacted you and I don't know who else to contact. This would go a long way in making up for the trouble I've encountered.

Thank you for your prompt attention to this matter. I eagerly await your response.

From:
Grace
Maryland more…

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To: Equifax

I recently had a problem with the performance at your company, and I am writing in the hope that you can help me resolve this situation.

I had a bad account deleted from my credit report. The account was reinserted without providing me notification. I had provided proof as per the FCRA, Section 623 and in accordance with "Cushman v Transunion" and Equifax still refuses to delete. I spoke with supervisor Ralph Alair on 1/3/05 at 1235 hours, and he told me that it did not matter if I provided evidence that the debt was false. Equifax verifies all accounts by computer tape. Additionally, "If Equifax deleted accounts based upon evidence, it would jeopardize its contracts with companies like Sherman". I have to say that I was a bit taken aback at that revelation. That Federal Code was a distant second place to Equifax's contracts.

My question is, since this is the second time I have written through PFB (the first time had no response)will Equifax actually take some sort of action? Try writing to me and asking for more information. You will see that I am correct in asking for a deletion instead of holding my credit rating hostage. This has to be a RICO investigation waiting to happen, the relationship between Equifax and collection agencies is so inappropriate.

Please, someone have the courage to do the right thing here.

It's very unlikely that I will ever use your company again, and I doubt seriously that I'll be recommending you to other people.

Here's what I'd like to see happen: Contact me and I will provide my documentation to Equifax for the 5th time, so that my credit report can be clear.

Delete Sherman from my report. This would go a long way in making up for the trouble I've encountered.

Thank you for your prompt attention to this matter. I eagerly await your response.

From:
Steven L.
Fort Rucker, AL

http://www.planetfeedback.com/sharedLetters/viewLetter/0,2936,102825-108-0-0-20-0-fb_date-desc-276294-0,00.html more…

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To: Equifax

I recently had a problem with the overall experience at your company, and I am writing in the hope that you can help me resolve this situation.

I have a dispute on an account on my credit report for RMA (Risk Management Associates) for an old Sears account. The Sears account is no longer on my report as it is past the seven year reporting period. RMA purchased the account from Sears in January 1998 and are using this date at the date of last activity for reporting purposes. I never made any payments to RMA or had any contact with RMA that would have restarted the reporting period. This debt has been illegally reaged. I have disputed it now 5 times each time it comes back verified but no one can tell me what is actually verified or how is it verified. This account went delinqueny in May of 1996 it is over 8 years old.

Despite this problem, there's an excellent chance I will use your company in the future, and I doubt seriously that I'll be recommending you to other people.

Here's what I'd like to see happen: Please remove this tradeline from my credit report ASAP as it is causing problems with getting current credit. This would go a long way in making up for the trouble I've encountered.

Thank you for your prompt attention to this matter. I eagerly await your response.

From:
Jackie
Coatesville, PA more…

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FICO scores consider a wide range of information on your credit report. However, they do not consider:

Your race, color, religion, national origin, sex and marital status. US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.

Your age. Other types of scores may consider your age, but FICO scores don’t.

Your salary, occupation, title, employer, date employed or employment history. Lenders may consider this information, however, as may other types of scores.

Where you live.

Any interest rate being charged on a particular credit card or other account.

Any items reported as child or family support obligations or rental agreements.

Certain types of inquiries (requests for your credit report). The score does not count consumer-initiated inquiries which are requests you have made for your credit report, in order to check it. It also does not count promotional inquiries which are requests made by lenders in order to make you a pre-approved credit offer or administrative inquiries requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.

Any information not found in your credit report.

Any information that is not proven to be predictive of future credit performance. Whether or not you are participating in a credit counseling of any kind.

http://debt-education.org/whats-not-credit-score.html more…

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You have to see this! It’s both funny and educational at the same time, and the creators are driving home a very important message … you are what you eat!

Grocery Store Wars is a spoof on the Star Wars theme and it’s well done.

You have to check it out and pass on the link to friends because friends don’t let friends eat irresponsibly. more…

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Everyone must plan out thier financial transactions and future so you can see where your money actually goes each month. Preparing a monthly set of personal financial statements gives you the information you need to effectively manage your finances and improve your financial status.

Personal financial statements help you to identify, measure and record economic information about your personal finances. Get out a piece of paper and keep track of your spending. Your entries should include the date of the transaction, its nature, and the amount of money involved. By keeping these records and creating financial statements, you can analyze your past financial performance, and better predict what may happen in the future. You must keep a record of your cash flow, your income statements, and then keep a balance sheet so you always know how money you have.

Cash Flow
Cash flow is a measure of your personal financial health, … how much cash is coming in and going out over a given period of time. By keeping a record of your cash you can see your income and expenses. That means you can keep personal spending on track.

There are three simple steps to preparing a cash flow record:
Cash Flow Revenues - Your revenues will include wages and dividend payments on investments. Also included are any other sources of income you would receive in a given timeframe.

Cash Flow Disbursements - The disbursements project each of the various expense categories you would incur over a month. Remember, each month must show only the cash you expect to pay out.

Cash Revenues to Cash Disbursements - This process takes the balance carried over from the previous months and adds it to the current month’s revenues. To this figure, you will subtract the total of the current month’s expenditures.

Now how do you improve your cash flow. You need to increase your cash inflows, you might be able delay some of your cash outflows, and and you can try to minimizeyour optional expenses.

Income Statement
An income statement is very similar to a cash flow in that it allows you to view your current financial status. An income statement works by displaying the amount of money you will have available for savings, investments, or additional expenses. Income statements will highlight your revenues and expenses, and their overall affect on your net worth over a given period of time. The revenue portion of the statement is recorded as all of the assets attained for that period of time, and the expenses are recorded as the expenditures paid out. On most income statements, expenses are broken down into different categories, i.e., groceries, entertainment, rent, etc. By breaking down your expenses, you will be able to see exactly where all of your money is going. If you look at the previous example of a cash flow, you will notice that it, too, highlights the revenues and expenditures the same way an income statement does. The major difference between these two types of statements is that a cash flow uses the balance from the prior period, while an income statement does not. Using the cash flow example and eliminating the Beginning Balance column would give you an accurate picture of what an income statement would look like. The overall goal of maintaining income statements is to keep your income higher than your expenses, thus increasing your net worth.

Balance Sheet
A balance sheet provides you the opportunity to see your financial picture on a given day, as it lists assets, liabilities, and net worth. One side of your balance sheet will contain your assets, and the other side will reflect your liabilities. An asset is any item of value that you own. Some assets, such as cash, are easy to value, while others, like real estate, can be more difficult to value accurately. On the other side, a liability is the exact opposite of an asset, as a liability is an obligation to pay. As implied by the word “balance” in balance sheet, your assets plus your net worth must equal the liabilities, therefore keeping the statement in balance. Using a balance sheet will allow you to better assess your assets and liabilities, thus giving you a better understanding of your current financial situation. The following is a simple balance sheet. Yours may be more complicated, but it should give you the general idea:
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Nearly half of all Americans who file for bankruptcy do so because of medical expenses, according to a new study released jointly by researchers at Harvard Law School and Harvard Medical School this week. The study, which is based on surveys of 1,771 individuals filing for bankruptcy, is the first of its kind to gather extensive information on the correlation between medical conditions and expenses and bankruptcy.

“Both doctors and lawyers care about how health care is financed, but it was only when we put our heads together that we could probe further,” explained Elizabeth Warren, professor of law and author of “The Two-Income Trap.” “We discovered that in 2004 about two million men, women and children were swept through the bankruptcy system in the fallout of a medical problem. Good educations, decent jobs, and health insurance were no guarantee that a person wouldn’t be wiped out by an illness or accident. We believe the current policy debates are overlooking a critical problem: A broken health care finance system is bankrupting middle class America.”

“Our study is fairly shocking,” explained Steffie Woolhandler, associate professor of medicine at Harvard Medical School, in an interview with the Chicago Tribune. “We found that, too often, private health insurance is an umbrella that melts in the rain.”

http://www.law.harvard.edu/news/2005/02/03_bankruptcy.php more…

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There’s a new blog on the horizon worth watching. They have Women’s Debt Help in the featured list of discussion topics and we like it anytime we see that type of help being posted.

So are you contemplating filing bankruptcy? If you are and don’t want to get caught up in the new laws that ARE coming, you’d better contact a bankruptcy attorney today. We hear it’s rough going to get an appointment with a bankruptcy lawyer these days because so many people are filing for bankruptcy. Don’t wait … that’s our advice for those who have absolutely no way out of their debt situation. more…

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This “action area” of the National Endowment for Financial Education® (NEFE®) was created to provide Americans with practical money-management skills and an introduction to financial planning through course work that covers the fundamentals of money management.

Although not restricted to a particular age group, the Education Programs area has focused largely on increasing financial literacy among the nation’s youth. This focus is exemplified by the organization’s longest-standing public service effort, the NEFE High School Financial Planning Program® (HSFPP).

This is one of the best resources for debt education and I highly recommend you take some time on this website to educate yourself. http://www.nefe.org/ more…

Credit reporting references

The Federal Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of information in the files of every consumer reporting agency (CRA).

Most CRAs are credit bureaus that gather and sell information about you (such as if you pay your bills on time or have filed bankruptcy) to creditors, employers, landlords, and other businesses. The FCRA gives you specific rights, as outlined below. You may have additional rights under state law. You may contact a state or local consumer protection agency or a state attorney general to learn those rights.

