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2/20/2010 12:00:00 AM
CITI Group is the first bank of how many that can deny you access to your own money?!?
http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2
"Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change," Citi Group
said on statements received by customers all over the country.
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2/13/2010 12:00:00 AM
GOLDMAN Sachs has threatened to sue a Chinese power company for defaulting on two oil hedging contracts, escalating the long dispute between China and Wall Street banks over derivatives losses.
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2/6/2010 12:00:00 AM
Collection companies are getting more aggressive in 2010. They are becoming less willing to offer settlements and payment arrangements. They are getting more difficult to work with due to the ever slowing economy causing job loss and other hardships. Collection companies have been losing money throughout 2009 by accepting lower settlements, inexpensive payment plans and are now no longer going to continue at that same pace. Collection companies have become much more aggressive in filing law suits, garnishing wages and freezing bank accounts.
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1/30/2010 12:00:00 AM
In an echo of the Great Depression, local currencies with their own special flavors are popping up all over in attempts to give commerce and communities a lift. Read our December 2009 "To Your Credit" to learn more about this.
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1/23/2010 12:00:00 AM
MSN MONEY: Stocks suffered their worst losses since the late fall after President Obama proposed new limits on the size and kinds of risk the largest financial institutions can take.
Investors promptly dumped big financial stocks, and a rising dollar and concerns about China hit metals, energy and stocks of companies with heavy exposure to non-U.S. markets.
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1/16/2010 12:00:00 AM
A recent report from Experian Automotive shows that the average credit score for people who get a car loan increased as lenders try to be more careful and reduce risk.
According to the company, 775 was the average credit score of those people who got a car loan for a new vehicle during the third quarter of 2009, which is an increase from the 762 seen during the same time period last year. Loans for used cars also saw a higher average credit score for the quarter, up from 670 last year to 684.
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1/9/2010 12:00:00 AM
According to Rasmussen reports, 47 percent of respondents to a survey said they were not comfortable using a credit card for online purchases. However, the poll also showed that 49 percent said they were "somewhat comfortable" when it comes to using credit cards for purchases on the internet.
"The comfort level is much higher among those who use the Internet every day or nearly every day," a report based on the survey's findings said.
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1/2/2010 12:00:00 AM
A recent story from North Carolina's Gaston Gazette featured an overview of prepaid cards. According to Kirsten Trusko, the president and executive director of the Network Branded Prepaid Card Association, the recession has led many consumers to use the cards as a tool for budgeting.
"We're now seeing folks who have bank accounts and checking accounts but are now buying these cards to force them to budget and track their spending," Trusko told the paper.
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12/26/2009 12:00:00 AM
As far as a ceiling on defaults, the financial firm Moody said it expects charge offs to continue to increase through the winter months with a high-point of between 12 to 13 percent during the middle of 2010.
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12/19/2009 12:00:00 AM
According to Moody's Investor Services, credit card charge offs increased from 10.04 percent in October to 10.56 percent in November, marking the first increase seen in two months.
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12/12/2009 12:00:00 AM
House Passes Sweeping Bank Reform
House lawmakers have approved the most significant increase in the regulation of U.S. banks and other corporations since the Great Depression. The bill places new restrictions on the nation’s biggest banks, reins in the Federal Reserve and provides more help for troubled homeowners.
Also, lawmakers narrowly defeated a bipartisan effort to destroy a proposed Consumer Financial Protection Agency and replace it with a weaker council. The proposed consumer agency would supervise and regulate mortgage and credit card products including pay-day lenders and other lenders that have so far escaped regulation.
Read the full article at
http://www.marketwatch.com/story/house-begins-to-vote-on-sweeping-bank-reform-2009-12-11?reflink=MW_news_stmp
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12/5/2009 12:00:00 AM
FROM REUTERS.COM
http://www.reuters.com/article/idUSN1649051520091116
Capital One Financial Corp's (COF.N) U.S. credit-card defaults fell in October, but delinquencies rose in a sign that consumers remain under stress.
In a regulatory filing on Monday, Capital One said the annualized net charge-off rate -- debts the company believes it will never collect -- for U.S. credit cards fell to 9.04 percent in October from 9.77 percent in September.
However, accounts at least 30 days delinquent -- an indicator of future loan losses -- increased to 5.72 percent from 5.38 percent.
