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Undergoing a house hunt for a first time, or even upgrading your present home, leaves you with quite a few things to consider. The eagerness to redecorate a new abode and a lack of basic financial literacy when it comes to mortgages and home buying, however, can cloud your judgment and present problems down the line.

The National Association of Realtors (NAR) released its 2011 Profile of Home Buyers and Sellers, and found that buyers of newly purchased homes expected to live at the residence for 15 years, a considerably longer period compared to previous years, according to the report.

With the growing trend to stay in homes long-term, its becoming increasingly imperative to take appropriate measures to seek out a home that meets your current and future needs.

Top 4 Things to Consider When Buying a House

In addition to typical home-buying concerns, like finding the best mortgage rates and improving your credit score, there are a few considerations that new home buyers erroneously neglect when researching homes. These factors may not always have immediate implications, but can create challenges with home ownership in the future:

1. Traditional Neighborhood Development (TND)

Lets say youve scoped out your first-choice home and find the property, including its surrounding neighborhood, to be exactly what youve wanted. While the home may align with your aesthetics now, communities change over long periods of time. Traditional neighborhood development projects may include positive changes that affect your home value (eg a recreational park, school, etc.), but they can also bring about unwanted changes to your surroundings.

Aesthetic changes like a highway overpass directly behind your property or a new railway system one mile away that can be heard in the late hours may be a necessary feature in the city, but can cause dramatic influence over home values.

To avoid this financial loss, home buyers can turn to the citys urban development department to review upcoming plans for community improvements and existing zoning regulations.

2. Remodeling Restrictions

Inexperienced buyers can overlook potential red-tape on remodeling projects on a home. If your current household does not include any children, but growing your family is a serious possibility within the next five years, for example, you will want to investigate any limitations set upon your property by a community association.

Restrictions can range from minor exterior changes, such as the homes paint color, to larger impediments, like limitations on outbuildings (eg a guest house) or garages. These stipulations can make it difficult to expand your home to accommodate an expanding family unit.

3. Neighborhood Amenities

Exploring neighborhood amenities such as schools, public transportation, recreational parks, and proximity to entertainment are additional things to consider when buying a house.

While some of these may not seem outwardly important at first, they contribute to heightened housing market values in the community and affect whether youre satisfied with your home purchase. According to the NAR, about 50 percent of buyers found that the convenience to work was the second most significant factor when considering home locations. However, variations arose based on the buyer type (eg single women, married couples with and without children, etc.), thus prioritizing specific amenities over others.

Choosing the right kind of amenities for your present and future plans can impact future savings in terms of convenience and commuting costs, especially if the prospective neighborhood is lacking in that facet.

4. Crime Rates

Before moving into a new community, many Americans recognize the importance of low crime rates, as it affects their personal safety. What some do not consider, however, is the impact that cities with high crime rates have on monthly budgets.

Even if your home does not fall victim to a burglary or if you never experience an actual personal property theft, simply living in a high-risk neighborhood can send monthly bills upward, like inflated auto insurance premiums.

The 2011 Profile of Home Buyers and Sellers report did find that affordability of homes was of great importance to 45 percent of surveyors, but balancing that affordability against the crime rates in the area is a necessary measure to ensure that youre not fueling a dangerous investment.

Stay Informed to Find Your Dream Home

Keeping abreast of the intricate details and considerations of buying a home can make or break your home buying experience. Are you fully informed? Do your homework and take the financial literacy quiz to test your knowledge when it comes to making important choices regarding your money. Ultimately, having the patience to carefully weigh these considerations and improve your education surrounding mortgages helps to create peace of mind on this big-ticket purchase.

Jennifer Calonia writes for www.GoBankingRates.com, which provides readers informative personal finance and investing content, as well as the best interest rates on financial services nationwide.

Nationwide Auto Lending offers auto finance for an auto loan for people who have less than perfect credit or possibly chapter 7.

With interest rates holding steady near record lows, homeowners have a lot of incentive to refinance their mortgage.

The national average for a 30-year, conventional, fixed-rate mortgage was 3.98% as of April 5, according to Freddie Mac. But experts warn not to expect rates to stay so low as the economy continues to improve.

“The most important factor is how much incentive a borrower has when they compare current rates with their existing mortgage rate,” says Michael Fratantoni, vice president of single-family research and policy development at the Mortgage Bankers Association. “For most borrowers, if rates drop as much as 0.50%, it can be worthwhile to refinance.”

