VOL. 2 NO.3 FREE PUBLICATION

THE CONSUMER ADVOCATEThe official publication of the NACC, AAICC & HAICC Chambers of Commerce. Visit www.mynacc.org

Start a CreditRepair Business

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The Plan toHelpHomeowners

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Learn to make money with a success-ful credit repair business or assistyour clients with credit repair

issues (non attorneys must have a NYCConsumer Affairs license to start a creditrepair business). If you are helping exist-ing clients or starting a business, youneed this training.

What is the NACC’s ParalegalProgram Credit Repair Academy? We offer our credit repair training week-days or Saturdays, designed to fit your

busy schedule and budget. Our studentsare mortgage professionals, real estatesalespersons and brokers, auto financeprofessionals, entrepreneurs and creditrepair professionals who are interested infurthering their education. Credit repair training and certification

topics include: basic through advancedlegal credit repair, rapid score boosting,removing difficult items, ID theft ($220—5 weeks, 2 hours per session), bank-ruptcy (free to credit repair graduates —5 week program), foreclosure ($220 —5weeks, 2 hours per session), marketingusing social media ($15) and small busi-ness boot camp business development(free). Whether you're helping clients,starting a business or a seasoned creditrepair professional, this training is invalu-able. We here for you. We are available forongoing support while you are workingwith your clients. (Contract required).For more information on this program,call 718-722-9217, Ext 207.l

Congress is considering a plan thatwould help millions of responsi-ble homeowners save hundreds of

dollars each month by refinancing theirmortgages.

Why refinance?Today, home interest rates are at historiclows—on average, below 4 percent. Theaverage homeowner could save $3,000 ayear by refinancing at today’s low rates,but far too many borrowers are locked outof a chance to do so. Complicated appli-cation processes and eligibility require-ments, costly appraisals, and the fact thatmany homeowners owe more on theirmortgage than the value of their home,make refinancing all but impossible formillions of Americans.

How would the proposed plan helphomeowners?The plan to expand access to refinancing

Visit www.quick-creditrepair.com

BY BRIAN FIGEROUX, ESQ.

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Taking the Fear Out of Credit Repair

Millions of Americans face finan-cial hardship each and everyday. It may be caused by peri-

ods of unemployment, house foreclosures,medical expenses, credit card debt or aplethora of other reasons. What gets lost inthis struggle, is the importance of main-taining or correcting your credit report andscore. Having bad credit can adversely affect

you in a number of ways. It may preventyou from obtaining a loan or getting a newcredit card. It may hinder you in openinga checking account or renting a home.Additionally, it may hurt you from gettinga job offer. Furthermore, a bad credit

1. Order fresh new copies of your cred-it reports from all 3 bureaus: Equifax,Experian and TransUnion. We willhelp you with this.Credit reports are constantly changing.Therefore, it is important to order up-to-date copies. This will give you the abilityto see your score through this process asit grows. A good rule of thumb to knowis: If someone else runs your score orreports, this will hurt your score.However, if you order your own creditreports (which we will help you with)your score will not be affected. You alsomay want to pay for credit monitoring.This will give you the ability to see yourreports and score day-to-day and trackchanges as they happen.

2.Correct all inaccuracies on yourCredit Reports. Go through your credit reports very care-fully. Especially look for: late payments,charge-offs, collections or other negativeitems that aren't yours; accounts listed as"settled," "paid derogatory," "paidcharge-off" or anything other than "cur-rent" or "paid as agreed" if you paid ontime and in full; accounts that are still list-ed as unpaid that were included in a bank-ruptcy; negative items older than sevenyears (10 in the case of bankruptcy) thatshould have automatically fallen off yourreport (you must be careful with this last

7 Steps toIncrease YourCredit ScoreFast

HAICCPresident, DamarysButler

fights forHispanicsagainst creditscams

NACC Founder/Chairman/CEO,Brian Figeroux Esq. provides freelegal consultations on issues ofbankruptcy and foreclosure

prevention

Legally Increase Your Credit Score and Save Thousands of Dollars

Call 718-834-0190 for a FREE Credit Repair Consultation!

Credit repair is 100% legal and it works because of the law. The Fair Credit Reporting Act gives youthe right to dispute any item on your credit reports; 79% of all credit reports contain errors. Thismeans that most credit reports can be improved instantly. With good credit, your mortgage, auto orloan payments can be cut in half! Let us help you keep your finances organized so you will neverwind up with bad credit again.

Avoid Credit Repair Scams... see page 3

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The lawyer you hire does make a difference!Has your spouse disappeared?