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11/28/2009 12:00:00 AM
JUDGE ERASES LONG ISLAND COUPLE'S $525,000 DEBT--see link below for full article
http://abclocal.go.com/wabc/story?section=news/local&id=7139219
EAST PATCHOGUE (WABC) -- A couple on Long Island is giving thanks Wednesday for owing no debt on their home. A judge erased their mortgage battle, worth more than half a million dollars, all to send a message to a bank trying to foreclose on them.
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11/21/2009 12:00:00 AM
CHASE DROPS ARBITRATION FROM CARD CONTRACTS---see link below for full article
http://www.msnbc.msn.com/id/34069084/ns/business-us_business/
NEW YORK - JPMorgan Chase & Co. dropped a clause from its credit card contracts that required disputes with customers to be handled through binding arbitration.
The move opened the door for customers to potentially bring class-action and other lawsuits.
A spokesman for the New York-based bank's Chase Card Services Unit confirmed the change Friday, after a law firm that sued over the old policy announced a tentative settlement.
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11/14/2009 12:00:00 AM
THIS IS FROM AN ARTICLE AT BARCELONA NEWS.NET
Dollar keeps falling against the yen
Barcelona News.Net
The Japanese yen touched 84 to the US dollar before the weekend, the US currency's lowest level since the mid-1990's.
Japanese economists have said the high yen is becoming harmful to the country's economy as it is damaging the competitiveness of Japanese exports.
Finance Minister, Hirohisa Fujii, has said the strength of Japan's currency has become one-sided government and must be closely watched if Japan wants to recover from recession.
Much of the relative strength of the yen has been caused by dollar selling rather than yen buying.
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11/7/2009 12:00:00 AM
If you have any revolving un-secured debt, you need to keep the balance at 10% of your credit limit to receive the maximum benefit to your credit score per the FICO 08 Scoring System.
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10/31/2009 12:00:00 AM
Even though the Credit Card Reform Bill has begun taking affect to help curb credit card companies from taking advantage of consumers, the Bill can only protect against what credit card companies were doing currently!
Credit card companies have become much more aggressive and less lenient with consumers. Here is just a couple examples...
1.) Creating new fees and penalties that were not even created at the time of the Credit Card Reform Bill
2.) Demanding a larger minimum payment (Chase is now demanding a payment of 5% of balance vs. its original 2%) On a $5,000 balance- that is a 150% increase in your monthly payment!
This information was provided from CNN Money and you can read the entire article at
http://finance.yahoo.com/banking-budgeting/article/108013/5-evil-things-credit-card-companies-can-still-do?mod=bb-creditcards
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10/24/2009 12:00:00 AM
Bank of America now charging annual fee of $29.99-$99.00 for paying your credit card balance off in full each month!
Citi Bank now charging annual fee of $29.99-$99.00 for NOT keeping a high enough balance on your account from month to month!
What these two companies are doing is a direct contradiction to how FICO ’08 is determining our creditworthiness. According to FICO ’08 we need to either keep our balances under 10% of our credit limit or pay them off completely each month to receive the optimal credit score. However, these two companies will penalize you for doing so! Worse yet, 15% of your credit score is determined by length of credit history so if you have a credit card with one of these companies and decide to just close them out, you will also lose points on your credit score!
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10/17/2009 12:00:00 AM
Legacy advised earlier in the year about how Fair Isaac and Company had filed a lawsuit against all 3 major credit bureaus for implementing their own credit scoring system called Vantage Score. In July of this year, a judge ruled in the favor of the credit bureaus to proceed with their own scoring system.
The following is directly from TransUnion’s website “newsroom”.
VantageScore, which launched in March 2006, is the first scoring model of its kind to leverage a consistent scoring methodology across all three national credit reporting companies, bringing clarity to businesses and consumers through an easily interpreted numeric score, and choice to the marketplace through a highly predictive scoring option.
Following the launch, Fair Isaac Corp. filed suit, claiming the three national credit reporting companies, along with VantageScore Solutions, LLC, were engaging in unfair and anti-competitive practices that would harm FICO's brand. Last summer Fair Isaac Corp. agreed to drop Equifax as a defendant in the suit based on an individual settlement with that company.
"The court's decision dispels a perception that there can be only one scoring model that holds relevance for lenders and consumers," said Jeff Hellinga, president of TransUnion's U.S. Information Services division. "The outcome is a victory for the kind of choice, clarity and consistency that the marketplace demands and deserves."
***THIS COULD CAUSE A VERY INTERESTING CHANGE IN THE NEAR FUTURE ON HOW WE VIEW CREDITWORTHINESS*** TIME WILL TELL.
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10/10/2009 12:00:00 AM
A quote to make you think about what is currently happening to our monetary system and our economic issues here in the U.S.