Depending on a homeowner’s financial goals, they can save thousands of dollars in interest payments or increase their monthly cash flow by refinancing. But the mortgage and refinancing process has become more stringent since the 2008 financial collapse.

“The best thing someone can do is prepare a lot of documentation,” says Joseph Pigg, vice president and senior counsel for mortgage finance at the American Bankers Association. “Expect the process to take a lot longer than it did a few years ago.”

Experts suggest focusing on every area of the application process as you maneuver through your mortgage refinance.

Check your credit score. “Having a FICO score greater than 740 qualifies a borrower for today’s lowest interest rates,” says Keith Gumbinger, vice president of the mortgage blog HSH.com. “You can get a loan with a FICO below 720 but there are add-ons for sliding down the credit scale.”

Read: Getting a Mortgage Modification Post-Bankruptcy

Rod Griffin, director of consumer educationat credit reporting company Experian, suggests getting a copy of your credit report three to six months before the refinancing process. “By addressing the risk factors, you can improve your credit history and, ultimately, your credit score.” Getting a copy before you apply is important because improving your credit score can take three months or longer depending on how serious the issues are. When you work with one credit bureau, generally the others will get that same information, he adds.

Shop the marketplace. Gumbinger recommends talking to at least six lenders about rates, terms, and fees to get a sense for what loans are available for your credit score, loan balance, and house value.

“Start locally, especially in areas with a challenged market, as a local lender might be more knowledgeable and better suited to make your transaction easier,” he says.

Decide whether to pay fees upfront. Closing costs on a mortgage cover points, appraisals costs, and closing fees and are calculated as a percentage of the mortgage balance. In general, fees are 2% of the mortgage balance. “You can pay them out of pocket, incorporate fees into your equity if you have equity by taking a small percentage of cash out, or take a slightly higher interest rate,” says Gumbinger. “Most cash outs are not in excess of 80% today.”

Read: Should You Refinance? When it Makes Sense

Borrowers living in their homes for at least a year may be eligible for a mortgage with a higher interest rate and no points paid upfront, says Frank Donnelly, president of the Mortgage Bankers Association of Metropolitan Washington. “You won’t lower your pricing as much as if you paid more upfront in points but, if you’re in the house for a short period, it may make more economic sense to take a higher interest rate with no closing costs rather than paying points or high closing costs upfront.

Decide either a fixed or floating rate. Borrowers should know their risk tolerance and time horizon for staying in their house, says Donnelly. “If you know that you’re going to move in five years, it might make more sense to get a loan that adjusts in seven or 10 years (7/1 or 10/1) instead of a 30-year fixed rate loan.”

Know what you can afford. “A new 30-year fixed-rate loan can help your monthly cash flow,” says Gumbinger.

Borrowers looking to pay down their mortgage faster should consider a 15-year or 20-year loan that would have a payment similar to the existing loan’s payment.

Read: Will Paying off Mortgage Raise 600 Credit Score?

Lock in your rate. Experts advise borrowers to lock in their rate when they apply for the mortgage. Since most refinances take 60 days from application to close, Gumbinger suggests asking if your loan will take longer to close.

“Select a commitment period and rate lock that covers that time period,” Gumbinger says. If you believe rates will fall, ask about a float-down option that can cost up to 0.25% of your mortgage balance. Know the market trends and weigh the cost and trigger provisions, or how much the rate has to fall for you to benefit from a lower rate, against the likelihood of rates falling, says Gumbinger. “When interest rates increase, if at the end of your commitment period your loan hasn’t closed, ask if your rate lock can be extended, under what conditions, and for how long.”

Be prepared. Lenders generally want to see three to 12 months of a borrower’s paystubs to verify income and employment, one to three years of a borrower’s tax returns and W-2s, and up to 12 months of a borrower’s bank statements to verify assets, says Reed Piano, managing director at the National Association of Mortgage Underwriters.

Self-employed borrowers may be asked for information like business models and projections, for example, showing their business is solid. “More information doesn’t hurt,” he adds. “The underwriter wants all this paperwork so they know who this borrower is.”

Know your home value. Since home prices are highly variable and continue to fall in some markets, lenders want well-supported property valuations. Experts agree that a knowledgeable homeowner can help an appraiser accurately value their home.

“A homeowner should be present when the appraiser is doing the inspection,” says Sara Stephens, president of the Appraisal Institute. “You’re the best piece of information about your home.” She recommends that homeowners prepare a written list of the home’s amenities and dates of any upgrades and repairs, such as new roofs, kitchen upgrades, or when insulation was added to an attic, for example.