You must be told if information in your file has been used against you. Anyone who uses information from a CRA to take action against you, such as denying an application for credit, insurance, or employment, must tell you and give you the name, address, and phone number of the CRA that provided the consumer report.

ALso, you can find out for yourself what is in your credit report. The law says that a CRA must be given you if you request it, and also a list of everyone who has requested it recently.

There is no charge for the report if a person has taken action against you because of information supplied by the CRA, but you request the report within 60 days of receiving notice of the action.

You also are entitled to one free report every twelve months upon request if you certify that:

You are unemployed and plan to seek employment within 60 days
You are on welfare
Your report is inaccurate due to fraud.
Otherwise, a CRA may charge you up to eight dollars.

The law gives you the right to dispute inaccurate information with the consumer reporting agency. If you tell a CRA that your file contains inaccurate information, the CRA must investigate the items (usually within 30 days) by presenting to its information source all relevant evidence you submitted; unless your dispute proves to be frivolous.

The source of your compalint must review your evidence and report its findings to the CRA. (The source also must advise national CRAs, to which it has provided the data, of any error.) The CRA must give you a written report of the investigation and a copy of your report if the investigation results in any change. If the CRA’s investigation does not resolve the dispute, you may add a brief statement to your file. The CRA must normally include a summary of your statement in future reports. If an item is deleted or a dispute statement is filed, you may ask that anyone who has recently received your report be notified of the change.

Inaccurate information must be corrected or deleted. A CRA must remove or correct inaccurate or unverified information from its files, usually within 30 days after you dispute it. However, the CRA is not required to remove accurate data from your file unless it is outdated or cannot be verified. If your dispute results in any change to your report, the CRA cannot reinsert into your file a disputed item unless the information source verifies its accuracy and completeness. In addition, the CRA must give you a written notice telling you it has reinserted the item. The notice must include the name, address and phone number of the information source of the filing.

You can dispute inaccurate items with the source of the information. If you tell anyone, such as a creditor who reports to a CRA, that you disputed an item, they may not then report the information to a CRA without including a notice of your dispute.

Outdated information may not be reported. In most cases, a CRA may not report negative information that is more than seven years old, and ten years for bankruptcies.

Access to your file is limited. A CRA may provide information about you only to people with a need recognized by the FCRA, usually to consider an application with a creditor, insurer, employer, landlord or other business.

Your consent is required for reports that are provided to employers, or reports that contain medical information. A CRA may not give out information about you to your employer or prospective employer without your written consent. A CRA may not report medical information about you to creditors, insurers or employers without your permission.

You may choose to exclude your name from CRA lists for unsolicited credit and insurance offers. Creditors and insurers may use file information as the basis for sending you unsolicited offers of credit or insurance. Such offers must include a toll-free number for you to call if you want your name and address removed from future lists. If you call, you must be kept off the lists for two years.

You may seek damages from violators. If a CRA, a user or in some cases a provider of CRA data, violates the FCRA, you may sue them in state or federal court.

For more information contact the Federal Trade Commission.

The above information should be understood to be a general discussion of the subject matter and does not constitute a legal opinion about the situation. For further information please consult a qualified attorney.

http://debt-education.org/fcra.html more…

Credit reporting references

The Federal Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of information in the files of every consumer reporting agency (CRA).

Most CRAs are credit bureaus that gather and sell information about you (such as if you pay your bills on time or have filed bankruptcy) to creditors, employers, landlords, and other businesses. The FCRA gives you specific rights, as outlined below. You may have additional rights under state law. You may contact a state or local consumer protection agency or a state attorney general to learn those rights.

You must be told if information in your file has been used against you. Anyone who uses information from a CRA to take action against you, such as denying an application for credit, insurance, or employment, must tell you and give you the name, address, and phone number of the CRA that provided the consumer report.

ALso, you can find out for yourself what is in your credit report. The law says that a CRA must be given you if you request it, and also a list of everyone who has requested it recently.

There is no charge for the report if a person has taken action against you because of information supplied by the CRA, but you request the report within 60 days of receiving notice of the action.

You also are entitled to one free report every twelve months upon request if you certify that:

You are unemployed and plan to seek employment within 60 days
You are on welfare
Your report is inaccurate due to fraud.
Otherwise, a CRA may charge you up to eight dollars.

The law gives you the right to dispute inaccurate information with the consumer reporting agency. If you tell a CRA that your file contains inaccurate information, the CRA must investigate the items (usually within 30 days) by presenting to its information source all relevant evidence you submitted; unless your dispute proves to be frivolous.

The source of your compalint must review your evidence and report its findings to the CRA. (The source also must advise national CRAs, to which it has provided the data, of any error.) The CRA must give you a written report of the investigation and a copy of your report if the investigation results in any change. If the CRA’s investigation does not resolve the dispute, you may add a brief statement to your file. The CRA must normally include a summary of your statement in future reports. If an item is deleted or a dispute statement is filed, you may ask that anyone who has recently received your report be notified of the change.

Inaccurate information must be corrected or deleted. A CRA must remove or correct inaccurate or unverified information from its files, usually within 30 days after you dispute it. However, the CRA is not required to remove accurate data from your file unless it is outdated or cannot be verified. If your dispute results in any change to your report, the CRA cannot reinsert into your file a disputed item unless the information source verifies its accuracy and completeness. In addition, the CRA must give you a written notice telling you it has reinserted the item. The notice must include the name, address and phone number of the information source of the filing.

You can dispute inaccurate items with the source of the information. If you tell anyone, such as a creditor who reports to a CRA, that you disputed an item, they may not then report the information to a CRA without including a notice of your dispute.

Outdated information may not be reported. In most cases, a CRA may not report negative information that is more than seven years old, and ten years for bankruptcies.

Access to your file is limited. A CRA may provide information about you only to people with a need recognized by the FCRA, usually to consider an application with a creditor, insurer, employer, landlord or other business.

Your consent is required for reports that are provided to employers, or reports that contain medical information. A CRA may not give out information about you to your employer or prospective employer without your written consent. A CRA may not report medical information about you to creditors, insurers or employers without your permission.

You may choose to exclude your name from CRA lists for unsolicited credit and insurance offers. Creditors and insurers may use file information as the basis for sending you unsolicited offers of credit or insurance. Such offers must include a toll-free number for you to call if you want your name and address removed from future lists. If you call, you must be kept off the lists for two years.

You may seek damages from violators. If a CRA, a user or in some cases a provider of CRA data, violates the FCRA, you may sue them in state or federal court.

For more information contact the Federal Trade Commission.

The above information should be understood to be a general discussion of the subject matter and does not constitute a legal opinion about the situation. For further information please consult a qualified attorney.

http://debt-education.org/fcra.html more…

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by: Carrie Reeder

If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.

After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.

There are ways to get a down payment for your mortgage besides having the money saved in the bank. Here are some ideas of ways to do that:

Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be considered defrauding a lender.

There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance” with your favorite search engine.

You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed. Mortgage loans after bankruptcy are getting to be much easier to obtain these days.

Carrie Reeder is the owner of abcloanguide.com. ABC Loan Guide is an informational site with articles and lists of recommended lenders for bad credit mortgage loans. more…

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If you are age 62 or older and are house-rich, cash-poor, a reverse mortgage may be an option to help increase your income. However, because your home is such a valuable asset, you may want to consult with your family, attorney or financial advisor before applying for any reverse mortgage. Knowing your rights and responsibilities as a borrower may help to minimize your financial risks and avoid any threat of foreclosure or loss of your home. Reverse mortgages are considered risky because at the end of it you don’t own your home anymore.

There are three reverse mortgage plans available today: FHA-insured, lender-insured, and uninsured.

A reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. Reverse mortgages work much like traditional mortgages, only in reverse. Rather than making a payment to your lender each month, the lender pays you. Unlike conventional home equity loans, most reverse mortgages do not require any repayment of principal, interest or servicing fees for as long as you live in your home. Funds obtained from a reverse mortgage may be used for any purpose, including meeting housing expenses such as taxes, insurance, fuel and maintenance costs.

To qualify for a reverse mortgage, you must own your home. The reverse mortgage funds may be paid to you in a lump sum, in monthly advances, through a line-of-credit, or in a combination of the three, depending on the type of reverse mortgage and the lender. The amount you are eligible to borrow generally is based on your age, the equity in your home, and the interest rate the lender is charging.

Because you retain title to your home with a reverse mortgage, you also remain responsible for taxes, repairs, and maintenance. Depending on the plan you select, your reverse mortgage becomes due with interest either when you permanently move, sell your home, die or reach the end of the pre-selected loan term. The lender does not take title to your home when you die, but your heirs must pay off the loan. The debt is usually repaid by refinancing the loan into a forward mortgage or by using the proceeds from the sale of your home.

What to consider about reverse mortgages:

• Reverse mortgages are rising-debt loans. This means that the interest is added to the principal loan balance each month, because it is not paid on a current basis. Therefore, the total amount of interest you owe increases significantly with time as the interest compounds.

• All three plans (FHA-insured, lender-insured, and uninsured) charge origination fees and closing costs. Insured plans also charge insurance premiums, and some impose mortgage servicing charges. Your lender may permit you to finance these costs so you will not have to pay for them in cash. But, these costs will be added to your loan amount.

• Reverse mortgages use up some or all of the equity in your home, leaving fewer assets for you and your heirs in the future.

• You generally can request a loan advance at closing that is substantially larger than the rest of your payments.

• Your legal obligation to pay back the loan is limited by the value of your home at the time the loan is repaid. This could include increases in the value (appreciation) of your home after your loan begins.

