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MASS. MARKET: Fight resumes over using credit scores for insurance

Remember the debate over whether auto insurers should be allowed to use credit scores when they set their rates? The issue seemed to be resolved for good when the state’s insurance commissioner decided four years ago to expressly ban their use.

Well, the fight over credit scores is back. And this time, it could be up to the voters, and not a state bureaucrat, to decide the outcome.

The Massachusetts Association of Insurance Agents just filed a proposed ballot question that would take that ban on the use of socioeconomic factors – credit scores, education and occupation – and make it state law. The ban as it exists now is a regulation. But that’s not permanent or strong enough to satisfy the agents’ association.

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Palm Beach County keeps top credit rating

Palm Beach County's AAA bond rating has been reaffirmed by all three credit rating agencies, despite a warning last month that the county might lose the coveted top score.

The agencies' new review came as the county prepares to sell $30 million in bonds to pay for two projects, including part of the Max Planck Society's Jupiter home and a new bridge in Lantana, County Administrator Bob Weisman said Monday.

"It sends a good message," Weisman said.

The county was one of 162 local governments in 31 states across the country that were targeted by Moody's investor services last month as public agencies in risk of losing their AAA credit score, the highest level awarded by the rating service. Fourteen housing finance programs and one university also made the list.

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How a Credit Freeze Works

Freezing your credit report prevents lenders and other companies from accessing your credit report without your permission, which can help stop identity thieves from taking out new credit in your name (even if they have your Social Security number and other personal information). Companies you currently do business with are exempt from the freeze, so your bank, credit card company, auto insurer and mortgage lender can continue to check your report. You can use a PIN to thaw your report if you want to grant access to a new lender, insurer or other company. And you should still be able to access your own report without having to lift the freeze.

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Rebuilding score -- if you ask

WASHINGTON -- Some credit experts call it the best-kept secret in home mortgage finance. Others say, so what?

Millions of Americans whose credit scores have declined in recent years because of economic stresses could start rebuilding their scores if their rent, utilities, cellphone, insurance and other monthly accounts were reported to the national credit bureaus.

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Use interview to overcome credit history

Q: The last two interviews I went on required me to give the employer permission to do a background check on my credit history. Is this a fairly new and legal practice? Why is it necessary? What percentage of employers actually runs credit background checks? 

As a person who has been hit hard by the recession — my husband is unemployed, and I was laid off from my job of many years, which forced me to start over in a new profession with a much lower pay scale — I am affected by these credit checks. 

Until two years ago, we had perfect credit, but now our home is in pre-foreclosure and our credit score is very poor. I can understand how someone’s credit history might reflect on their overall character, but I find my present situation highly discriminatory. My personal financial situation should not dictate my ability to do my job and do it well. Can you offer some insight? — J.B. 
ASome good news. If you want to handle money or another sensitive task, then yes, you could miss out after being whacked with a credit background check. 

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Use interview to overcome credit history

Q: The last two interviews I went on required me to give the employer permission to do a background check on my credit history. Is this a fairly new and legal practice? Why is it necessary? What percentage of employers actually runs credit background checks? 

As a person who has been hit hard by the recession — my husband is unemployed, and I was laid off from my job of many years, which forced me to start over in a new profession with a much lower pay scale — I am affected by these credit checks. 

Until two years ago, we had perfect credit, but now our home is in pre-foreclosure and our credit score is very poor. I can understand how someone’s credit history might reflect on their overall character, but I find my present situation highly discriminatory. My personal financial situation should not dictate my ability to do my job and do it well. Can you offer some insight? — J.B. 
ASome good news. If you want to handle money or another sensitive task, then yes, you could miss out after being whacked with a credit background check. 

Read full story

 

Bad Credit Credit Cards

Business Credit Cards

 

Easy Ways to Manage Debt and Avoid Bad Credit

Managing debt need not be too difficult or complicated. If you know the right strategies, you can avoid being stuck in a serious debt problem and protect your personal credit. On this post, we discuss easy debt management tips that you can apply to stay away from bad credit:

Take advantage of online banking. Have you heard of online banking? Most banks today offer online banking service which means you can do almost any type of banking transaction through the internet. For instance, you can check your account at any time from your personal computer simply by logging in to your account. This way, you can monitor your account and be alerted about unauthorized charges.

Paying bills can be done online as well. Not only is this option a great convenience but it also prevents you from being late in submitting your payment. Hence, take advantage of the online banking feature and use it manage your debts and protect your credit.

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Recession Survival Guide for Consumers

The recent economic crisis has brought about significant changes in the lives of many people.  Some had to deal with loss of jobs, repossession, foreclosures, reduced income, bad credit, and other financial problems.  Yet despite the fact that the economic state is beyond our control, there are steps that can be done to minimize its impact.  In this article, let’s discuss how you can better deal with economic hardship.

Prepare for Survival

While things are going great, you need to be prepared for the worst.  Financial specialists advice building up your personal savings until you have enough funds to last for at least 6 months or longer.  This way, you can have some cushion in case you lose your job or your monthly earnings get cut down.

If you are presently employed with a company or managing your own home business, see to it that you set aside a portion of your earnings to your savings account.  Acquire your personal health insurance policy and take advantage of a low rate if your company offers employee insurance.  Make sure that you are setting aside a separate emergency fund easily within reach for unexpected expenses that may come your way.

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Should You Sue Your Debt Collector?

In 2009, it has been reported that the FTC (Federal Trade Commission) received about 119,549 complaints from people suing their creditors and third-party debt collectors for violation of their consumer rights.

But can you really file a lawsuit against a creditor or debt collector?  The answer is yes but you need to be aware about your specific rights and limitations as a borrower.  The Fair Debt Collection Practices Act is supposed to protect consumers against abusive or unfair debt collection attempts.  The following violations are just a few examples:

Harassment and threats. Under the law a creditor or debt collector must not use obscene or profane language  even if the borrower fails to respond to their calls.  Debt collectors must never use threats or make false claims (arrest, garnish wages, etc.) to force a borrower to send payment.

Calling during undue hours. Calling before 8 a.m. or after 9 p.m. is prohibited for creditors and debt collectors, unless the borrower gave consent to do so.  You should also not be contacted in your place of work especially after being told not to.  Calling third parties such as your relatives, neighbors or friends to ask discuss details of your debts or personal finances is also a violation of the FDCPA.

Disguises and lies. A creditor or debt collection agency must not use other entities or organizations to force a borrower to pay.  For instance, if your collector disguises as a representative of a government agency or as an attorney, then it is a clear violation of the law.

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Lenders Are Willing to Negotiate

In response to the recent economic crisis, many creditors had to modify their terms in order to help their customers keep up with their payments and avoid defaults. As consumers strive to make ends meet despite the challenges, many creditors have opened their doors to negotiation. In this article, let’s talk about the reason why lenders are willing to negotiate and how it affects you.

Lenders Negotiate to Save Their Businesses

In October 2008, the American Bankruptcy Institute reported about 100,000 bankruptcy cases- the highest level of bankruptcy listed since the federal bankruptcy reform law became effective in 2005.

Most lenders would prefer a settlement or a negotiation rather than watch a customer file for bankruptcy and be discharged from their debts or payment obligations. As a result, many lenders have come up with modifications programs to help a borrower keep up with repayment.

Are you presently struggling with bad credit problem? If yes, don’t be afraid to speak with your creditor to negotiate your debts. What can be expected from a negotiation? There are many possible options which can ease the burden of repayment.

Read more Lenders Are Willing to Negotiate

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