Archive for the ‘Debt Settlement’ Category
All too often, clients come into our office, review their credit report, and are shocked to see what is listed. Sometimes this is because there are old items that have been forgotten, but another culprit is identity theft.
As the web has evolved, so have criminals and their tactics. With websites that look similar to name brand sites, con artists can pluck information as consumers enter what they believe is a legitimate site. Once someone has stolen your identity and injured your credit score, it can be challenging to repair the damage.
“Everything is done online these days,” says Identity Theft Resource Center Social Media Coordinator Nicki Junker. “Most of the time the victims of cyber-savvy criminals won’t be able to trace where the identity theft — a crime that has seen double-digit increases in the last five years — happened.”
Identity theft often goes unnoticed until it’s too late and the damage has already been done. In 2010, around 8.6 million households had at least one person who was a victim of identity theft, up from 6.4 million households in 2005, according to a recent study by the U.S. Bureau of Justice Statistics. Identity theft cost U.S. households about $13.3 billion in 2010, with the average loss being about $2,200.
Consumers can, however, take precautions to safeguard themselves and their identities while shopping online. Junker offers five ways to protect yourself online:
1. Confirm the site is legit: Before giving any personal information, check the URL to make sure that you’re still on the same site where you plan to make your purchases and that you haven’t been moved over to a fake one. Junker said sometimes consumers are switched over to a “cyber squatter’s” site that looks similar to a retailer’s site. It’s easy to be tricked into giving up credit card and other personal information.
2. Shop securely: When you start to check out and get ready to pay for your purchases, the URL should start with “https,” which means the site is secure. A secure site uses security technology to encrypt the information you send to the site, meaning computer hackers are stopped from collecting the data as it crosses the Web. You can also look for a closed yellow padlock at the bottom of the screen. If you see an open lock, you can assume that the site is not secure.
3. Use credit cards: Federal credit laws limit the amount a con artist can take on a credit card. Debit cards don’t have the same protections. “If they have a debit card, they can clear you out,” Junker explains. “You’re much better protected using a credit card than a debit card.”
4. Google the retailer: Before buying from a website, type in the retailer’s name and the word “scam” or “complaint” into a search engine. It’s a way to check out a retailer to see if the business is legit or not.
5. Explore the site: Can you find where the company’s office is located? Does the site clearly state a refund policy? Does it promise too much? “If it sounds too good to be true, it isn’t,” Junker warns. Take your time and make sure nothing seems out of whack or iffy.
Shopping online is a convenient way to avoid store crowds and traffic. By following these web-savvy tips, your shopping experience can be safe and convenient. If you are living in Milwaukee-Waukesha-Racine area, the attorneys at Miller and Miller can help you to repair and rebuild your credit if you think there are errors. Call us at 414-277-7742 today!
Can same-sex couples filing a
joint bankruptcy? The U.S. Department of Justice announced on
July 6, 2011 that it will no longer oppose joint bankruptcies filed by same-sex
couples legally married in their state. This news comes close on the tails of
the recent court decision in Los Angeles where 20
of 24 judges signed an opinion allowing a same-sex couple to file a joint
petition for bankruptcy. That opinion declared that the federal Defense of Marriage Act (DOMA) was
unconstitutional. The U.S. Trustee in Bankruptcy has agrees that DOMA will not be
raised to protest joint filings by married same-sex couples. One would assume that this rule would only be
applied in states where the marriages are recognized. However, it has been noted that joint filings
are the rule in North Carolina so long as the couple is actually married.
When it comes to creditworthiness, it’s hard to top the consumers of Wisconsin.
Four Wisconsin cities – including Wausau at No. 1 – are among the 10 communities in the nation with the highest average credit scores, a new survey shows.
Wausau residents posted an average credit score of 789 in the survey conducted by the credit-rating agency Experian. Madison was third, at 785; Green Bay sixth, at 780; and La Crosse 10th, at 777.
Milwaukee, with a score of 765, was 33rd of 143 cities included in the survey.
“Wisconsin residents remain among the nation’s most fiscally responsible,” Experian stated Tuesday in announcing the survey results.
Higher credit scores generally give consumers the ability to borrow money at lower interest rates.
Credit scores are based on a consumer’s payment history, debt balances and several other factors. Among those factors are how much of a person’s available credit is used, how long a person has had credit and whether late payments have occurred recently.