• Reverse mortgage loan advances are nontaxable. Further, they do not affect your Social Security or Medicare benefits. If you receive Supplemental Security Income, reverse mortgage advances do not affect your benefits as long as you spend them within the month you receive them. This is true in most states for Medicaid benefits also. When in doubt, check with a benefits specialist at your local area agency on aging or legal services office.

• Some plans provide for fixed rate interest. Others involve adjustable rates that change over the loan term based upon market conditions.

• Interest on reverse mortgages is not deductible for income tax purposes until you pay off all or part of your total reverse mortgage debt.

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The three types of reverse mortgages, FHA-insured, lender-insured and uninsured, vary according to their costs and terms. Although the FHA and lender-insured plans appear similar, important differences exist.

FHA-insured: This plan offers several reverse mortgage payment options. You may receive monthly loan advances for a fixed term or for as long as you live in the home, a line of credit, or monthly loan advances plus a line of credit. This reverse mortgage is not due as long as you live in your home. With the line of credit option, you may draw amounts as you need them over time. Closing costs, a mortgage insurance premium and sometimes a monthly servicing fee is required. Interest is charged at an adjustable rate on your loan balance; any interest rate changes do not affect the monthly payment, but rather how quickly the loan balance grows over time.

The FHA-insured reverse mortgage permits changes in payment options at little cost. This plan also protects you by guaranteeing that loan advances will continue to be made to you if a lender defaults. However, FHA-insured reverse mortgages may provide smaller loan advances than lender-insured plans. Also, FHA loan costs may be greater than uninsured plans.

Lender-insured: These reverse mortgages offer monthly loan advances or monthly loan advances plus a line of credit for as long as you live in your home. Interest may be assessed at a fixed rate or an adjustable rate, and additional loan costs can include a mortgage insurance premium (which may be fixed or variable) and other loan fees.

Loan advances from a lender-insured plan may be larger than those provided by FHA-insured plans. Lender-insured reverse mortgages also may allow you to mortgage less than the full value of your home, thus preserving home equity for later use by you or your heirs. However, these loans may involve greater loan costs than FHA-insured, or uninsured loans. Higher costs mean that your loan balance grows faster, leaving you with less equity over time.

Some lender-insured plans include an annuity that continues making monthly payments to you even if you sell your home and move. The security of these payments depends on the financial strength of the company providing them, so be sure to check the financial ratings of that company. Annuity payments may be taxable and affect your eligibility for Supplemental Security Income and Medicaid. These reverse annuity mortgages may also include additional charges based on increases in the value of your home during the term of your loan.

Uninsured: This reverse mortgage is dramatically different from FHA and lender-insured reverse mortgages. An uninsured plan provides monthly loan advances for a fixed term only, a definite number of years that you select when you first take out the loan. Your loan balance becomes due and payable when the loan advances stop. Interest is usually set at a fixed interest rate and no mortgage insurance premium is required.

If you consider an uninsured reverse mortgage, carefully think about the amount of money you need monthly? How many years you may need the money? How you will repay the loan when it comes due? And, how much remaining equity you will need after paying off the loan?

If you have short-term but substantial cash needs, the uninsured reverse mortgage can provide a greater monthly advance than the other plans. However, because you must pay back the loan by a specific date, it is important for you to have a source of repayment. If you are unable to repay the loan, you may have to sell your home and move.

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One of the best protections you have with reverse mortgages is the Federal Truth in Lending Act, which requires lenders to inform you about the plan’s terms and costs. Be sure you understand them before signing. Among other information, lenders must disclose the Annual Percentage Rate (APR) and payment terms. On plans with adjustable rates, lenders must provide specific information about the variable rate feature. On plans with credit lines, lenders also must inform you of any charges to open and use the account, such as an appraisal, a credit report, or attorney’s fees.

If you are interested in obtaining a current list of lenders participating in the FHA-insured program, sponsored by the Department of Housing and Urban Development (HUD), or additional information on reverse mortgages and other home equity conversion plans, write to:

AARP Home Equity Information Center American Association of Retired Persons 601 E Street, N.W. Washington, D.C. 20049

For additional information, you also may contact the:

National Center for Home Equity Conversion 7373 - 147 St. West, Suite 115 Apple Valley, MN 55124

This organization requests that you send a self-addressed stamped envelope.
more…

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WASHINGTON (AFP) — US President George W. Bush signed into law a measure that makes it tougher for Americans to get out of debt by filing for personal bankruptcy.

“Bankruptcy should always be a last resort in our legal system. If someone does not pay his or her debts, the rest of society ends up paying them,” Bush said at a signing ceremony.

“In recent years, too many people have abused the bankruptcy laws. They’ve walked away from debts even when they had the ability to repay them. This has made credit less affordable and less accessible, especially for low-income workers who already face financial obstacles,” the president said.

Bush said the law would force those who can pay back at least a portion of their debts to do so, while people who earn less than a state’s median income would not face the same requirement.

The legislation, which drew support from some opposition Democrats, was seen as a major victory for retailers, banks and credit-card companies, which pushed for the legislation for more than a decade.

Business interests complained that previous bankruptcy law amounted to a windfall for consumers, who have been allowed to erase their debts in court after giving up their assets. Some 1.6 million Americans filed for personal bankruptcy last year.

Consumer groups and congressional opponents said that the bill is a bonanza for the already lucrative credit-card industry, and a disaster for consumers enticed by predatory lenders to spend beyond their means, and others who go into debt because of health care debts or divorce.
more…

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The FICO score is used to make billions of credit decisions each year, including more than 75 percent of mortgage loan originations. In addition, more than 40 of the nation’s 50 largest financial institutions rely on the FICO score to determine an individual’s credit risk.

About Fair Isaac Company

Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company’s predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power more than 25 billion mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies.
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A consumer-credit report is a factual record of a person’s credit-payment history. Legislation governs who has access to a person’s credit history, but typically it is open to lenders who need a quick and objective way to determine whether to grant credit.

Your credit history is a record of how you handle your finances, especially how well you pay back your debts. This credit history is reviewed based on a generally well-established scoring system.

Credit bureau scores are often called “FICO scores” because most credit bureau scores used in the U.S. are produced from software developed by Fair, Isaac and Co. They developed a confusing mathematical formula to determine how high a risk you are as a credit applicant.

There are other credit bureau scores, but FICO is used most often by creditors. With FICO, a higher score is desirable. Be aware that other credit bureaus may evaluate credit worthiness differently, and a high score may mean a consumer is a bigger risk.

FICO considers these factors (the approximate weight of each is in parentheses):

Payment history (35 percent) - Your score is negatively affected if you have paid bills late, had an account sent to collection or declared bankruptcy. The more recent the problem, the lower your score. For instance, a 30-day late payment today hurts more than a bankruptcy five years ago.

Outstanding debt (30 percent) - If the amount you owe is close to your credit limit, that likely will have a negative effect on your score. A low balance on two cards is better than a high balance on one.

Length of your credit history (15 percent) - The longer your accounts have been open the better.

Recent inquiries on your report (10 percent) - If you have recently applied for many new accounts, that may negatively affect your score. Remember, promotional inquiries don’t count.

Types of credit in use (10 percent) - Loans from finance companies generally lower your credit score. FICO says this is most important when there isn’t a lot of other information upon which to base a score.

Keep in mind that some companies may consider factors other than these when determining credit worthiness.

YOU are the original source of all this information. When you fill out an application, the creditor reports activity on that account to the bureaus. You can reduce errors by filling out the identifying information accurately and consistently.

The typical credit report includes four kinds of information:

- Identifying information, such as your name and date of birth.
- Public record information, such as whether you have filed for bankruptcy in the past 10 years
-Credit information, which includes your history of paying off loans and the amount of credit you now carry.
- Inquiries, which indicate whether you have been applying for a lot of credit lately.

So, what legally can be included in your credit report?

- Your identifying information.
- Your employment history.
- Your credit information.
- Delinquent child-support payments, and court action that has been taken against you as a result.

There also information that cannot be included on your credit report. This includes:

- Your race.
- Your religion.
- Your driving record.
- Notice of a Chapter 7 bankruptcy that is more than 10 years old.
- Debts that are more than seven years old.

So who has access to your credit report?

- Potential lenders.
- Landlords.
- Insurance companies.
- Employers and potential employers (usually only with your written consent).
- Companies with which you already have credit so they can monitor your account.

So you’ve applied for credit and discovered you have a low FICO score. Why might that have happened? The top 10 most common reasons are:

- Serious delinquency, and a public record or collection filed.
- Derogatory public record or collection filed.
- Time since delinquency is too recent or unknown.
- Level of delinquency on accounts.
- Number of accounts with delinquency.
- Amount owed on accounts.
- Proportion of balances to credit limits on revolving accounts is too high.
- Length of time accounts have been established is too short.
- Too many accounts with a balance on them.
more…

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There’s an old saying that you can’t borrow money unless you can prove that you don’t need it. While that technically isn’t true, banks, retailers and other companies tend to be cautious about making credit available to their customers. When you understand what credit grantors are looking for, you can increase your chances of qualifying.

First and foremost, credit grantors want to be sure that you will pay them back. While creditors can recover unpaid money through legal action, it is costly. It’s less risky for them to lend carefully in the first place. Although that stand seems to lacking in the credit card industry, who is granting credit to consumers who really shouldn’t qualify at all.

How do creditors determine whether you’ll be likely to pay them back? First, they generally look to see how well you’ve paid other creditors. Experience has shown that individuals who pay other creditors on time are more likely to pay them on time as well. That’s why it’s important to pay your bills on time.