Appraisers base your house’s value on the comparable sales of neighboring properties. “Look around at real estate sites like Zillow to get an idea of appraisals and valuations in the area for comparable homes,” says Pigg. “Education yourself about what’s comparable to help set expectations or argue for a better appraisal if you can show that good comparables weren’t used.”

If the appraisal value is below what you expected, experts recommend reading the appraisal to see whether it reflects the actual square footage and amenities in your house. Stephens suggests looking at the online county tax assessments for each comparable to check whether they’re located in your neighborhood and similar to your home. “If you’re totally dissatisfied, make that clear to the lender and ask about the possibility of hiring another appraiser,” says Stephens. Make the case why you think the appraisal isn’t accurate and ask how old the comparable sales are and why they were picked, as well as why any comparables that you provided weren’t used, she adds. “Appraisers are gatherers and users of data. Anything a homeowner would give us is certainly a plus.”

Car finance approved really fast to get bad credit auto loans or perhaps a second hand auto loan.

The Federal Reserve reports that credit cards are used more than 20 billion times a year in the US with the total value of these transactions at about $1.9 trillion.

The average cardholder swipes the credit card 119 times a year with transactions averaging $88. Doing the math that is over $10,000 ($10,500) in credit card purchases.

According to The Fair Isaac Company, 37% of consumers who use credit cards carry more than $10,000 of debt. And those with the worst debt don’t know how much the debt they have. They have a general idea of the amount but they don’t want to know. If they don’t know maybe, it will go away. If you are serious about getting out of debt, you need to know how much debt you actually have.

If you are coupled, you really need to do this together. It will not be successful if only one of you considers the debt a problem.

Make a list of all of your debt. List each credit card and in separate columns list the interest rate and how much you owe on each card. Seeing it written often times is motivation to do something about it. Sort of like seeing yourself in a bathing suit and wanting to start a diet immediately!

Get copies of your credit reports and credit scores. Correct any mistakes and begin the process of improving your credit score.

Contact each of the credit card companies and ask them to lower the interest rate on your cards. If your scores are good and credit history does not show a lot of late payments you may be successful. If you get nowhere with the first person you speak with ask for their supervisor. They have the authority to lower your rate and will do so about 30% of the time especially if they think you will default on the loan.

Begin to pay off the credit card with the highest interest rate aggressively. If you have cards with small balances, pay those off. If you have a card with a very low interest rate consider transferring your balance from your other cards to that one. But, as always, beware of the “buts”. Check what the transfer fees will be.

If you can’t do it on your own consider using Consumer Credit Counseling Service. Link to their website or call 800-388-2227 for more help.

One more thing:  Always pay your bills on time! Those late fees are expensive and they leave bad marks on your credit history and affect your credit score as well.

When you have paid off a card, consider canceling it. I did say consider for that could affect your credit score. Your score has many facets to the formula and one of the criteria looked at is the amount of debt you are carrying compared to your limit. They do not look with favor at someone who has maxed out their credit cards.

Good book: Deal with Your Debt by Liz Pulliam Weston

Nationwide Auto Lending is an expert in bad credit auto loans with excellent rates that are low and have a lot more than Six-hundred auto loan loan providers.

The Get $mart Wausau Coalition will host several events this week aimed at helping consumers learn to manage their money wisely.

Individual sessions are available for youths, teenagers, adults and seniors and cover a range of topics, from a workshop for teens seeking their first jobs to sessions focused on budgeting, credit and investing.

Money Smart Week Wisconsin is coordinated by the Federal Reserve Bank of Chicago, Gov. Scott Walkers Council of Financial Literacy and hundreds of Money Smart partners throughout the state.

The Get $mart Wausau Coalition is pleased to once again participate in Money Smart Week and provide a wide variety of workshops in Wausau, Get Smart Wausau Coalitions Pam Anderson said in a news release. Providing these free events in the community assists people in making smart money choices for their financial situation.

The weeks events include:

All week, sessions on financial wellness will be hosted at the Marathon County University of Wisconsin-Extension, 212 River Drive. Topics include preparing for retirement, saving to buy a cottage and how to budget for health care. The seminars are aimed primarily at people ages 50 and older. For more information, call the Extension at 715-261-1230.

Today

» Financial Workout for Women, 11:30 am to 1 pm, YWCA, 613 Fifth St., Wausau. To register, call Erin at 715-842-3381, ext. 101.

