Free Credit Bureau Report

Nonprofit Credit Counseling Agency Publishes Free Tips to Help Consumers Prepare for Pay Cuts

Deerfield Beach, FL (PRWEB) October 11, 2011

Debt Management Credit Counseling Corp. (http://www.dmcconline.org), a non-profit-making charitable organization (“DMCC”), has published free tips to help consumers prepare for a pay cut. Due to the recent state of our economy, many people have been confronted with an unpredictable loss of income as companies are forced to restructure their workforce and payroll. Layoffs, wage rate reductions and the elimination of overtime are all methods companies are continuing to use to balance their budgets. It is essential that consumers who face the possibility of such financial changes plan ahead, so they are prepared to deal with a lower income if it happens. To assist consumers in developing a plan, DMCC has created and published a free educational article titled How to Prepare for a Pay Cut.

Core to DMCC’s recommendations is the need for consumers to create or update their household budget to make sure that a healthy savings plan is in place. Establishing a savings plan that provides the equivalent of at least 3 to 6 months of income is essential to making sure there are enough funds to cover basic monthly expenses during a period of unemployment or reduced income. DMCC also recommends budgeting to payoff any 401(k) loans that are outstanding, which will have to be repaid immediately if employment is terminated, utilizing employee health insurance benefits to take care of any necessary checkups and medical concerns while still covered, and reviewing cell phone and other service agreements for possible cost reductions. “It is wise for consumers to start thinking about the “what if” alternatives and plan for possible unemployment, a reduction in pay, loss of overtime or a potential pay freeze,” stated Jessica Stokes, Education and Research Coordinator for DMCC. “Building sufficient savings through budgeting is the key ingredient in any plan to maintain financial stability following a reduction in income.”

DMCC offers free budget counseling sessions for anyone who is interested in getting their finances organized; even if the chance of a reduction in income or unemployment is minimal. Establishing a budget is the first and most important step when confronted with an income reduction. DMCC’s certified credit counselors will help figure out what can be done to maximize an income and put funds away for savings. DMCC can also help answer questions regarding the repayment of debts on a lower income.

About Debt Management Credit Counseling Corp.

DMCC is a nonprofit 501(c)(3) public charity committed to educating consumers on financial issues and providing personal assistance to consumers overextended with debt. Education is provided free of charge to consumers via seminars, workshops, a proprietary financial literacy program, and a vast array of online and printed materials. Free personal counseling is provided to consumers to identify the best options for the repayment of their debt. Consumers interested in speaking with a DMCC certified credit counselor may call (866) 618-3328 or request help at dmcconline.org. DMCC is a HUD Approved Housing Counseling Agency, is approved by the U.S. Trustee to provide bankruptcy counseling and education, and has an A+ rating with the Better Business Bureau.

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New Consumer Financial Protection Bureau Begins July 21 – Consolidated Credit Counseling Services Offers Consumers Advice About the Agency’s Value

Howard Dvorkin, CPA, founder of Consolidated Credit Counseling Services, Inc.

Fort Lauderdale, FL (PRWEB) July 20, 2011

The Consumer Financial Protection Bureau (CFPB) starts prescribed operations on July 21, 2011, and the credit experts at Consolidated Credit Counseling Services, Inc. are gearing up to hold Americans in the know about this unexampled fiscal watchdog agency.

As a part of the Wall Street reform law that was passed by Congress last year, the CFPB’s primary mission will be to make certain financial institutions, primarily banks and mortgage lenders, provide consumers with the information they need to make proper decisions about credit, mortgages and loans.

“The Consumer Financial Protection Bureau will help prevent consumers from being taken advantage of as well as prevent financial scams by identifying and stopping unfair and deceptive financial practices,” said Howard Dvorkin, CPA and founder of Consolidated Credit, a national credit counseling and financial literacy provider that has helped more than 5 million Americans deal with debt problems.

Consolidated Credit is informing its clients and encouraging all Americans to become familiar with the CFPB and its new laws. “As part of the changes, the CFPB will require lenders to provide consumers with their credit score if they are denied credit; in the past, people had to purchase their credit score on their own,” said Dvorkin. “This vital piece of information will help people make better choices and lead to an understanding of their own credit situation. Once people see their credit score in black and white, they can investigate how to improve it.”.

Overall, the CFPB will be the go-to government agency that will fight for American families and provide them with a voice in the financial market regarding fairness, transparency and clarity. According to the experts at Consolidated Credit, the CFPB will offer greater consumer protections if executed properly.

The CFPB will be offering the following consumer protections as of July 21:

1.    Enforce financial laws – Not only will the CFPB have the power to enforce laws such as the Truth in Lending Act or the Frank-Dodd Act, they will have the authority to penalize financial institutions that fail to follow these laws.

2.    Ensure that financial institutions collect and respond to consumer complaints through a toll-free hotline and online form – For individuals who believe they have been victimized by a credit card company or mortgage lender, a hotline will be free and readily available to address and rectify issues. People can also submit a complaint to http://www.consumerfinance.gov.