Having too much credit is not viewed favorably by credit grantors. Numerous credit cards, loans and other debts on your credit record could mean potential repayment problems if you lose your job or experience other unforeseen circumstances.

Your employment and banking record also gives potential creditors insight into your financial lifestyle. Keeping the same job rather than frequently changing jobs and having money in the bank instill confidence that you will handle credit responsibly.

If your personal finances meet the criteria described here, you’ll probably be able to obtain credit without too much difficulty. If not, start taking steps to improve your financial picture. Once credit grantors see the improvement and your commitment to do better, you should be able to get the credit you deserve.

http://www.debt-education.org/what-do-creditors-want.html more…

Credit reporting references

FICO scores consider a wide range of information on your credit report. However, they do not consider:
Your race, color, religion, national origin, sex and marital status. US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.
Your age. Other types of scores may consider your age, but FICO scores don’t.
Your salary, occupation, title, employer, date employed or employment history. Lenders may consider this information, however, as may other types of scores.
Where you live.
Any interest rate being charged on a particular credit card or other account.
Any items reported as child or family support obligations or rental agreements.
Certain types of inquiries (requests for your credit report). The score does not count consumer-initiated inquiries which are requests you have made for your credit report, in order to check it. It also does not count promotional inquiries which are requests made by lenders in order to make you a pre-approved credit offer or administrative inquiries requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either.
Any information not found in your credit report.
Any information that is not proven to be predictive of future credit performance. Whether or not you are participating in a credit counseling of any kind. http://debt-education.org/whats-not-credit-score.html more…

Credit reporting references

You have to see this! It’s both funny and educational at the same time, and the creators are driving home a very important message … you are what you eat! Grocery Store Wars is a spoof on the Star Wars theme and it’s well done.
You have to check it out and pass on the link to friends because friends don’t let friends eat irresponsibly. more…

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Everyone must plan out thier financial transactions and future so you can see where your money actually goes each month. Preparing a monthly set of personal financial statements gives you the information you need to effectively manage your finances and improve your financial status.
Personal financial statements help you to identify, measure and record economic information about your personal finances. Get out a piece of paper and keep track of your spending. Your entries should include the date of the transaction, its nature, and the amount of money involved. By keeping these records and creating financial statements, you can analyze your past financial performance, and better predict what may happen in the future. You must keep a record of your cash flow, your income statements, and then keep a balance sheet so you always know how money you have. Cash Flow
Cash flow is a measure of your personal financial health, … how much cash is coming in and going out over a given period of time. By keeping a record of your cash you can see your income and expenses. That means you can keep personal spending on track. There are three simple steps to preparing a cash flow record:
Cash Flow Revenues - Your revenues will include wages and dividend payments on investments. Also included are any other sources of income you would receive in a given timeframe.
Cash Flow Disbursements - The disbursements project each of the various expense categories you would incur over a month. Remember, each month must show only the cash you expect to pay out.
Cash Revenues to Cash Disbursements - This process takes the balance carried over from the previous months and adds it to the current month’s revenues. To this figure, you will subtract the total of the current month’s expenditures.
Now how do you improve your cash flow. You need to increase your cash inflows, you might be able delay some of your cash outflows, and and you can try to minimizeyour optional expenses. Income Statement
An income statement is very similar to a cash flow in that it allows you to view your current financial status. An income statement works by displaying the amount of money you will have available for savings, investments, or additional expenses. Income statements will highlight your revenues and expenses, and their overall affect on your net worth over a given period of time. The revenue portion of the statement is recorded as all of the assets attained for that period of time, and the expenses are recorded as the expenditures paid out. On most income statements, expenses are broken down into different categories, i.e., groceries, entertainment, rent, etc. By breaking down your expenses, you will be able to see exactly where all of your money is going. If you look at the previous example of a cash flow, you will notice that it, too, highlights the revenues and expenditures the same way an income statement does. The major difference between these two types of statements is that a cash flow uses the balance from the prior period, while an income statement does not. Using the cash flow example and eliminating the Beginning Balance column would give you an accurate picture of what an income statement would look like. The overall goal of maintaining income statements is to keep your income higher than your expenses, thus increasing your net worth. Balance Sheet
A balance sheet provides you the opportunity to see your financial picture on a given day, as it lists assets, liabilities, and net worth. One side of your balance sheet will contain your assets, and the other side will reflect your liabilities. An asset is any item of value that you own. Some assets, such as cash, are easy to value, while others, like real estate, can be more difficult to value accurately. On the other side, a liability is the exact opposite of an asset, as a liability is an obligation to pay. As implied by the word “balance” in balance sheet, your assets plus your net worth must equal the liabilities, therefore keeping the statement in balance. Using a balance sheet will allow you to better assess your assets and liabilities, thus giving you a better understanding of your current financial situation. The following is a simple balance sheet. Yours may be more complicated, but it should give you the general idea: more…

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Nearly half of all Americans who file for bankruptcy do so because of medical expenses, according to a new study released jointly by researchers at Harvard Law School and Harvard Medical School this week. The study, which is based on surveys of 1,771 individuals filing for bankruptcy, is the first of its kind to gather extensive information on the correlation between medical conditions and expenses and bankruptcy.
“Both doctors and lawyers care about how health care is financed, but it was only when we put our heads together that we could probe further,” explained Elizabeth Warren, professor of law and author of “The Two-Income Trap.” “We discovered that in 2004 about two million men, women and children were swept through the bankruptcy system in the fallout of a medical problem. Good educations, decent jobs, and health insurance were no guarantee that a person wouldn’t be wiped out by an illness or accident. We believe the current policy debates are overlooking a critical problem: A broken health care finance system is bankrupting middle class America.”
“Our study is fairly shocking,” explained Steffie Woolhandler, associate professor of medicine at Harvard Medical School, in an interview with the Chicago Tribune. “We found that, too often, private health insurance is an umbrella that melts in the rain.” http://www.law.harvard.edu/news/2005/02/03_bankruptcy.php more…

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There’s a new blog on the horizon worth watching. They have Women’s Debt Help in the featured list of discussion topics and we like it anytime we see that type of help being posted.
So are you contemplating filing bankruptcy? If you are and don’t want to get caught up in the new laws that ARE coming, you’d better contact a bankruptcy attorney today. We hear it’s rough going to get an appointment with a bankruptcy lawyer these days because so many people are filing for bankruptcy. Don’t wait … that’s our advice for those who have absolutely no way out of their debt situation. more…

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This “action area” of the National Endowment for Financial Education® (NEFE®) was created to provide Americans with practical money-management skills and an introduction to financial planning through course work that covers the fundamentals of money management.
Although not restricted to a particular age group, the Education Programs area has focused largely on increasing financial literacy among the nation’s youth. This focus is exemplified by the organization’s longest-standing public service effort, the NEFE High School Financial Planning Program® (HSFPP).
This is one of the best resources for debt education and I highly recommend you take some time on this website to educate yourself. http://www.nefe.org/ more…

Credit reporting references

The Federal Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of information in the files of every consumer reporting agency (CRA).
Most CRAs are credit bureaus that gather and sell information about you (such as if you pay your bills on time or have filed bankruptcy) to creditors, employers, landlords, and other businesses. The FCRA gives you specific rights, as outlined below. You may have additional rights under state law. You may contact a state or local consumer protection agency or a state attorney general to learn those rights.
You must be told if information in your file has been used against you. Anyone who uses information from a CRA to take action against you, such as denying an application for credit, insurance, or employment, must tell you and give you the name, address, and phone number of the CRA that provided the consumer report.
ALso, you can find out for yourself what is in your credit report. The law says that a CRA must be given you if you request it, and also a list of everyone who has requested it recently.
There is no charge for the report if a person has taken action against you because of information supplied by the CRA, but you request the report within 60 days of receiving notice of the action.
You also are entitled to one free report every twelve months upon request if you certify that:
You are unemployed and plan to seek employment within 60 days
You are on welfare
Your report is inaccurate due to fraud.
Otherwise, a CRA may charge you up to eight dollars.
The law gives you the right to dispute inaccurate information with the consumer reporting agency. If you tell a CRA that your file contains inaccurate information, the CRA must investigate the items (usually within 30 days) by presenting to its information source all relevant evidence you submitted; unless your dispute proves to be frivolous.
The source of your compalint must review your evidence and report its findings to the CRA. (The source also must advise national CRAs, to which it has provided the data, of any error.) The CRA must give you a written report of the investigation and a copy of your report if the investigation results in any change. If the CRA’s investigation does not resolve the dispute, you may add a brief statement to your file. The CRA must normally include a summary of your statement in future reports. If an item is deleted or a dispute statement is filed, you may ask that anyone who has recently received your report be notified of the change.
Inaccurate information must be corrected or deleted. A CRA must remove or correct inaccurate or unverified information from its files, usually within 30 days after you dispute it. However, the CRA is not required to remove accurate data from your file unless it is outdated or cannot be verified. If your dispute results in any change to your report, the CRA cannot reinsert into your file a disputed item unless the information source verifies its accuracy and completeness. In addition, the CRA must give you a written notice telling you it has reinserted the item. The notice must include the name, address and phone number of the information source of the filing.
You can dispute inaccurate items with the source of the information. If you tell anyone, such as a creditor who reports to a CRA, that you disputed an item, they may not then report the information to a CRA without including a notice of your dispute.
Outdated information may not be reported. In most cases, a CRA may not report negative information that is more than seven years old, and ten years for bankruptcies.
Access to your file is limited. A CRA may provide information about you only to people with a need recognized by the FCRA, usually to consider an application with a creditor, insurer, employer, landlord or other business.
Your consent is required for reports that are provided to employers, or reports that contain medical information. A CRA may not give out information about you to your employer or prospective employer without your written consent. A CRA may not report medical information about you to creditors, insurers or employers without your permission.
You may choose to exclude your name from CRA lists for unsolicited credit and insurance offers. Creditors and insurers may use file information as the basis for sending you unsolicited offers of credit or insurance. Such offers must include a toll-free number for you to call if you want your name and address removed from future lists. If you call, you must be kept off the lists for two years.
You may seek damages from violators. If a CRA, a user or in some cases a provider of CRA data, violates the FCRA, you may sue them in state or federal court.
For more information contact the Federal Trade Commission.
The above information should be understood to be a general discussion of the subject matter and does not constitute a legal opinion about the situation. For further information please consult a qualified attorney.
http://debt-education.org/fcra.html more…

