SafeGuard Credit Counseling Presents: Coping Living on Long Island

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SafeGuard Credit Counseling
PresentsCoping Living on Long Island
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SafeGuard Credit CounselingWho are we?

• 501 (c) (3) non profit credit counseling company.
• We work with people to help them find solutions
  for their financial concerns.
• Our top priority is provide the best possible
  financial education to the public.

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Coping-The High Cost of Living on Long Island, A
Guide to

• Topics to Discuss Today
• Reverse Mortgages
• Credit
• Debt
• Credit Reports/FICO scores/Identity Theft
• Programs to Prevent Telemarketing and Mail
  Solicitations
• Benefits Checkup for Seniors

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What is a reverse mortgage?

• A tool available to people who have equity in
  their home.
• Can be very useful in the right circumstances.
• A way to obtain extra cash flow and remain in
  your home.

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Requirements/Facts

• Must be at least 62 years old.
• Must have paid off original mortgage or only have
  small amount left.
• Closing costs are higher than a conventional
  mortgage.

• Closing costs are taken off initially. All
  accrued is paid when you are closing out the
  mortgage.
• Homeowner selects how the money will be
  withdrawn.
• The amount of money that can be withdrawn is
  based on borrowers age.

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Important points to remember with a reverse
mortgage

• Not ideal for a short term plan
• Good for someone on a fixed income and needs
  relief or is looking for money for a variety of
  reasons
• Application could take up to 8 weeks to process
• Only available for homeowners, not co-ops or
  timeshares
• Homeowner must be at lest 62 years old
• Must have paid off their original mortgage or
  have only a very small amount left to pay

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What you should know about your credit card

• Original APR
• Default rate
• Terms for balance transfers
• Changes by the creditor to your existing terms
• Due dates (they can be changed at anytime)

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Options if youre in debt

• Contact a licensed non profit credit counseling
  agency, such as SafeGuard Credit Counseling.
• Try to negotiate with the creditors on your own.
• Debt Settlement
• Bankruptcy (last resort)

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What is a credit report?

• If you have ever purchased anything or applied
  for credit you have a credit report!
• You should review your credit report once a year
  to check for accuracy. Inaccurate information
  can be disputed. Inaccurate information could be
  harming your FICO score.

• It is a detailed listing of your credit history.
• All of your accounts past and present are listed.
• Your payment status and amount owed on each
  account is also listed.

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How can I get a free copy of my credit report?

• Everyone is entitled to a free credit report from
  each credit bureau once a year.
• www.annualcreditreport.com
• Call 1-877-322-8228
• Annual Credit Report Request Service
• P.O. Box 105281
• Atlanta, GA 30348-5281

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Warning Signs of Identity Theft

• Failing to receive bills or other mail. This
  could mean the theft has submitted a change of
  address.
• Receiving credit cards for which you did not
  apply.
• Denial of credit for no apparent reason.
• Receiving calls from debt collectors or companies
  about merchandise you didnt buy.
• New accounts appear on your credit report.

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What to do if you have been a victim of identity
theft

• Obtain a copy of your credit report and see if
  any damage has been done to your credit.
• Place a fraud alert on all of your credit reports
  by contacting the three credit bureaus, Experian,
  Trans Union and Equifax.
• Close accounts that you know or suspect have been
  tampered with, speak to someone in their fraud
  department.
• Dispute any charges that have been made by the
  thief.
• File a report with your local police or in the
  community where the theft took place.
• File a complaint with the Federal Trade
  Commission.

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What is a FICO score?

• A mathematical formula that is used by lenders to
  determine the risk theyd be taking to loan you
  money.
• Your score is based on the information the credit
  bureaus keep on file about you.

• The score ranges from 300 (the lowest) to 850
  (the highest).
• You have to pay to get your FICO score.

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Whats in your FICO score?

• 35 Payment History
• 30 Amounts Owed
• 15 Length of credit
• history
• 10 New credit
• 10 Types of credit used

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What you can do to improve your FICO score

• Make all of your payments on time.
• Pay down accounts.
• Keep your oldest credit cards active, do not
  close them.
• Dispute inaccurate information on your credit
  report.

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Benefits Checkup

• www.benefitscheckup.org
• A service of the National Council on Aging.
• Enter your information anonymously, your name is
  not needed to explore possible benefits.

• Learn about and sign up for valuable public and
  private programs that can save you money on your
  health care and prescription drugs.
• This includes the Extra Help through the Medicare
  Prescription Drug Coverage, State Pharmacy
  Assistance Programs, Company Patient Assistance
  Programs and other important federal and state
  programs.

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Telemarketing and Solicitations

• National Do Not Call Registry, list your phone
  number here to prevent telemarketers from being
  able to call you.
• donotcall.gov or call 1-888-382-1222
• Stop receiving direct mail marketing.
• the-dma.org/consumers/offmailinglist.html
• Direct Marketing Association
• Mail Preference Service
• PO Box 643
• Carmel, NY 10512

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Remember!

• Check your credit report once year to make sure
  all the information reported is accurate.
• Know the terms of your credit cards and
  understand any fees you can be charged.
• Make payments on time.
• Keep your SS and personal information private to
  avoid identity theft.
• Share information from this seminar with someone
  else.

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SafeGuard Credit Counseling

• Call me anytime at
• 1-800-673-6993 ext 154
• if you have questions.
• Visit our web site for more free info
  safeguardcredit.org

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• Thank You
• for Coming!