We can find your spouse!

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NEW YORK IS NOW A NO-FAULT DIVORCE STATE

The Plan to HelpHomeownerscontinued from page 1

is simple: it makes it easier for millions ofresponsible homeowners to refinance,even if they are underwater. The proposalwould establish a quick and hassle-freeprocess for homeowners who are currenton their mortgage payments and want torefinance—no more tax forms, and nomore appraisals—just a lower interestrate, and lower payments each month.

What about underwater homeowners?When the housing bubble burst, homevalues dropped, and millions of home-owners who did the right and responsiblething—shopped for a home, secured amortgage, and made their payments ontime each month—were left with housesworth less than they paid for them andmortgages worth more than their homes.Today, many of these homeowners arelocked out of refinancing because theyare underwater or because their credittook a hit.The proposal now being considered in

Congress will help millions of these fam-ilies. Whether your home has fallen invalue or your credit was harmed, as longas you've been paying your bills on timein recent months and your loan is backedby Fannie Mae or Freddie Mac, you willfinally be able to refinance.

How does refinancing help the econo-my?Millions of homeowners who refinancecould see hundreds of dollars in savingseach month, but that money does morethan just help individual families. Thosehomeowners will have more money topay bills, more money to spend in shopsand restaurants in their communities, ormore money to save for college or newcar. In turn, this spending—made possi-ble by refinancing—will benefit ourentire economy, and help spur the growthwe need.

Where's my "refi"?President Obama’s refinancing proposalrequires Congress to act, and until theydo, millions of families will be preventedfrom refinancing and saving hundreds ofdollars each month.Speak out if you support helping home-

owners.You can use the hashtag #MyRefi to addyour voice on mortgage refinancepolicy.l

Engagement season is officially here,with couples around the countrysaying "yes" to proposals and start-

ing to plan their weddings. In fact, 39 per-cent of marriage proposals happen betweenThanksgiving and Valentine's Day, accord-ing to WeddingChannel.com. While imme-diate discussions with your partner mightbe focused on the ceremony venue or hon-eymoon location, there's another importantconsideration before saying "I do" havingthe "finance talk."Joining your lives through marriage also

means joining your lives financially.Having a solid understanding about money,which includes insurance, will help ensurea marriage remains strong long after thehoneymoon is over.However, the reality is that many couples

are skipping important conversations.While 71 percent of newly married couplesacknowledge the importance of sharingbeneficiary designations before marrying,almost half never got around to addressingtheir life insurance needs prior to the wed-ding, according to a survey by the NationalAssociation of Insurance Commissioners(NAIC). And it's not just young coupleswho are skipping the conversation — new-lywed couples age 55 and older, are morelikely to have discussed their householdentertainment budget than their life insur-ance coverage.Talking about combining finances and

future insurance needs can be difficult, butit doesn't have to be. Avoid misunderstand-ings and help ensure your marriage remains

strong by having a talk about these mattersas soon as possible.Well before the big day, couples should

schedule a pre-wedding discussion todirectly address auto, home, health and lifeinsurance needs. Here are some questionsto get the conversation started:

Home * Do we plan on renovating our currenthome? * If we both own homes, should we rent orsell the other home once we move intogether?

Keep in mind, that a renovation investmentof $5,000 or more could change yourhome's replacement value and insuranceneeds. Additionally, switching a propertyfrom being a homestead to a rental willrequire you to carry different insurance.

Health * Which health plan should we keep? * Should we each be on the same plan, ormaintain individual plans? * What is the best approach for insuringour children, or stepchildren?Having health insurance isn't only impor-tant for each person in a marriage, but start-

ing in 2014, it is subject to considerablechanges in law. When analyzing plans,remember, the lowest premium isn't theonly consideration. Review all plan ele-ments, including deductibles and co-pays.Most couples have the opportunity to com-bine plans, but only after they are legallymarried and not before.

Auto* How's your driving history? * Do you have any accidents or violations?

Getting married may have a positiveeffect when you combine your autoinsurance plan, but a lower rate isdependent on both you and your spouse'sdriving records. If you married a speeddemon, it might not make sense to com-bine policies even after you say "I do."Have the talk and do your research.

Life * Do you currently have life insurance? * How much life insurance is enough?

