Credit Questions? Just Ask Nicole

Credit Hour is on Facebook!

2009-09-10T11:56:46-04:00

Credit Hour now has a page on Facebook!

We're looking forward to using Facebook as an additional way to connect with consumers, entrepreneurs, small business owners, and all who have an interest in consumer credit, business credit, and identity theft prevention.

So, please join us! You can find our Facebook page by clicking here.

Sesame Street Helps Families Deal with Tough Economic Times, Tonight on PBS at 8 pm ET

2009-09-09T15:22:00-04:00

Tonight at 8 pm ET, Sesame Street will be airing a one-hour special on PBS called "Families Stand Together: Feeling Secure in Tough Times."

Hosted by Elmo, Al Roker and Deborah Roberts, the show aims to give families experiencing tough economic times tips and strategies to use with children ages 2-8.

For a little background on tonight's show, click here. And to watch a couple of promos of the show, and to get more information about this project, click here.

Be sure to check your local listings!

Free Credit Reports: No Hidden Fees, Absolutely Free

2009-09-08T16:37:00-04:00

This video from the FTC (Federal Trade Commission) serves as a light-hearted reminder that you can get your credit reports from all 3 of the major credit reporting agencies - Equifax, Experian, and Transunion -totally free of charge from annualcreditreport.com (once every 12 months).

This is an obvious spoof of one of Experian's freecreditreport.com television commercials. The lyrics are kinda cute (and true), check it out...

By the way, when was the last time you saw one of those freecreditreport.com commercials on TV? Sure seems like they'e shown a lot! At least in my area, that is. Experian must be shelling out big, big bucks to keep those ads running in such heavy rotation.

AmEx & Discover Getting Rid of Over Limit Fees

2009-08-10T08:53:00-04:00

I just read an interesting article on American Banker called "Law Hits Home as Cards Opt Out of Overlimit Fees." It highlights the move of American Express and Discover to eliminate the practice of assessing over limit fees on their consumer credit cards early.

This may be good news for consumers. Maybe...

This fee ditching move comes in response to the The Credit CARD Act (Credit Card Accountability, Responsibility and Disclosure Act) signed into law by President Obama earlier this year in May.

The law requires that by February, 2010 (among several other requirements), credit card companies must have consumers "opt-in" to over-the-limit transactions if they are going to assess over limit fees.

As credit card companies claim over limit fees don't generate as much profit for them as other fees or areas of their business, complying with the new opt-in requirement to assess over limit fees may be more of a burden than a profit center.

So in response, we see credit card companies like American Express and Discover as the first to just eliminate the fee, and the hassle that comes with being able to charge it, all together.

But in exchange, we also see them raising interest rates and other fees to make up for the loss, and to compensate for the stricter requirements coming down the pipeline as a result of The Credit CARD Act of 2009.

And I bet you 10-to-1, that if credit card companies can't easily charge you an over-the-limit fee, you will not be able to charge over your credit limit as easily as before either (not that it was ever that easy in the first place).

American Express will eliminate the over limit fee on their consumer credit cards beginning October 1, 2009.

Discover hasn't announced a definite date when they will eliminate the fee, but said it will be "soon."

Well soon enough, all credit card companies will be required to have us opt-in to over-the-limit transactions and thus, over limit fees; or, they'll end up eliminating the fee all together just as American Express and Discover has done.

And although it's never a good practice to spend over your credit limit, at least this is one less "fee" consumers will have to worry about being hit with...for now.

Small Biz Loan, Angel Investor, Venture Capital: What's Best for Your Small Business?

2009-07-20T16:11:00-04:00

Most entrepreneurs have to face making important decisions about the financing of their business, whether it's regarding start-up capital or funds needed to grow or expand.

What type of financing is going to best for your small business?