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by: Carrie Reeder
If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.
After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.
If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.
There are ways to get a down payment for your mortgage besides having the money saved in the bank. Here are some ideas of ways to do that:
Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be considered defrauding a lender.
There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance” with your favorite search engine.
You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed. Mortgage loans after bankruptcy are getting to be much easier to obtain these days.
Carrie Reeder is the owner of abcloanguide.com. ABC Loan Guide is an informational site with articles and lists of recommended lenders for bad credit mortgage loans. more…

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If you are age 62 or older and are house-rich, cash-poor, a reverse mortgage may be an option to help increase your income. However, because your home is such a valuable asset, you may want to consult with your family, attorney or financial advisor before applying for any reverse mortgage. Knowing your rights and responsibilities as a borrower may help to minimize your financial risks and avoid any threat of foreclosure or loss of your home. Reverse mortgages are considered risky because at the end of it you don’t own your home anymore.
There are three reverse mortgage plans available today: FHA-insured, lender-insured, and uninsured.
A reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. Reverse mortgages work much like traditional mortgages, only in reverse. Rather than making a payment to your lender each month, the lender pays you. Unlike conventional home equity loans, most reverse mortgages do not require any repayment of principal, interest or servicing fees for as long as you live in your home. Funds obtained from a reverse mortgage may be used for any purpose, including meeting housing expenses such as taxes, insurance, fuel and maintenance costs.
To qualify for a reverse mortgage, you must own your home. The reverse mortgage funds may be paid to you in a lump sum, in monthly advances, through a line-of-credit, or in a combination of the three, depending on the type of reverse mortgage and the lender. The amount you are eligible to borrow generally is based on your age, the equity in your home, and the interest rate the lender is charging.
Because you retain title to your home with a reverse mortgage, you also remain responsible for taxes, repairs, and maintenance. Depending on the plan you select, your reverse mortgage becomes due with interest either when you permanently move, sell your home, die or reach the end of the pre-selected loan term. The lender does not take title to your home when you die, but your heirs must pay off the loan. The debt is usually repaid by refinancing the loan into a forward mortgage or by using the proceeds from the sale of your home.
What to consider about reverse mortgages:
• Reverse mortgages are rising-debt loans. This means that the interest is added to the principal loan balance each month, because it is not paid on a current basis. Therefore, the total amount of interest you owe increases significantly with time as the interest compounds.
• All three plans (FHA-insured, lender-insured, and uninsured) charge origination fees and closing costs. Insured plans also charge insurance premiums, and some impose mortgage servicing charges. Your lender may permit you to finance these costs so you will not have to pay for them in cash. But, these costs will be added to your loan amount.
• Reverse mortgages use up some or all of the equity in your home, leaving fewer assets for you and your heirs in the future.
• You generally can request a loan advance at closing that is substantially larger than the rest of your payments.
• Your legal obligation to pay back the loan is limited by the value of your home at the time the loan is repaid. This could include increases in the value (appreciation) of your home after your loan begins.
• Reverse mortgage loan advances are nontaxable. Further, they do not affect your Social Security or Medicare benefits. If you receive Supplemental Security Income, reverse mortgage advances do not affect your benefits as long as you spend them within the month you receive them. This is true in most states for Medicaid benefits also. When in doubt, check with a benefits specialist at your local area agency on aging or legal services office.
• Some plans provide for fixed rate interest. Others involve adjustable rates that change over the loan term based upon market conditions.
• Interest on reverse mortgages is not deductible for income tax purposes until you pay off all or part of your total reverse mortgage debt.
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The three types of reverse mortgages, FHA-insured, lender-insured and uninsured, vary according to their costs and terms. Although the FHA and lender-insured plans appear similar, important differences exist.
FHA-insured: This plan offers several reverse mortgage payment options. You may receive monthly loan advances for a fixed term or for as long as you live in the home, a line of credit, or monthly loan advances plus a line of credit. This reverse mortgage is not due as long as you live in your home. With the line of credit option, you may draw amounts as you need them over time. Closing costs, a mortgage insurance premium and sometimes a monthly servicing fee is required. Interest is charged at an adjustable rate on your loan balance; any interest rate changes do not affect the monthly payment, but rather how quickly the loan balance grows over time.
The FHA-insured reverse mortgage permits changes in payment options at little cost. This plan also protects you by guaranteeing that loan advances will continue to be made to you if a lender defaults. However, FHA-insured reverse mortgages may provide smaller loan advances than lender-insured plans. Also, FHA loan costs may be greater than uninsured plans.
Lender-insured: These reverse mortgages offer monthly loan advances or monthly loan advances plus a line of credit for as long as you live in your home. Interest may be assessed at a fixed rate or an adjustable rate, and additional loan costs can include a mortgage insurance premium (which may be fixed or variable) and other loan fees.
Loan advances from a lender-insured plan may be larger than those provided by FHA-insured plans. Lender-insured reverse mortgages also may allow you to mortgage less than the full value of your home, thus preserving home equity for later use by you or your heirs. However, these loans may involve greater loan costs than FHA-insured, or uninsured loans. Higher costs mean that your loan balance grows faster, leaving you with less equity over time.
Some lender-insured plans include an annuity that continues making monthly payments to you even if you sell your home and move. The security of these payments depends on the financial strength of the company providing them, so be sure to check the financial ratings of that company. Annuity payments may be taxable and affect your eligibility for Supplemental Security Income and Medicaid. These reverse annuity mortgages may also include additional charges based on increases in the value of your home during the term of your loan.
Uninsured: This reverse mortgage is dramatically different from FHA and lender-insured reverse mortgages. An uninsured plan provides monthly loan advances for a fixed term only, a definite number of years that you select when you first take out the loan. Your loan balance becomes due and payable when the loan advances stop. Interest is usually set at a fixed interest rate and no mortgage insurance premium is required.
If you consider an uninsured reverse mortgage, carefully think about the amount of money you need monthly? How many years you may need the money? How you will repay the loan when it comes due? And, how much remaining equity you will need after paying off the loan?
If you have short-term but substantial cash needs, the uninsured reverse mortgage can provide a greater monthly advance than the other plans. However, because you must pay back the loan by a specific date, it is important for you to have a source of repayment. If you are unable to repay the loan, you may have to sell your home and move.
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One of the best protections you have with reverse mortgages is the Federal Truth in Lending Act, which requires lenders to inform you about the plan’s terms and costs. Be sure you understand them before signing. Among other information, lenders must disclose the Annual Percentage Rate (APR) and payment terms. On plans with adjustable rates, lenders must provide specific information about the variable rate feature. On plans with credit lines, lenders also must inform you of any charges to open and use the account, such as an appraisal, a credit report, or attorney’s fees.
If you are interested in obtaining a current list of lenders participating in the FHA-insured program, sponsored by the Department of Housing and Urban Development (HUD), or additional information on reverse mortgages and other home equity conversion plans, write to:
AARP Home Equity Information Center American Association of Retired Persons 601 E Street, N.W. Washington, D.C. 20049
For additional information, you also may contact the:
National Center for Home Equity Conversion 7373 - 147 St. West, Suite 115 Apple Valley, MN 55124
This organization requests that you send a self-addressed stamped envelope. more…

Credit reporting references

WASHINGTON (AFP) — US President George W. Bush signed into law a measure that makes it tougher for Americans to get out of debt by filing for personal bankruptcy.
“Bankruptcy should always be a last resort in our legal system. If someone does not pay his or her debts, the rest of society ends up paying them,” Bush said at a signing ceremony.
“In recent years, too many people have abused the bankruptcy laws. They’ve walked away from debts even when they had the ability to repay them. This has made credit less affordable and less accessible, especially for low-income workers who already face financial obstacles,” the president said.
Bush said the law would force those who can pay back at least a portion of their debts to do so, while people who earn less than a state’s median income would not face the same requirement.
The legislation, which drew support from some opposition Democrats, was seen as a major victory for retailers, banks and credit-card companies, which pushed for the legislation for more than a decade.
Business interests complained that previous bankruptcy law amounted to a windfall for consumers, who have been allowed to erase their debts in court after giving up their assets. Some 1.6 million Americans filed for personal bankruptcy last year.
Consumer groups and congressional opponents said that the bill is a bonanza for the already lucrative credit-card industry, and a disaster for consumers enticed by predatory lenders to spend beyond their means, and others who go into debt because of health care debts or divorce. more…