» Taxes 101, 5:30 pm to 6:30 pm, YWCA. To register, call Kimberly Haas at 715-842-1681.

» Financial Wellness Night: Managing Your Money in Tough Times, 5 pm to 8:15 pm, First United Methodist Church, 903 Third St., Wausau: Four sessions will be offered: Budgeting Basics, Feeding Your Family Without Going Broke, How to Buy a Used Car, and Understanding Your Credit Report and Improving Your Credit Score. To register, call Arlene at 715-842-2201.

Wednesday

» Heart-healthy Grocery Shopping Tour on a Budget, Trigs, 110 S. 17th Ave., Wausau. A dietitian will teach participants how to read labels and make healthy choices. To register, call Aspirus at 715-847-2380 or 800-847-4707.

» Controlling Risks with Stock Investments, 6:30 pm to 8 pm, YWCA, aimed primarily at investors older than age 50. To register, call Kathy Peterson, 715-848-8110, ext. 301.

Thursday

» Shred Day, 10 am to 12:30 pm, Abby Bank, 2100 Stewart Ave., Wausau. Help prevent identity theft by shredding up to two small boxes of documents per person. The banks Weston branch at 2405 Schofield Ave. will provide the same service from 1 pm to 3:30 pm

» Low-cost Healthy Meals, 5 pm to 7 pm, The Salvation Army, 202 Callon St., Wausau. The session will teach families to cook low-cost balanced meals and will send participants home with a bag full of ingredients. To register, call Yeng at 715-848-4884. Limited to 20 people.

Car financing accepted immediately to receive bad credit auto loans or a second-hand auto loan.

The Get $mart Wausau Coalition will host several events this week aimed at helping consumers learn to manage their money wisely.

Individual sessions are available for youths, teenagers, adults and seniors and cover a range of topics, from a workshop for teens seeking their first jobs to sessions focused on budgeting, credit and investing.

Money Smart Week Wisconsin is coordinated by the Federal Reserve Bank of Chicago, Gov. Scott Walker’s Council of Financial Literacy and hundreds of Money Smart partners throughout the state.

“The Get $mart Wausau Coalition is pleased to once again participate in Money Smart Week and provide a wide variety of workshops in Wausau,” Get Smart Wausau Coalition’s Pam Anderson said in a press release. “Providing these free events in the community assists people in making smart money choices for their financial situation.”

The week’s events include:

All week, sessions on financial wellness will be hosted at the Marathon County UW Extension, 212 River Drive. Topics include preparing for retirement, saving to buy a cottage and how to budget for health care. The seminars are aimed primarily at people ages 50 and older. For more information, call the Extension at 715-261-1230.

Tuesday

Financial Workout for Women, 11:30 am to 1 pm, YWCA, 613 Fifth St., Wausau. To register, call Erin at 715-842-3381, ext. 101.

Taxes 101, 5:30 pm to 6:30 pm, YWCA. To register, call Kimberly Haas at 715-842-1681.

Financial Wellness Night: Managing Your Money in Tough Times, 5 pm to 8:15 pm, First United Methodist Church, 903 Third St., Wausau: Four sessions will be offered: Budgeting Basics, Feeding Your Family Without Going Broke, How to Buy a Used Car, and Understanding Your Credit Report and Improving Your Credit Score. To register, call Arlene at 715-842-2201.

Wednesday

Heart-healthy Grocery Shopping Tour on a Budget, Trig’s, 110 S. 17th Ave., Wausau. A dietitian will teach participants how to read labels and make healthy choices. To register, call Aspirus at 715-847-2380 or 1-800-847-4707.

Controlling Risks with Stock Investments, 6:30 pm to 8 pm, YWCA, aimed primarily at investors older than age 50. To register, call Kathy Peterson, 715-848-8110, ext. 301.

Thursday

Shred Day, 10 am to 12:30 pm, Abby Bank, 2100 Stewart Ave., Wausau. Help prevent identity theft by shredding up to two small boxes of documents per person. The bank’s Weston branch at 2405 Schofield Ave. will provide the same service from 1 pm to 3:30 pm

Low-cost Healthy Meals, 5 pm to 7 pm, The Salvation Army, 202 Callon St., Wausau. The session will teach families to cook low-cost balanced meals, and will send participants home with a bag full of ingredients. To register, call Yeng at 715-848-4884. Limited to 20 people.

Nationwide Auto Lending can give auto credit for an auto loan if you have unfavorable credit or alternatively chapter 13.