3.    Enact new regulations to ensure consumers are treated fairly –Regulations will be enforced by the CFPB to prevent deceptive marketing strategies from being deployed upon Americans.

4.    Promote and provide financial literacy and transparency – For the millions of Americans who don’t understand how credit card regulations work or are unfamiliar with the stipulations that accompany buying a home, people can visit the CFPB’s website for advice and education.

5.    Monitor and audit financial institutions– The CFPB will be able to review financial products, practices and services in the credit card, payday loan, mortgage lending, and credit reporting bureau agencies and enforce regulation.

For more information about the CFPB, visit http://www.consumerfinance.gov/. If you are feeling overwhelmed by credit card debt, reach out to Consolidated Credit for a FREE budget analysis and learn how to become debt free.

About: Consolidated Credit Counseling Services, Inc., founded in 1993, is one of the nation’s largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling. For more information visit http://www.consolidatedcredit.org.

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More Credit Bureau Report Press Releases

NationalCreditReport.com explains consumers’ rights to gratis credit reports yearly

Delray Beach, Florida (PRWEB) May 21, 2010

NationalCreditReport.com

help educate consumers about the Fair Credit Reporting Act (FCRA), enacted by the Federal Trade Commission, indicating that consumers can obtain their personal credit report free once a year from each of the three major credit bureaus (Experian ™, Equifax and TransUnion ™ ™), ensuring the consumer’s right to a report annual credit free, without registration in a credit monitoring service.

“The Fair Credit Reporting Act is an important piece of legislation aimed at protecting the consumer’s right to a free annual credit report,” said Samuel S. Ambrose, Vice President of Marketing and Operations NationalCreditReport. com. “NationalCreditReport.com advises consumers to regularly obtain their personal credit report and monitor for any change. Allowing people to access their own information for free once a year, they are able to get a bird’s eye view of how they are seen in the eyes of potential creditors. “

allowing consumers to obtain their personal credit report, free of charge once a year, credit reports associated with the FCRA does not include credit scores important. In addition, if the consumer wants to check their credit reports more often than once a year, they will need to purchase additional reports.

“Many people access their credit reports to make sure that no inaccuracies or unexpected demands in their credit files,” said Ambrose. “Since not all creditors report to all three credit bureaus, we recommend that consumers obtain their personal credit report from each office at least quarterly, and to participate in a credit monitoring serving so that ‘they can be alerted immediately to changes in their report. ”

For consumers who do not want to participate in a free trial of its credit monitoring service, NationalCreditReport.com was the first in its industry to allow customers to purchase their credit report every time they want at a low price, with no negative impact on the consumer’s credit score. This offer, which NationalCreditReport.com called “No Strings”, began in January.

NationalCreditReport.com
Since 2004, NationalCreditReport.com has specialized in providing credit information and credit monitoring services to consumers to help them improve their personal credit report and prevent identity theft . NationalCreditReport.com encourages consumers to obtain their personal credit report and review on a regular basis.

:
Allison Tomek
NationalCreditReport.com
561-805-8000

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A New Horizon Credit Counseling Reports Consumers Choose To Pay Credit Cards vs. Mortgage

Credit Counseling – 800-556-1548

Fort Lauderdale, FL (PRWEB) August 09, 2011

A study just released by the credit reporting bureau TransUnion shows a shift in consumer credit card paying habits as a result of the recession. The new pattern finds consumers more likely to pay their credit card charges before they pay their mortgage; and this trend has occurred for the last three years in a row. Steven Stark, General Counsel and COO for A New Horizon Credit Counseling Services, stated “This just confirms what we have seen among our clients; they would prefer to default on their over leveraged mortgages in favor of paying off their credit card balance.” Stark added, “This change in the traditionally expected payment priority is clearly related to home devaluation and high unemployment”.

The study found that the new payment pattern has become increasingly popular among consumers, with the percentage of consumers who are delinquent on their mortgages and current on their credit cards rising to as high as 7.4 percent in Q3 2010 (from 4.3 percent in Q1 2008). Conversely, the percentage of consumers who are delinquent on their credit cards and current on their mortgages decreased to its lowest level ever at 3.03 percent in Q4 2010. This rate had been at 4.1 percent in Q1 2008.

Not unexpectedly, the lowest credit-scoring segment continues to be the highest number of consumers delinquent on their mortgages. The rate for consumers in this segment who were delinquent on their mortgages but current on their credit cards during Q4 2007 was just over 19 percent, but rose to 30.4 percent in Q4 2010.

However Stark cautions, “we have also noticed that while consumers have struggled to remain current on their credit cards, these balances continue to grow steadily larger for a significant majority of the same population that has been hardest hit by unemployment and failed businesses during the recession. Anyone finding themselves in this pattern should consult with a reputable credit counseling agency to review what options are available to them”.

A New Horizon Credit Counseling Services is a nonprofit debt management organization that has been helping consumers with debt consolidation since 1978. For more information about their programs, contact 1-800-556-1548. They can also be found on the web at http://www.anewhorizon.org, or reached via email at slieberman(at)anewhorizon(dot)org

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