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The FICO score is used to make billions of credit decisions each year, including more than 75 percent of mortgage loan originations. In addition, more than 40 of the nation’s 50 largest financial institutions rely on the FICO score to determine an individual’s credit risk. About Fair Isaac Company
Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company’s predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power more than 25 billion mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies.
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A consumer-credit report is a factual record of a person’s credit-payment history. Legislation governs who has access to a person’s credit history, but typically it is open to lenders who need a quick and objective way to determine whether to grant credit.
Your credit history is a record of how you handle your finances, especially how well you pay back your debts. This credit history is reviewed based on a generally well-established scoring system.
Credit bureau scores are often called “FICO scores” because most credit bureau scores used in the U.S. are produced from software developed by Fair, Isaac and Co. They developed a confusing mathematical formula to determine how high a risk you are as a credit applicant.
There are other credit bureau scores, but FICO is used most often by creditors. With FICO, a higher score is desirable. Be aware that other credit bureaus may evaluate credit worthiness differently, and a high score may mean a consumer is a bigger risk. FICO considers these factors (the approximate weight of each is in parentheses):
Payment history (35 percent) - Your score is negatively affected if you have paid bills late, had an account sent to collection or declared bankruptcy. The more recent the problem, the lower your score. For instance, a 30-day late payment today hurts more than a bankruptcy five years ago.
Outstanding debt (30 percent) - If the amount you owe is close to your credit limit, that likely will have a negative effect on your score. A low balance on two cards is better than a high balance on one.
Length of your credit history (15 percent) - The longer your accounts have been open the better.
Recent inquiries on your report (10 percent) - If you have recently applied for many new accounts, that may negatively affect your score. Remember, promotional inquiries don’t count.
Types of credit in use (10 percent) - Loans from finance companies generally lower your credit score. FICO says this is most important when there isn’t a lot of other information upon which to base a score.
Keep in mind that some companies may consider factors other than these when determining credit worthiness.
YOU are the original source of all this information. When you fill out an application, the creditor reports activity on that account to the bureaus. You can reduce errors by filling out the identifying information accurately and consistently. The typical credit report includes four kinds of information:
- Identifying information, such as your name and date of birth.
- Public record information, such as whether you have filed for bankruptcy in the past 10 years
-Credit information, which includes your history of paying off loans and the amount of credit you now carry.
- Inquiries, which indicate whether you have been applying for a lot of credit lately. So, what legally can be included in your credit report?
- Your identifying information.
- Your employment history.
- Your credit information.
- Delinquent child-support payments, and court action that has been taken against you as a result.
There also information that cannot be included on your credit report. This includes:
- Your race.
- Your religion.
- Your driving record.
- Notice of a Chapter 7 bankruptcy that is more than 10 years old.
- Debts that are more than seven years old. So who has access to your credit report?
- Potential lenders.
- Landlords.
- Insurance companies.
- Employers and potential employers (usually only with your written consent).
- Companies with which you already have credit so they can monitor your account.
So you’ve applied for credit and discovered you have a low FICO score. Why might that have happened? The top 10 most common reasons are:
- Serious delinquency, and a public record or collection filed.
- Derogatory public record or collection filed.
- Time since delinquency is too recent or unknown.
- Level of delinquency on accounts.
- Number of accounts with delinquency.
- Amount owed on accounts.
- Proportion of balances to credit limits on revolving accounts is too high.
- Length of time accounts have been established is too short.
- Too many accounts with a balance on them. more…

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There’s an old saying that you can’t borrow money unless you can prove that you don’t need it. While that technically isn’t true, banks, retailers and other companies tend to be cautious about making credit available to their customers. When you understand what credit grantors are looking for, you can increase your chances of qualifying.
First and foremost, credit grantors want to be sure that you will pay them back. While creditors can recover unpaid money through legal action, it is costly. It’s less risky for them to lend carefully in the first place. Although that stand seems to lacking in the credit card industry, who is granting credit to consumers who really shouldn’t qualify at all.
How do creditors determine whether you’ll be likely to pay them back? First, they generally look to see how well you’ve paid other creditors. Experience has shown that individuals who pay other creditors on time are more likely to pay them on time as well. That’s why it’s important to pay your bills on time.
Having too much credit is not viewed favorably by credit grantors. Numerous credit cards, loans and other debts on your credit record could mean potential repayment problems if you lose your job or experience other unforeseen circumstances.
Your employment and banking record also gives potential creditors insight into your financial lifestyle. Keeping the same job rather than frequently changing jobs and having money in the bank instill confidence that you will handle credit responsibly.
If your personal finances meet the criteria described here, you’ll probably be able to obtain credit without too much difficulty. If not, start taking steps to improve your financial picture. Once credit grantors see the improvement and your commitment to do better, you should be able to get the credit you deserve. http://www.debt-education.org/what-do-creditors-want.html more…

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Trooper cleared of ID theft Newark Star Ledger, NJ - Dec 2, 2005 BY RICK HEPP. The Division of Criminal Justice yesterday dropped all charges against a state trooper who had been accused of stealing
New Law Takes Major Steps to Fight ID Theft abc11tv.com, NC - Nov 28, 2005 (11/28/05 - RALEIGH) - Identity theft is one of those things that until it happens to you, you don’t realize how seriously it can change your life.
Cancer Survivor and ID Theft Victim Blazes New Path; Dateline NBC Market Wire (press release) - 2 hours ago Drew is a survivor of "terminal" leukemia and two years ago became a nationally recognized victim of identity (ID) theft after his personal information was

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Serial fraudster jailed over tax scam Australian, Australia - Dec 21, 2005 By Johanna Leggatt. A SERIAL fraudster and masters taxation student has been jailed for three years for scamming almost $24,000 in
Eskom worker accused of scam that has netted millions The Herald Eastern Cape, South Africa - Dec 22, 2005 Eskom has suspended an employee here who has been accused of fleecing the company of millions of rands in a sophisticated electronic scam over several years.
UK mailman busted in $35M check scam Webindia123, India - Dec 22, 2005 Belezika, who was born in the Democratic Republic of Congo, intercepted and stole every checkbook he came across at a sorting office in a scam involving more
Rensselaer Falls Teen Charged With Attempting To Scam Area Newswatch 50, NY - Dec 23, 2005 A Rensselaer Falls teen has been arrested for attempting to scam area residents by soliciting funds for a school function without authorization. St.
Authorities Investigating Donation Scam Channel Oklahoma.com, OK - Dec 21, 2005 OKLAHOMA CITY — Oklahoma authorities are investigating a scam involving somebody fraudulently accepting donations on behalf of the Special Olympics.

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New scam targets PayPal users Sault Ste. Marie Evening News, MI - 19 hours ago are warning local residents to avoid one of the newest and most ingenious Internet rip-offs to come under law enforcement scrutiny - the PayPal Credit Card Scam
Telemarketing scam using Fannie Mae name to swindle consumers Phoenix Business Journal, AZ - 22 hours ago Attorney General Terry Goddard is warning Arizona consumers about a home loan telemarketing scam and possible violations of federal Do Not Call laws.

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Looking Back At Computer Security In 2005  Net Security - Dec 21 10:10 AM - Wednesday, 21 December 2005. An increasing number of techniques and easier access to computer equipment enhances the knowledge of both the malicious users and the security professionals.Save to My Web
Nigerian national pleads guilty in ChoicePoint ID theft case  KESQ - Dec 20 9:41 PM LOS ANGELES A Nigerian national has pleaded guilty in Los Angeles to conspiracy and grand theft involving identity theft that authorities say was accomplished by accessing personal information stolen from consumer data collector ChoicePoint.Save to My Web
Security experts to online shoppers: Think before you click  INQ7.net - Dec 14 7:40 AM WHILE its become more convenient to shop online instead of lining up in malls, security experts warn that online shoppers should think before they click online advertisements or unsolicited e-mail that might appear to offer knock-off prices.Save to My Web
D.C. School Rejects Finding That Instructors Goaded Fight  Washington Post - Dec 19 8:31 PM Eighth-grader Shannon Alsbrook said she was bickering with her friend when their teacher at Options Public Charter School on Capitol Hill told them she had “had enough.”Save to My Web
Chronicle & Echo  Northampton Chronicle & Echo - Dec 22 4:00 AM A COLD-BLOODED killer stabbed a missing Northampton man to death before setting fire to his body in a ditch and using his credit cards to finance a wild spending spree, an inquest has heard.Save to My Web

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Charles in High Court privacy case UTV, Ireland - Dec 19, 2005 The prince is trying to stop the Mail on Sunday publishing more material from the journals which have already revealed unflattering comments by the prince on
Sickening violation of women’s privacy Toronto Star, Canada - Dec 20, 2005 Besides the sickening violation of privacy Moscoe thought was a good idea, how does he know that some women who were peered at through the holes weren’t later

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Internet Shopping Increases Chances for Identity Theft Bethesda Journal,  USA - Dec 15, 2005 People who serve overseas are prime targets for identity theft because they are more likely to use online banking options. "When
Woman gets prison for identity theft Yakima Herald-Republic, WA - Dec 13, 2005 Amber Greene, 20, previously pleaded guilty in Yakima County Superior Court to seven of 29 counts of second-degree identity theft and a related check-fraud
Meth addicts use Internet to cash in on identity theft USA Today - Dec 14, 2005 Here are just a few examples of high-tech identity theft from across the USA: No single database tracks all identity-theft cases.
How to avoid becoming a victim of identity theft Marin Independent-Journal, CA - Dec 20, 2005 While little can be done to completely safeguard against identity theft, authorities encourage people to take protective steps and decrease the chances of