By Kurt Rossi
FOR THE TIMES

A solid credit score is essential as you navigate through your financial life. From obtaining mortgages, auto loans and credit cards to background checks from a prospective employer or landlord, your FICO score can have far-reaching effects on your ability to achieve your goals.

While improving your credit rating is no quick or simple task, the strategies outlined below, along with some discipline and patience, may help add points to your score over the long term.

First, lets examine what comprises a credit score and how it works. A FICO score is a number that most lenders use to assess your credit risk and is derived from each of the credit bureaus: TransUnion, Experian and Equifax.

Scores can range from 300 to 850 depending upon the credit bureau reporting the data. Remember, a higher number is better as it represents to lenders that you are a low credit risk.

The criteria that account for your score are as follows: payment history (35 percent), amounts owed (30 percent), length of credit history (15 percent), new credit requested/inquiries (10 percent), and type of credit used (10 percent). Once you understand the variables that affect your score, you are ready to tackle the task of increasing it.

The first step in the process is to request your credit report and score at least once a year. Although the credit bureaus are required to provide a free credit report each year, they do not have to give your official FICO score and often require that you sign up for a credit monitoring service to do so. As an alternative, you can purchase your scores for a small fee from www.myfico.com.

Once you obtain your credit report, consider checking for accuracy and dispute erroneous information since it can hurt your score. For example, if you have accounts that should be listed as current or paid as agreed that are incorrectly noted as settled or paid charged-off, contact the credit bureau immediately. Bottom line make sure that your score is based on accurate data.

Next, work on establishing a positive credit history from this point forward. The good news is that derogatory items on your credit report from the past, including bankruptcy or short sales, will not be there forever, and your most recent payment history has a larger impact on your score than older data have.

Work on getting current with your bills and building a history of on-time payments because they will increase your score gradually over time.

Since making your payment on time is one of the most important contributing factors to your credit score, consider using payment reminders through institutions that can send a text message or e-mail notifying you of your approaching due date. This can help ensure that you do not miss a payment due to travel or simple forgetfulness.

If you are unfortunate enough to have a late payment on your credit report, consider contacting the lender to see if it can be removed. Remember, everything is negotiable, and if you have been a longtime customer, credit card companies may be willing to remove the late payment from your report as a courtesy.

Also consider requesting that your account be re-aged.

This process may help clean up your credit history since a re-aged account is no longer considered past due. The request must come in writing. It also must list the reasons for your past late payments and establish a new payment schedule.

Another significant factor when determining your credit score is your credit utilization ratio.

Do your best to keep your credit card debt to no more than 30 percent of the available balance a ratio below 10 percent is even better. For example, if your credit limit on a card is $5,000, work toward keeping your outstanding balance below $500.

Eliminating debt completely should be your ultimate goal, and paying down debt over time will improve your utilization ratio and credit scores.
In addition, avoid unnecessary credit inquiries because they will reduce your credit score.

While it may be difficult, resist the temptation to open new credit cards at retailers offering promotional discounts. Each time an inquiry is made, your score may decline by a few points.

Improving your credit score is not something that will occur quickly. In fact, it can take years to see a meaningful improvement.

While a strong credit score is important, paying down debt in an effort to improve your financial foundation should be the first priority.

Kurt J. Rossi, MBA., is a certified financial planner practitioner. He can be reached for questions at (732) 280-7550 or kurt.rossi@Independentwm.com. LPL Financial Member FINRA/SIPC.

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Nationwide Auto Lending concentrates on bad credit auto loans using stellar rates that are low and have greater than 600 auto loan lenders.

Credit is important. Your credit determines your purchasing power to buy items like a house, a car, a student loan. Bad credit can limit your ability to get more credit. Beware of credit repair services…they can be more expensive than legal.

Creditors look at your bill-paying history, whether you pay your bills on time, collections actions against you, your outstanding debt, how many accounts you have and what kind they are, and if you have applied for new credit lately. They use this information to determine if you would be a good risk for repayment, or if you are a deadbeat. Creditors want their money back, and they want to make interest on the loan.

A credit problem is a problem. And it is your problem to fix. Despite what a credit repair service claims it can do, no one can legally remove current, accurate negative information from your credit report.