Now that "I" means "we," couplesshould ask these questions now to avoidproblems in the future.l(BPT)

Engaged? Financial Questions toAsk Before You Say “I Do”

Research shows disconnectbetween what couples sayand do when it comes tofinancial conversationsbefore marriage

VISIT OUR WEBSITE WWW.MYNACC.ORG FOR BUSINESS NEWS & EVENTS

CREDIT REPAIR 3

score will likely result in a higher interestrate, a decrease in your credit limit, andincrease your car insurance. With credit reports playing such a major

role in our lives, most people think they areinfallible. Most people believe that a docu-ment of such importance must be accurate.However, to the shock and surprise ofmany, an astonishing 79% of all creditreports contain errors. Therefore, the vastmajority of credit reports contain errors. It all starts with ordering a credit report

from each of the three credit reportingbureaus of Equifax, Experian andTransUnion. Let us first distinguishbetween credit reports and credit scores. Acredit report is a statement made by thecredit reporting agency about a consumerwhich details their credit worthiness, creditstanding, credit capacity, character, employ-ment, and other factors. While a creditscore is a number that represents a currentevaluation of your credit history derivedfrom your credit report, this score tells cred-itor whether you are likely to repay youraccounts. Very likely, you have multiplecredit scores as companies use their ownevaluation models. A higher score willresult in better rates of credit for you. Once you have your reports, you will be

able to review it for any errors. At thispoint, it is critical to examine the reports foraccounts that do not belong to you. Everyyear there is a multitude of people who arethe victims of identity theft. These identitythieves generally begin by taking out smallamounts of credit and if they are never dis-covered, they can remain unpaid and causeadverse effects on your credit report.

Once you are able to determine whetherthere are errors on your credit report thenext step is to send dispute letters to thecredit bureaus detailing these errors. Thebureau may respond back to you by sendinga new report that still contains the disputeditem and stating that it is verified.However, you are still able to send a follow-up letter requesting proof of verification asthe bureau is required to provide such veri-fication.If there were errors and mistakes on your

credit report that were fixed, then you arelikely to see an increase in your credit score.Remember, maintaining good credit is anongoing process and it is important that inthe future you avoid the common pitfallsthat lead people into bad credit.

Credit Repair ScamsYou see the ads in newspapers, on TV, andon the Internet. You hear them on theradio.You get flyers in the mail. You mayeven get calls from telemarketers offeringcredit repair services. They all make thesame claims: Credit problems? No prob-lem! We can erase your bad credit — 100%guaranteed. Create a new credit identity —legally.We can remove bankruptcies, judg-

ments, liens, and bad loans from your cred-it file forever!Do yourself a favor and save some money,too. Don’t believe these statements. They’rejust not true. Only time, a conscientiouseffort, and a plan for repaying your debtwill improve your credit report.

Protecting YourselfHere are some tips to keep in mind beforeyou respond to ads that promise easy credit,regardless of your credit history:nMost legitimate lenders will not “guaran-tee” that you will get a loan or a credit cardbefore you apply, especially if you have badcredit or a bankruptcy.

nIt is an accepted and common practice forreputable lenders to require payment for acredit report or appraisal. You also mayhave to pay a processing or application fee.

nNever give your credit card account num-ber, bank account information, or SocialSecurity number out over the telephoneunless you are familiar with the companyand know why the information is neces-sary.l

Taking the Fear Out...continued from page 1

Avoid CreditRepair Scams

You've probably seen ads from com-panies promising a “new creditidentity” — that is, a fresh start for

your credit history. It may seem like justthe thing you need to get your credit backon track, but it’s actually a scam. Thesecompanies often sell Social Security num-bers illegally. If you use a number otherthan your own to apply for credit, not onlywon’t you get credit, but you also couldface fines or prison.If your credit is less than golden, there

are steps you can take to repair it on yourown, at no cost. Only time and a personaldebt repayment plan will improve yourcredit.

Signs of a Credit Repair ScamYou’ll know you’re encountering creditrepair fraud if a company:•insists you pay them before they do anywork on your behalf•tells you not to contact the credit report-ing companies directly•tells you to dispute information in yourcredit report — even if you know it's accu-rate•tells you to give false information on yourapplications for credit or a loan•doesn’t explain your legal rights whenthey tell you what they can do for you

Report Credit Repair FraudContact your local consumer affairs officeor your state Attorney General. You canalso file a complaint with the FederalTrade Commission.l

ABOUT US 3

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FINANCIAL MATTERS 4

FREE BANKRUPTCY CONSULTATION

Documents Required:*List of debts*Your most recent tax returns*Correspondence from creditors*Lawsuit documents*Social Security and ID*List of assets

Save Your:*Home *Health*Business *Peace of Mind/Health*Car *Marriage/Relationship

Filing a Chapter 7, 11 or 13 bankruptcy may be your only choice!!!!