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LaSalle loses 2 million loan records  Chicago Sun-Times - Dec 17 3:24 AM Residential-mortgage payment records of some 2 million LaSalle Bank customers were lost last month between Chicago and Dallas, the bank disclosed Friday.Save to My Web
Ex-wife keeps using joint credit card  Bankrate.com - Dec 15 4:45 AM Dear Dr. Don, I was recently divorced; and my wife assumed the credit card debt and I assumed the house debt. She was supposed to close the account that was in both of our names and open one in her name.Save to My Web

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Postal Service Joins Fight Against Internet Fraud  Newhouse News Service - Dec 16 1:56 PM WASHINGTON — As it competes to deliver packages via “snail mail,” the U.S. Postal Service is stepping up efforts to warn about fraud on the front end via the Internet.Save to My Web
Data theft fallout: US may ban sale of Social Security numbers  Ars Technica - Dec 08 9:31 AM Since the news of ChoicePoint’s big blunder selling personal data on over 145,000 American consumers to a gang of identity thieves became public, the US Congress has begun turning a long-overdue eye to the problem of third parties trafficking in consumer data without their knowledge or consent.Save to My Web
A&T dismisses two players from teams  News-Record - Dec 17 12:18 AM GREENSBORO — N.C. A&T athletics director Dee Todd said Friday that Larry Harrison has been dismissed from the Aggies football team and Dejuan Morrison is no longer on the basketball team in light of separate legal issues.Save to My Web

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Police and Fire Logs for December 15, 2005 The News-Review - Report taken for
FEATURESecurity Key When Choosing E-Commerce Times - In the days of abundant
Some Sam’s Club Customers’ WSFA - Customers who purchased gas at Sam’s Club between Sept. 21 and Oct. 2 may have had their

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Callers claiming to be IRS  Fredericksburg.com - Dec 15 3:32 AM Consumers need to beware of an IRS scam.Save to My Web
Amish Man Lost Thousands in Sex Scam  Fox News - Dec 14 11:26 AM A 75-year-old Amish widower, afraid his church community would find out about him seeking sex from a prostitute, was scammed out of more than $67,000.Save to My Web

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‘I’m going to space in a rocket..’IC Wales - SOUTH Wales’ first ever “astronaut” has made her TV debut in front of thousands. But what teenager Astrid Roberts doesn’t realise is that instead of training at the Space Tourism Agency of Russia, she is in fact still in the UK, at a disused military
Amazon OffersNew York Times - The novelist Meg Wolitzer has her own blog as part of a program begun last month by Amazon.com. The entries were part of a new program called Amazon Connect, begun late last month to enhance the connections between authors and their fans - and to
Software as a service - Salesforce.com’s new application shopIT-Analysis.com - These days, even Bill Gates is bandying around the term ’software as a service’. But what does it mean? The point of offering software as a service (SaaS) is that it allows companies to avoid deploying and managing those applications within their
BRIDES WANTEDTribune - Alliance invited for smart professionally well-settled in IT issueless, divorcee belonging to a Punjabi Khatri family of repute 39/174, working in UK since 3+ years. From issueless, slim, beautiful, educated girl. Caste no bar. Simple and early
Facebook site raises questions about privacy, securityNaples Daily News - Get news from the Tampa Bay area at Tampa Bay Live ; the latest from the Treasure Coast and the Palm Beaches at TCPalm.com ; and local news from around the country at other Scripps papers and stations. The hottest Web site on college campuses is

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Gift Cards May Not Deliver On Promises  KSAT San Antonio - Dec 21 9:58 AM If you’re on the receiving end of a gift card, beware the fine print.Save to My Web
Microsoft Sells Part Of Stake In MSNBC Network  The Boston Channel - Dec 23 4:36 PM NEW YORK — There’s a little less Microsoft in MSNBC. After nearly a decade of equal ownership, NBC Universal has acquired a controlling stake in the cable news network.Save to My Web
10 blunders in dealing with debt collectors  Bankrate.com via Yahoo! Finance - Dec 20 3:00 AM Dealing with debt collectors rarely is a pleasant activity but making these miscues can only make matters worse, says Bankrate columnist Justin Harelik.Save to My Web
Car Buyers Shifting Vehicle-Shopping Strategies  Youngstown Daily Business Journal - Dec 21 5:30 AM Dec 21, 2005 8:25 a.m. With interest rates on the rise and purchase incentives declining, car buyers are steering their attention more sharply toward the financing arrangements for their vehicle purchases, including more loan shopping and budgeting, a recent survey commissioned by Capital One shows.Save to My Web

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Workout Regimens Take Forward Step into Technology  RedNova - Dec 19 3:00 PM By Hiawatha Bray, The Boston Globe Dec. 19–You don’t have to be a genius to take up bodybuilding — especially if you’ve got a weight-training machine that does all the thinking for you. Apres Health and Fitness Inc.Save to My Web
SPECIAL SECTIONS  WOAI - Dec 12 4:39 PM It’s a new trend. College students join online groups encouraging others to drink. In a sad twist, a UTSA student who was part of those groups was killed in a suspected drunk driving crash.Save to My Web
What to Do Next  Motley Fool via Yahoo! Finance - Dec 08 12:02 PM In the dark about where you stand financially? Here’s a flashlight.Save to My Web
Police blotter: Nude ‘profile’ yields Yahoo suit  CNET - Dec 09 9:43 AM Woman says ex-boyfriend posted nude photos and her phone number in a Yahoo Personals profile. She sued for $3 million.Save to My Web

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Maktoob.com picks up majority stake in top matrimonial websiteAME Info - A top official of Maktoob.com (www.maktoob.com) pointed out that the acquisition was an important development that will allow Maktoob.com to align itself with a proven leader in matrimonial services in the Arab world to offer a diversified range of
Denton Record-Chronicle - If I won the lottery, here s what I d do just for me: Pay off my student loans. If I could change one thing about Denton, it would be: More independent businesses; an indie music retailer would be great. Community activities: board member of the
Elisabeth BumillerNews Busters - From promoting the “socially conservative instincts” of Sen. Hillary Clinton to lamenting the lack of gas rationing in support of the Iraq War, there was no shortage of bizarre bias in the New York Times in 2005. To celebrate the year in slant, Times
Survey: Teens vulnerable to pedophiles on the WebSan Francisco Examiner - Putting themselves at risk to online predators, significant numbers of teenagers nationwide are talking to strangers and revealing personal information, according to a new survey on youth Internet behavior. Presented by the Polly Klaas Foundation, a
Facebook site raises questions about privacy, securityNaples Daily News - Get news from the Tampa Bay area at Tampa Bay Live ; the latest from the Treasure Coast and the Palm Beaches at TCPalm.com ; and local news from around the country at other Scripps papers and stations. The hottest Web site on college campuses is

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Facts, figures about U.S.Deseret News - Percentage of managers at Fortune 1000 companies who say their company hosts an office party, according to surveys by Office Team: 73 Percentage of managers who said they enjoy celebrating the winter holidays with their colleagues: 77 Percentage of
Taking stock: Year’s end good time to review personal financesEvansville Courier-Press - Year-end is also a time to catch up on what’s happened in personal finance. Here’s a rundown of some noteworthy money matters from 2005: - New bankruptcy rules. It’s now harder to declare yourself broke. Under the new law that went into effect this
Toronto StarMediaPost - Google Wednesday released the application programming interface for its personalized home page service, allowing developers to Experian Grabs PriceGrabber.com Dec 15, 6:00 AM Experian, a
Bah, humbugConnellsville Daily Courier - Christmas is the season of giving, but, unfortunately, it’s also the season of taking as incidents of theft, robbery and burglary increase during the shopping season. “A lot of these folks have the desire to commit a crime this time of year,” said
Making the RentSan Francisco Weekly - Earlier this month, the National Low Income Housing Coalition released its annual report, “Out of Reach,” which analyzes state and federal data on rents and wages to measure what a family must earn to afford a simple two-bedroom apartment. Out of 3

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Personal finance in 2005Columbia State - Typically in the last weeks of December, I like to reflect on my personal financial life. I take stock (sorry, just like that pun) of whether I followed all the advice I got during the year from my financial adviser. (I did.) OK, I did 75 percent of
The Record for Dec. 24Steamboat Pilot & Today - 12:19 a.m. A man in the 300 block of Lincoln Avenue reported a suspicious ladder being propped against a building. He also noticed footprints in the snow on the top of the roof. Officers found that someone had used the ladder to put up Christmas
Links from 46 NewsCBS 46 - Occasionally, we mention web sites for products, services or information during our news programs. Many of those links are listed here for your convenience. 12/01/05 - CBS 46 News at 4 & 6pm: Need assistance with Winter gas bills? Check out the
WebMD Adds Broadband VideoMediaPost - WEBMD RECENTLY LAUNCHED A NEW broadband video section that offers visitors new streaming content daily, the company said Wednesday. Pharmaceutical giant AstraZeneca is sponsoring some of the clips with a 60-second pre-roll ad directing visitors to a