Thomas Jefferson: "I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies." "The principle of spending money to be paid by prosperity under the name of funding is but swindling futurity on a large scale."
" If the American people ever allow the banks to control the issuance of their currency... the banks and corporations that will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered."
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10/3/2009 12:00:00 AM
What makes up a healthy Credit Score?
1.) Two installment loans with balances
2.) Three revolving accounts with balances less than 30% of credit limit
3.) No collections, late payments or public records
4.) Accounts with long payment history and no balance
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9/26/2009 12:00:00 AM
From MSN Money,
Record numbers of Americans are falling behind on their credit card bills, but for many debt-laden consumers, there's an upside. Increasingly, banks are negotiating with debtors, and, in some cases, they're willing to take substantially less than what is owed.
Banks modifying consumer loans isn't new. In 2008, 2.7 million credit card loans were modified in some manner, according The Nilson Report, an industry journal. It is widely expected that debt holders will alter the terms on even more loans this year.
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9/19/2009 12:00:00 AM
I have personally traveled to Pennsylvania, visited Independence Hall and stood in the very spot Benjamin Franklin told the people outside the Hall after signing the Constitution, " You now have a Republic, it is up to you whether you keep it."
That is a powerful statement and as of today, we have kept it, but are only a few more bills and amendments away from losing it if we continue to stay passive as our own Government and World Leaders move aggressively to a One World System. Here are a few other quotes from Thomas Jefferson regarding our monetary system from 200 years ago.
Read them carefully and think about how they relate to our current credit, debt and finances.
Also, be honest in your answer, how much of our sovereign identity have we already lost?
Thomas Jefferson
3rd president of US (1743 - 1826)
I believe that banking institutions are more dangerous to our liberties than standing armies.
THOMAS JEFFERSON, letter to Robert Skipwith, Aug. 3, 1771
We must not let our rulers load us with perpetual debt.
THOMAS JEFFERSON, Notes on Virginia
When a man assumes a public trust, he should consider himself as public property.
THOMAS JEFFERSON, attributed, The Quotable Founding Fathers
Laws made by common consent must not be trampled on by individuals.
THOMAS JEFFERSON, letter to Colonel Vanmeter, Apr. 27, 1781
That government is best which governs the least, because its people discipline themselves.
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9/12/2009 12:00:00 AM
On September 16, China will put into effect an agreement governing how banks trade domestic derivative products among themselves. But as a condition of dealing with foreign banks, China's five largest commercial banks are seeking to impose tough credit demands that will be difficult to comply with, according to lawyers and knowledgeable people at several foreign banks.
This information was written by Denis McMahon on September 3rd in the Wall Street Journal. Check out the entire article to learn more. The title of the article is "China's Rules Put Foreign Banks in a Bind"
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9/5/2009 12:00:00 AM
World wide there is an estimated $400 trillion in derivatives, $100 trillion in bonds and $40 trillion in paper money.
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8/29/2009 12:00:00 AM
Beginning on September 1st, 2009 many lending institutions are increasing minimum FICO Scores to as high as 660. Improving your creditworthiness is becoming much more important in today's financial world.
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8/22/2009 12:00:00 AM
IS THE FDIC BANKRUPT!?! IS OUR MONEY SAFE!?!
The FDIC Deposit Insurance Fund started 2008 with $53 billion. By March 31st of this year it had dwindled to approximately $13 billion. But there have been 56 bank and savings and loan failures since then. In fact, there were five bank failures on Friday August 14th.
So, how much is left of the Deposit Insurance Fund? A report published by Saxo Bank Research two days before the Colonial failure, week of the 10th, August 2009, suggested that the DIF was down to $648.1 million. The most recent bank, Colonial Bank, is expected to take a $2.8 billion bite out of the fund. And Community Bank of Nevada, which also failed on that Friday, took a $781 million slice from the pie.
If your doing the math, your coming up with a figure that says the FDIC is bankrupt! No worries though, right!?! Because in May of this year the Congress authorized another $100 billion of our tax money to be put back into the FDIC! Why are we not hearing about this on the mainstream media!?!
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8/15/2009 12:00:00 AM
On August 12, American Express and Discover announced they are going to drop penalty fees for charging over your credit limit. American Express and Discover have decided to be pro-active in this as the new law is set to take effect next year and would force them to do this anyway.
You’ve got to give them credit for moving forward early, especially since it was such a money maker.