Get the legal help you need NOW! Call 718-834-0190!

The Law Offices of Figeroux & Associates, 26 Court Street, Suite 701, Brooklyn, NY. Visit www.figeroux.com

7 Steps...continued from page 1

one, because sometimes scores actuallygo down when bad items fall off yourreport. It's a quirk in the FICO credit-scoring software, and the potential effectof eliminating old negative items is diffi-cult to predict in advance). Also, makesure you don't have duplicate collectionnotices listed. For example, if you havean account that has gone to collections,the original creditor may list the debt, aswell as the collection agency. Any dupli-cates must be removed! Make sure thatyour proper credit lines are posted onyour credit reports. Often, in an effort tomake you less desirable to their competi-tors, some creditors will not post yourproper credit line. Showing less availablecredit can negatively impact your creditscore. If you see this happening on yourcredit report, you have a right to complainand should bring this to their attention. Ifyou have bankruptcies that should beshowing a zero balance…make sure theyshow a zero balance! Very often the cred-itor will not report a "bankruptcy charge-off" as a zero balance until it's been dis-puted.

3. If you have any negative marks onyour credit report, negotiate with thecreditor/lender to remove it. *As yourcredit specialist, we will assist you withthis step.If you are a long time customer and it'ssomething simple like a one-time latepayment, a creditor will often wipe it

away to keep you as a loyal customer.Sometimes they will do this if you calland ask. However, if you have a seriousnegative mark (such as a long overduebill that has gone to collections), alwaysnegotiate a payment in exchange forremoval of the negative item. Alwaysmake sure you have this agreement withthem in writing. Do not pay off a bill thathas gone to collections unless the creditoragrees in writing that they will removethe derogatory item from your creditreport. This is important; when speakingwith the creditor or collection agencyabout a debt that has gone to collections,do not admit that the debt is yours.Admission of debt can restart the statuteof limitations, and may enable the credi-tor to sue you. You are also less likely tobe able to negotiate a letter of deletion ifyou admit that this debt is yours. Simplysay, "I'm calling about account number________" instead of "I'm calling aboutmy past due debt." Again, as your creditspecialist, we will help you with this step.

4. Pay all credit cards and any revolv-ing credit down to below 30% of theavailable credit line.This step alone can make a huge impacton your score. The credit scoring system

wants to make sure you aren't overex-tended, but at the same time, they want tosee that you do indeed use your credit.Thirty percents of the available credit lineseems to be the magic "balance vs creditline" ratio to have. For example; if youhave a credit card with a $10,000 creditline, make sure that you never use morethan $3000 (even if you pay your accountoff in full each month). If your balancesare higher than 30% of the available cred-it line, pay them down. Here is anotherthing you can try; ask your long timecreditors if they will raise your credit linewithout checking your FICO score oryour credit report. Tell them that you'reshopping for a house and you can't affordto have any hits on your credit report.Many will not, but some will.

5. Do not close your old credit cardaccounts. Old established accounts show your his-tory, and tell about your stability and pay-ing habits. If you have old credit cardaccounts that you want to stop using, justcut up the cards or keep them in a drawer,but keep the accounts open.

6. Avoid applying for new credit. Do not apply for any new credit! Each

time you apply for new credit, your cred-it report gets checked. New credit cardswill not help your credit score and a cred-it account less than one year old may hurtyour credit score. Use your cards andcredit as little as possible until the nextcredit scoring.

7. Have at least three revolving creditlines and one active (or paid) install-ment loan listed on your Credit Report.The scoring system wants to see that youmaintain a variety of credit accounts. Italso wants to see that you have threerevolving credit lines. If you do not havethree active credit cards, you might wantto open some (but keep in mind that ifyou do, you will need to wait some timebefore rescoring). If you have poor creditand are not approved for a typical creditcard, you might want to set up a "securedcredit card" account. This means that youwill have to make a deposit that is equalor more than your limit, which guaranteesthe bank that you will repay the loan. It'san excellent way to establish credit.Examples of an installment loan would bea car loan, or it could be for furniture or amajor appliance. In addition to the above,having a mortgage listed will bring yourscore even higher.

Throughout this process, alwaysremember: It takes up to 30 days for anyof these items to get reported and oftenlonger to reflect on your credit historyreports. It may feel like a slow process,but hang in there, because it DOESwork.l

Creditors’ Harrassments!Lawsuits! Foreclosures!