You may have poor credit. That does not mean you have to use poor judgment. Here are some credit repair scam symptoms:

1. Up-front fees before services are rendered

2. Lack of information regarding your rights and what you can do for yourself for free

3. Recommendation of no direct contact with the three major national credit reporting companies

4. Assurance to get rid of accurate, current negative credit information from your credit record

5. Invent a ‘new’ credit identity using an Employer Identification number instead of your Social Security number.

Leave the criminals to criminal activity. You do not have to risk federal prosecution by lying on a loan application or misrepresenting yourself to the IRS in a “credit repair” scam.

Instead of serving a federal sentence, your time is better spent improving your credit score on your own. The basics are to pay your bills on time, pay down outstanding balances, and stay away from new debt.

For more tips on do-it-yourself credit repair (for free), visit the Federal Trade Commission website at www.ftc.gov.

Be a credit to yourself.

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Dear Ken: I was watching TV the other day and saw that Suze Orman has a new credit card that anyone can get and it will raise your credit score. What do you know about it?

A: According to the Federal Reserve, prepaid cards such as the Suze Orman one are the fastest-growing payment method with more than $65 billion in transactions last year. One advantage of prepaid cards is they dont allow you to get into debt because you cant spend more than the amount you have on the card. This is also true with most debit cards.

Suze has shared a lot of common sense financial wisdom and she has sold a lot of books. However, I am reminded, If it seems too good to be true, it probably is.

First, the card is not a credit card. It is a prepaid credit card, which means you put money on the card; there is no credit involved. Suzes approved card is an alternative for people who dont have traditional checking accounts and access to debit cards.

The basics of the program are:

You make electronic transfers or pay cash to load money onto your card.

You use it like any regular credit card.

You will get an automatic text message after each purchase.

Most prepaid credit cards come with fees and the Suze card is no exception. There is a $3 monthly charge just to have the card, and although there is no cost to reload the card with direct deposits, there is a fee of up to $4.95 to put cash on the card at certain locations. Also you might have ATM withdrawal fees of $2 or more. In addition, you get one free call to a customer service rep per month and after that the calls cost $2 each.

The claim of improving your credit score might be a little premature. Currently, TransUnion credit bureau has agreed to conduct an 18- to 24-month study on the use of her card and will analyze the data assuming enough data can be gathered for meaningful analysis. In other words, she needs to get a bunch of these cards out in peoples hands to gather the data. Only then can TransUnion use the data from her prepaid card to study whether credit/debit purchases can be an indicator of creditworthiness. It should be noted that this is a test project and no guarantee that it will affect credit scores. TransUnion has not agreed to factoring debit cards into the credit scores, only to study it.

It should be noted that it is still your money on the card and no credit is given. You are paying a fee every month to use your money.

Remember this: Suze is a good businessperson. She claims to have invested $1 million in the venture, and I am sure she expects some financial gain on the deal. However, she does promise to video train you on how to keep your costs down by using her cards website. She explains the fees, gives some purchase warnings and explains some of the program details.

Nationwide Auto Lending is an expert in bad credit auto loans by using fantastic reduced rates and has well over Six hundred auto loan loan providers.

Credit is important. Your credit determines your purchasing power to buy items like a house, a car, a student loan. Bad credit can limit your ability to get more credit. Beware of credit repair services…they can be more expensive than legal.

Creditors look at your bill-paying history, whether you pay your bills on time, collections actions against you, your outstanding debt, how many accounts you have and what kind they are, and if you have applied for new credit lately. They use this information to determine if you would be a good risk for repayment, or if you are a deadbeat. Creditors want their money back, and they want to make interest on the loan.

A credit problem is a problem. And it is your problem to fix. Despite what a credit repair service claims it can do, no one can legally remove current, accurate negative information from your credit report.

You may have poor credit. That does not mean you have to use poor judgment. Here are some credit repair scam symptoms:

1. Up-front fees before services are rendered

2. Lack of information regarding your rights and what you can do for yourself for free

3. Recommendation of no direct contact with the three major national credit reporting companies

4. Assurance to get rid of accurate, current negative credit information from your credit record

5. Invent a ‘new’ credit identity using an Employer Identification number instead of your Social Security number.

Leave the criminals to criminal activity. You do not have to risk federal prosecution by lying on a loan application or misrepresenting yourself to the IRS in a “credit repair” scam.

Instead of serving a federal sentence, your time is better spent improving your credit score on your own. The basics are to pay your bills on time, pay down outstanding balances, and stay away from new debt.

For more tips on do-it-yourself credit repair (for free), visit the Federal Trade Commission website at www.ftc.gov.

Be a credit to yourself.

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