Added Fact: USA Today reports credit card companies are expected to make $3.7 billion from over credit limit fees this year. That’s up 16 percent from last year.
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8/8/2009 12:00:00 AM
Think millionaires are the only folks facing tax hikes this year and next? That's not the case at all! At least half a dozen states raised income tax rates for their highest earners this year already. In many cases, the increases affect employees earning $150,000 or less annually. For states such as Wyoming, Alaska, South Dakota and other states who do not have State Income Taxes, they will not be affected by this. If you are unsure if your state has been affected, check with your appropriate State Representative.
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8/1/2009 12:00:00 AM
The Credit Card Reform Bill is actually officially labeled "The Credit Card Accountability, Responsibility and Disclosure Act". Part of this bill roles out this month, the majority in February 2010, and the remaining rolls out in August 2010. You can read more about this in detail in our July Edition of "To Your Credit".
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7/25/2009 12:00:00 AM
12 TAX CREDITS YOU SHOULD KNOW ABOUT!
View this link from MSN Money to learn the details of these 12 Tax Credits.
http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/12-tax-breaks-get-em-while-you-can.aspx
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7/18/2009 12:00:00 AM
If you are thinking of buying a home and want to take advantage of the $8,000 tax credit, you will need to be under a contract to buy by the end of November 2009 to help guarantee you will receive the credit.
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7/11/2009 12:00:00 AM
Lots of available credit typically helps your credit scores...
Once they're established, credit accounts typically improve your scores as long as you don't pay late or max them out. The FICO credit-scoring system is very sensitive to the gap between the credit you use and your available limits. The bigger the gap -- on each account and overall -- the better for your scores. Closing accounts or asking for lower limits shrinks that gap and can hurt your scores.
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7/4/2009 12:00:00 AM
Unemployment in May hit 9.4%. This has not happened in 26 years. This is an eye opener for many to begin getting their credit, debt and finances in order.
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6/27/2009 12:00:00 AM
According to the Mortgage Implode Meter, http://ml-implode.com/ there has been 345 lenders nation-wide who have "imploded" since late 2006. They have closed their doors, went bankrupt or re-structured their business.
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6/20/2009 12:00:00 AM
The percentage of people who were delinquent on their credit card payments rose slightly in the second quarter from the same time last year, while average debt per borrower jumped 8.6%, according to credit reporting agency TransUnion LLC.
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6/13/2009 12:00:00 AM
The old commercial stated that when E.F. Hutton talks, people listen, But apparently when the U.S. Treasury Secretary speaks in China, it’s okay to laugh.
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6/6/2009 12:00:00 AM
Franctional Banking and How It's Still Unlawful to This Day!
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5/30/2009 12:00:00 AM
While there are only three major credit bureaus being used at this time, it is important to know that there are actually hundreds of credit bureaus available. These other bureaus are more commonly used for lease agreement credit checks or employment application credit checks because they are less expensive to use then the three major credit bureaus.
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5/23/2009 12:00:00 AM
***The Credit Card Bill has passed***
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5/16/2009 12:00:00 AM
Currently the Senate and the House are each working on their own version of the credit card bill. The bill should be passed in the Senate this next week and on Obama's desk by Memorial Day. A brief description of what will be in the bill is listed below. For further details contact the office of Legacy and speak to one of our credit consultants.
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5/9/2009 12:00:00 AM
Currently a Credit Card Bill is being discussed in Legislation. Obama wants it voted and passed by Memorial Day. This bill will have many provisions to help protect the consumers from surprising high interest rate hikes and devastating credit limit reductions. If bill is passed, Legacy will provide you all detailed information about the bill in its entirety.
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5/2/2009 12:00:00 AM
According to MSNBC News, the Average Credit Card Debt per Household has risen to $10, 679!
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4/25/2009 12:00:00 AM
The most recent data on National Credit Card Debt shows the balance to be $972.7 Billion!
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4/18/2009 12:00:00 AM
According to MSN there are a list of companies who are very close to possibly filing Bankruptcy due to our economic situation. Some of the names are quite common such as United Airlines, Blockbuster, General Motors and Rite Aid.
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4/11/2009 12:00:00 AM
There is much debate about how effective Opt Out Pre Screen really is. Some sources state it has no significant impact on improving your credit while other sources state it has risen a credit score as much as 40 points almost overnight.
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4/4/2009 12:00:00 AM
While Legacy offers a service to assist in reducing interest rates and payments on mortgages for our clients on a consultation basis, it is very important that Legacy notifies you of scams that are happening to thousands of individuals and families around the country. The following was in an article by CNN Money.