Check out this quick video of Chris Holman, a Small Business Advocate with the Michigan Economic Development Corporation (MEDC), discussing small business loans vs. other types of business financing, especially in lieu of a currently tighter capital market:

Foreclosure Rescue Fraud - Charges Filed in Michigan, Warnings Issued Across Country

2009-07-16T07:56:00-04:00

Michigan Attorney General Mike Cox announced yesterday (7/15/09) that his office was filing charges against four Michigan companies and one individual for committing foreclosure rescue fraud.

The total of 18 charges being filed stems from an undercover operation that was deployed as a result of complaints made by homeowners facing foreclosure, who were charged between $595 and $3,000 for foreclosure advice and prevention services.

Michigan law prohibits foreclosure rescue companies from making false or misleading statements and from charging for services in advance when seeking to negotiate a mortgage loan on behalf of a homeowner.

Some of the false or misleading statements made by those charged include:

guarantees to prevent foreclosure
falsely claiming high success rates
assertions that foreclosure could be avoided regardless of credit score, home appraisal or debt to income ratio

Additionally, one company advised homeowners not to communicate with their mortgage company, an employee of another admitted they had no loan training, and the one individual charged also used the state seal on his business cards but did not work for the state of Michigan.

Those charged include:

Save My Home USA, Madison Heights, MI
Help4Homeowners, Birmingham, MI
Payment Doctors, Livonia, MI
Michigan Economic Reinstatement Program (MERP), Livonia, MI
Mark Alan Foe, owner of MERP

Warnings were issued to 17 other companies citing their practices may be in violation of Michigan state law, and more information was requested about their business. They are:

AFS Loan Modification Corp, Redondo Beach, CA
Apply 2 Save, Inc./Apply2Save, Coeur D'Alene, ID
Elect Group LLC, Deerfield Beach, FL
Equity Recovery Services, Towsen, MD
Federal Home Savers, Comniack, NY
Financial Solution Center, Corona, CA
Fresh Start Home Modification, Woodbury Heights, NJ
Fresh Start Program/Fresh Start Mortgage Assistance, Fresh Start Mortgage Solutions, Mortgage Assistance Solutions, Clearwater, FL
Hope Now Modifications, LLC, Cherry Hill Twp., NJ
IMC Financial, Clearwater, FL
Kirkland Young, LLC, Miami Beach, FL
National Home Loan Assistance Program, San Diego, CA
New Hope Loan Modification, Bellmawr, NJ
Oceanview Investments, Oceanview Investment Services Corp., Fort Lauderdale, FL
Peoples First Financial, San Diego, CA
Pope & Associates Mortgage, Ontario, CA
Savemtg.com, Galthersburg, MD

If you or someone you know has been a victim or client of one of these companies, or the victim of any type of mortgage or foreclosure rescue fraud, contact the office of your Attorney General right away for help and information.

Michigan homeowners should call (877) 765-8388. For other states, click here to find your Attorney General.

CARS.gov (Car Allowance Rebate System), Cash for Clunkers Info

2009-06-25T14:25:00-04:00

For information on the $1 billion government sponsored CARS (Car Allowance Rebate System) program, aka "Cash for Clunkers," that allows consumers to receive a $3,500 - $4,500 trade-in allowance on their old vehicle when purchasing or leasing a new vehicle from participating auto dealers, click here.

Be sure to review the FAQ section and browse around the site for important program information, updates, participating dealers and eligibility requirements.

The CARS program is slated to run from July 1, 2009 through November 1, 2009 or until funds run out, whichever comes first.

So, if you were considering getting a new vehicle, perhaps now may be a good time to cash in on this deal. A lot of dealers are even tacking on additional incentives and promotions, so there's a lot of opportunity to save quite a bit of money on a new vehicle.

Also, you can save even more when it comes to financing your vehicle provided you have good credit.

This CARS program is designed specifically to energize the economy, boost auto sales, and put safer, cleaner and more fuel-efficient vehicles on the road.

You can also call the CARS hotline at (866) CAR-7891 or (800) 424-9153 TTY for more information (M-F: 8 am - 10 pm, Sa-Sun: 10 am - 8 pm).

And remember, buckle up, don't drink and drive, don't text and drive, let's all drive safely. :)