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September 30th, 2015 by

Help Heal Your Credit Score

In a March 2015 settlement with the state of New York, the three major credit-reporting agencies — Experian, Equifax, and TransUnion — agreed to make changes that could benefit millions of consumers. Although the settlement is with a single state, the same terms should be implemented nationally over the next 6 to 39 months.

Medical Debt

About 43 million Americans have past-due medical debt on their credit reports, often resulting from difficulties with insurance companies or the strain of paying a large lump sum. Credit-reporting firms now have to wait 180 days before adding medical debt to a credit report. In addition, they must remove medical debt from reports when the debt has been paid by an insurance company. Other delinquencies may remain on a report for up to seven years, even after the debt has been paid.

Mistakes and Disputes

Consumers already have the right to receive one free copy of their credit reports annually from each of the three major agencies. Under the new agreement, consumers who dispute their reports will be able to receive a second free copy from each agency within a one-year period. Even more important, the agencies must have trained personnel examine documentation from both the consumer and the lender and resolve a dispute based on the evidence.

You can order a free credit report at annualcreditreport.com or by calling (877) 322-8228. If you find inaccurate information, you may want to contact the agency in writing, provide copies of any corroborating documents, and ask for an investigation.

Source: The Wall Street Journal, March 9, 2015

Freeman Owen, Jr - Host of "Safe Money Talk" on CBS Radio The Big Talker 1580AM

There is expert guidance available to you. I specialize in retirement planning goals.

Meet me for a FREE long-term retirement strategy consultation that keeps your money working for you.   Contact my office today at 833-313-7233 | MD, VA & DC. 

 

 

September 17th, 2015 by
CNBC Sharon Epperson - Social Security Benefits

Sharon Epperson shares tips for women to take advantage of Social Security Benefits. CLICK THIS IMAGE to view the full video.

 

Women Can Boost Their Income Later in Life

A woman who holds off on collecting Social Security after her full retirement age will receive delayed retirement credits that will boost her benefit as much as 8 percent for every year she waits until age 70. In other words, a woman whose full retirement age is 66 would receive a benefit reduced by as much as 30 percent if she retired at 62, but if she waited until age 70, it could increase by as much as 32 percent.

 

In addition, women who have been divorced after at least 10 years of marriage may have another way to boost their Social Security benefit: by using their ex-spouse’s benefit. The Social Security office can even tell you what the amount is. You don’t even have to go to him. Women divorced after 10 or more years of marriage are eligible for a benefit equal to half of the ex-spouse’s. So, if the benefit of half of the ex-spouse’s amount exceeds what you (as a woman) stands to receive on your own, that option is available to you.

Read the full article for more Social Security Benefit tips for women.
Source:
Kelley Holland – NBC News – Aug 11, 2015
http://www.nbcnews.com/business/retirement/biggest-mistake-women-make-social-security-benefits-n407816

Freeman Owen, Jr - Host of "Safe Money Talk" on CBS Radio The Big Talker 1580AM

There is expert guidance available to you for your retirement planning goals.

Meet me for a FREE retirement strategy consultation at my office at 833-313-7233 | MD, VA & DC.