Wausau unseated Minneapolis, with the Minnesota city slipping to second in the annual survey with a 787 average credit score.
Rose Oswald Poels, chief executive of the Wisconsin Bankers Association, wasn’t surprised by the survey’s findings.
“The consumers in this state are generally very conservative with their money and smart about credit decisions, and that’s true of the financial institutions that serve those citizens,” Oswald Poels said. “I think it’s just the combination of the types of values and people we have in this state, coupled with the type of financial institutions that we have. We both share similar values in being fiscally conservative, hardworking and smart about credit.”
An executive with Wausau-based Peoples State Bank said he’s noticed before that many of the bank’s customers bring credit scores higher than 700.
“I think people here were raised in a conservative fashion, and they live the way their parents do,” said John Proulx, senior vice president for Peoples State Bank. “I think that probably is a big reason as to why we have the good scores.”
Overall, the survey found that Midwesterners have the highest credit scores while Southerners have more financial struggles.
Experian said that while no one factor determines a consumer’s credit score, the weak economy continues to cause major setbacks, such as foreclosures and unemployment. Those troubles were drivers in the rankings and trends for different regions of the country, the firm said.
Of the cities with top 10 credit scores, only San Francisco had a jobless rate higher than the national rate. Texas had four cities in the bottom 10.
The credit scores in the report were based on the VantageScore scoring system, which has a range from 501 to 990, in designated market areas from January through June of 2011, Experian said. The analysis was based on a statistically relevant sampling of Experian’s consumer credit database, the firm said.
“We have our issues just like any other city does. We have some foreclosures and things like that, but probably not as much as some of the other areas do,” Proulx said. “So some of that doom and gloom has hit Wausau, but it’s maybe not as prevalent in this area.”
Wausau Mayor James Tipple was proud of the ranking for his city, which has a population of 41,800.
“I think the quality of life and the people we attract to the region, and not only the region but the city of Wausau, speaks volumes for the score,” Tipple said.
If you are having problems making your second mortgage payment or home equity line of credit you may want to meet with one of our lawyers to see if we can get rid of that secondary mortgage. When you file a chapter 13 bankruptcy a bankruptcy Judge may get rid of a second mortgage or home equity loan if that mortgage is wholly unsecured. Those secondary mortgages are wholly unsecured if your home is valued at an amount equal to or less than the amount you owe on your first mortgage. As an example. You have a home worth $150,000.00 with a 1st mortgage of $155,000.00 and a 2nd mortgage of $30,000.00. In this case the 2nd mortgage company would get nothing in the event your home sold for $150,000.00 or less. For that reason a Chapter 13 judge would order the 2nd mortgage void since it is entirely or wholly unsecured.
This issue can sometimes be very confusing. For that reason we always suggest you set up a free consultation with one of our lawyers a Miller & Miller. There is never a charge for an initial consultation and we are happy to meet with you to discuss all of your options.
James Miller
jmiller@millermillerlaw.com
414-277-7742
Karen Blumenthal recently published an article in the Wall Street Journal entitled, New Ways Bankers are Spying on You, which discusses how in these difficult economic times, banks are doing much more than simply looking at your credit score when deciding whether or not you are worth lending to.
This brings to mind the client who comes to my office and tells me that even though they are hopelessly in debt, they are worried about filing a bankruptcy because their credit score is still high. I always remind these clients that your credit score is supposed to be one of many barometers of your financial health, not an absolute indication of financial health. Unfortunately, many people are encouraged to misuse credit based upon the erroneous assumption that all is well because their credit score is still above 700, and they slowly fall into financial hardship.
The definition of financial health includes living within a budget, controlling debt, using credit responsibly, working towards short and long-term financial goals, and saving. It is challenging to manage any of these things when you are struggling to make minimum payments on your monthly obligations.
The federal bankruptcy laws provide a solution for those who are overwhelmed with debt. Bankruptcy can restructure or eliminate certain debts while protecting assets like your car, your home, and your 401(k). If you have more debt than you can handle, and feel like you aren’t getting ahead, don’t be fooled by a high credit score. It might be time to consult with one of the experienced attorneys at Miller and Miller, who can advise you of your options on how to get back on the road to financial health.