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Predators troll for kids on Net  Antelope Valley Press - Dec 18 9:12 AM This story appeared in the Antelope Valley Press on Sunday, December 18, 2005. Where on earth are your kids - when they go online? According to authorities, they could be at any one of hundreds of chat rooms, message boards or blogs where Internet predators lurk.Save to My Web
Making ‘Time For Kids’  Sun Newspapers - Dec 08 4:54 AM Strongsville’s Mahima Venkatesh is only 12, but she’s already making her mark as a journalist.Save to My Web
SPECIAL SECTIONS  WOAI - Dec 12 4:40 PM It’s a new trend. College students join online groups encouraging others to drink. In a sad twist, a UTSA student who was part of those groups was killed in a suspected drunk driving crash.Save to My Web
The Invasion of MySpace  Syracuse.com - Dec 12 6:20 AM Thousands of teenagers all over Central New York are flocking to MySpace.com, an explosively popular Web site used for cyber-socializing. East Syracuse-Minoa High School senior Mary Welch says she’s addicted to MySpace.Save to My Web
Kenosha teacher accused of sex with teen he met on Web  Gazette Extra Sports - Dec 22 8:23 AM KENOSHA, Wis. - A high school teacher was accused Wednesday of sexual offenses with a 15-year-old boy he met via the Internet.Save to My Web

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9 ways to build a killer credit scoreMSN MoneyCentral - It’s much easier to start from scratch than to repair black marks later on. Here’s how to push the right buttons at the credit bureaus. By Liz Pulliam Weston Establishing a good credit history has never been as important as it is today. It s not
Getting a Small-Business Loan Against the OddsABC News - Dec. 21, 2005 As the Miami director for Accion USA, a nonprofit community lender, Luz Gomez meets many entrepreneurs who’ve been turned down for loans from traditional banks. Working at a Christmas Tree Farm The Largest Christmas Store in the U.S
Bank can’t find mortgage holders’ dataNew Kerala - CHICAGO: A computer tape containing data of about 2 million U.S. home mortgage customers of ABN Amro Mortgage Group Inc. has been reported missing. ABN, a unit of LaSalle Bank Corp., said Friday the missing tape did not contain any data related to
Websites Mentioned On-AirWISH-TV - This central site allows you to request a free credit file disclosure, commonly called a
Personal finance in 2005Columbia State - Typically in the last weeks of December, I like to reflect on my personal financial life. I take stock (sorry, just like that pun) of whether I followed all the advice I got during the year from my financial adviser. (I did.) OK, I did 75 percent of

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S&P assigned ‘B-’ long-term rating to National Factoring Company. Analytical Information Agency, Russia - Dec 21, 2005 If NFC is unable to grow and diversify its customer base or if its financial and credit profile markedly deteriorates, the ratings could be lowered or the
Mint and GE Money Announce Partnership to Issue Prepaid Cards in Market Wire (press release) - Dec 22, 2005 Aside from being available to individuals building their credit profile, prepaid cards can be useful in countless situations including parents funding
Fitch Places Pocahontas Parkway Sr Bonds on Watch Negative Business Wire (press release), CA - Dec 22, 2005 sized toll increases, as experienced recently with the six-month deferral of the fiscal 2005 increase, will result in a credit profile inconsistent with
S&P cuts Dominion Resources’ credit rating Reuters - Dec 19, 2005 DN: Quote, Profile, Research), citing deteriorating financial performance and expectations that the company’s credit profile will not improve much before 2007.
Fitch Ratings Affirms Noble Corp. At ‘A-’ Business Wire (press release), CA - Dec 15, 2005 23, 2005. At Sept. 30, 2005, Noble’s credit profile was robust with balance sheet debt of $440 million and latest twelve months (LTM) EBITDA of $534.2 million.

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Dr. 90210 not just artificial sweetener  MSNBC - Nov 30 8:19 AM Show reveals the superficial and graphic nature of plastic surgerySave to My Web
South African plays online cupid for HIV patients  AlertNet - Dec 01 2:27 AM CAPE TOWN, Dec 1 (Reuters) - “Curvy, HIV-positive female, 33, seeks muscular male with good sense of humour for friendship and maybe more.” Www.thepositiveconnection.co.za is an online dating service like any other, with one exception: all its members are infected with HIV.Save to My Web
It’s Time to Start Networking  IT Management - Dec 14 11:34 AM First let me start off with the obvious, considering my target audience. The networking I’m going to write about has nothing to do with Ethernet or 802.11 Wi-Fi standards. The topic of this article is about the type of networking IT professionals fear the most — person-to-person networking.Save to My Web
Austin360.com  Austin 360 - Nov 26 10:10 PM There are two types of people in the world: the ones on MySpace.com and everyone else. If the two groups were warring, the momentum would be with the MySpacers. The Los Angeles-based social-networking site claims more than 37 million members, a number thaSave to My Web
Personal Profile  Digital Television Group - Dec 07 12:40 PM This page is designed to be viewed by a browser which supports Frames. You will need a Frames-capable browser.Save to My Web

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Open lab sessions for new instructors to learn how to view their course rosters in the Student Information System (SIS) are scheduled for Thursday and Friday, Jan. 5 and 6. The sessions will cover how to view rosters, how to download and print rosters, and how to set up other authorized viewers for course rosters. more…

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The new year will usher in a new era for supercomputing at Purdue University and the University of Notre Dame. The institutions are partnering to create a sophisticated, high-performance computer grid–to be operational in January–that is expected to put northwest Indiana on the supercomputing map. more…

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Technology updates during semester break include changes in the ITaP labs, changes in the TIC sites, changes to course email lists, and important dates for grant proposals, contest entries, and events in 2006. more…

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The Rosen Center for Advanced Computing at Purdue University is making a distributed rendering environment (DRE) available to TeraGrid users upon request. A user-friendly external submission interface and production DRE will be available on the TeraGrid soon. more…

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ITaP requests the participation of students, faculty, and staff in a customer satisfaction survey. Participation is strictly voluntary, and information that personally identifies responders will not be requested or electronically captured. more…

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Purdue Operator Services Office will be closed for winter break holidays. more…

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Mike Carr joined Purdue University on Nov. 7 as chief information security officer. In his new role, he will lead the efforts of the Security and Privacy group within Information Technology at Purdue (ITaP) and the University’s newly created Office of Identity and Access Management. more…

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The Game Creators’ Challenge contest hosted by the Digital Learning Collaboratory (DLC) recognized four Purdue students for the games they designed on Saturday, Oct. 29. Kevin Nuest won first place for a game called “Perfecting Purdue”; Nate Logan won second place for “Squirrel Squadron”; Luke Wonnell won third place for “McCutcheon Madness”; and Jeff Blenman won fourth place for “PAL.” more…

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Researchers at Purdue University’s Rosen Center for Advanced Computing have created open-source software that makes it easier to collaborate in virtual reality environments with colleagues at other locations. The Access Grid Juggler software, now available free of charge on the Internet, can be used on platforms ranging from desktop simulators to a sophisticated virtual reality system called a CAVE, or cave automatic virtual environment, in which users are immersed in an interactive 3D environment. more…

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Joseph E. Quansah, a graduate research assistant with the Purdue Terrestrial Observatory, a component of the Rosen Center for Advanced Computing, has been selected as the 2005 winner of the Stevan J. Kristof Outstanding Graduate Student in Remote Sensing Award. more…

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The ZOTOB virus, which quickly spread worldwide this week to infect hundreds of computer systems, including at media giant CNN, was neutralized at Purdue University. more…

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Users of instructional computing labs administered by Information Technology at Purdue (ITaP) are getting ready for the University’s print quota even though it won’t be in effect until after May 2006. When users print a document in the labs, they see individual print account information on a banner cover page that separates output on the printers. more…

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Information Technology at Purdue (ITaP) offers 98 training courses to the Purdue community, and they’re all listed in the newly released ITaP 2005-2006 Course Catalog. more…

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When WebCT Vista doesn’t seem to work properly, users can try optimizing their browser, removing optional search bars, and reinstalling Java. more…

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Indiana University and Purdue University to establish mutual wirelessconnectivity more…

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The ninth annual Teaching and Learning with Technology Conference will be held at Purdue University in West Lafayette on Wednesday and Thursday, March 1-2. This year, the conference on the theme, “Transforming the Learning Experience,” will highlight how advances in technology are encouraging active learning, increasing student engagement, and redefining what it means to be in the classroom. more…

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An outage notification system alerts campus users to disruptions in service for specific applications. Users can sign up to receive outage notices for specific announcement forums, departmental applications, enterprise-wide applications, mainframe CICS applications, or University data networks. more…

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Buying software at the Purdue discount is faster now that shoppers can pre-order online. From home or the office, shoppers can access the Internet to find out what discounts are available to them based on their privileges as Purdue faculty, staff, or students. more…

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The Cdigix music service reduces download time and copyright issues, to the tune of 33,000 songs for a penny. more…

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Nine Purdue student filmmakers received top awards at the Third Annual Digital Cinema Contest premiere held at Wabash Landing 9 Theater in West Lafayette on April 21. more…

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The Rosen Center for Advanced Computing (RCAC) has 14 times the computing capacity now than it did two years ago, thanks to a new supercomputer and the creation of a community cluster model. RCAC’s computing resources formerly totaled 1 TFlop, or one trillion floating point operations per second. more…

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Researchers at Purdue will benefit from 34 million hours of supercomputing time allocations supported by the National Science Foundation (NSF). The foundation recently awarded 34 million hours of computing time to 90 projects. The projects will use resources at Purdue. more…

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A new Remedy system, Remedy Help Desk, was implemented at Purdue at the end of the July. The system aims to support an integrated, end-to-end approach to IT service management. The new suite of tools automates the ability to submit, monitor, and manage help desk cases, change tasks, and asset inventory records. It also indicates business services that are impacted by a given incident or problem. more…

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ITaP is now offering podcasts of class lectures at Purdue. The service, which is called “Boilercast,” can be requested by any faculty member. more…

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