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3/28/2009 12:00:00 AM
3/9/2009--Introduced.
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3/21/2009 12:00:00 AM
In the hypercompetitive credit card marketplace, rewards are a way for banks to target big-spending niche audiences such as frequent fliers, for instance. But these programs often come with catches, such as high interest rates and high annual fees, so it's important to do your homework. A rewards card doesn't make financial sense for just anyone.
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3/14/2009 12:00:00 AM
Fico, formerly Fair Isaac, unveiled a new credit score today designed specifically for mortgage lenders and servicers.
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3/7/2009 12:00:00 AM
Consumers lose access to their Experian Credit Score-
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2/28/2009 12:00:00 AM
Most people only know of one (1) credit score that lenders keep on us called your Credit Risk Score. However there are actually 8 other scores that are not spoken about; totaling 9 credit scores lenders keep on us.
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2/21/2009 12:00:00 AM
FOX Business Network has filed a lawsuit against the United States Treasury Department over failure to provide information on the bailout funds or respond to FBN's expedited requests filed under the Freedom of Information Act (FOIA).
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2/14/2009 12:00:00 AM
In 1967, Alan Greenspan once wrote an article called Gold and Economic Freedom. He wrote that:
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2/7/2009 12:00:00 AM
As is evidenced from the book: “The Federal Reserve System; Its Purposes and Functions”; (1st Ed) pages 74 to 78 and 177 and 180, put out by the Board of Governors of the Federal Reserve System, Washington D.C., 1963, the said Federal Reserve Banks and National Banks create money and credit upon their books and exercise the ultimate prerogative of expanding and reducing the supply of money or credit in the United States. See especially page 75 of the Manual. This creation of money or credit upon the Books of the Banks constitutes the creation of fiat money by bookkeeping entry. Ninety per cent or more of the credit never leaves the books of the Banks as the Banks produce no specie as backing. When the Federal Reserve Banks and National Banks acquire United States Bonds and Securities, State Bonds and Securities, State Subdivision Bonds and Securities, mortgages on private Real property and mortgages on private personal property, the said banks create the money and credit upon their books by bookkeeping entry. The first time that the money comes into existence is when they create it on their bank books by bookkeeping entry. The banks create it out of nothing… The Federal Reserve Notes are unlawful and void!
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1/31/2009 12:00:00 AM
When you sign your mortgage at the title company, they give you a form called "Servicing Transfer Disclosure". This discloses the percentage of chance your mortgage will be sold. What they don't FULLY disclose and in my opinion, attempt to hide, is that you have the right to receive compensation for the sale of your mortgage. When you originally sign your mortgage, it is usually sold within 30 days, right?!? You get notified of this, but what you may not know is.... they have to provide you with a ledger explaining how much money they are making on the sale of your mortgage and you have the right to redeem that money within 30 days! If you don't redeem it, or IF IT IS NOT DISCLOSED, so you are not aware of it; after the 30 days pass and you didn't redeem it; it defaults back to your lender! Many people are canceling foreclosures nationwide because of this disclosure violation..... is it happening to you?
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1/24/2009 12:00:00 AM
According to Congressional record the U.S. Government can buy back the FED at any time for $450 million. That's about half the amount of money we pay them daily. Now the question is; why the hell do we keep paying all the interest to the Federal Reserve everyday through our increasing taxes when all we have to do is say NO! The American people continue to be fleeced financially through Un Constitutional Taxes that fill the pockets of the Privately Owned Federal Reserve Bank. It's time you WAKE UP AMERICA!
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1/17/2009 12:00:00 AM
Per MSN Money, a flood of legal claims -- of fraud, discrimination, predatory lending and more -- has followed the sharp downturn in the real-estate market. Some borrowers are even seeking compensation for the hits to their credit ratings. An example given by MSN Money is of this family:
For nearly a year, Lori and Mark Pestana of Boston desperately tried to modify their home loan in hopes of avoiding foreclosure and eventual eviction. The Pestanas maintain that Washington Mutual ignored their mortgage-modification application and numerous attempts to contact bank officials by phone. In the end, the bank filed a foreclosure action.
Now the Pestanas are fighting back in court.
The link for MSN Money reporting this is below. You can read the entire article.
http://articles.moneycentral.msn.com/Investing/StockInvestingTrading/housing-crash-spawns-big-lawsuits.aspx#pageTopAchor
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1/10/2009 12:00:00 AM
"It is well enough that people of the Nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning".--- Henry Ford
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1/3/2009 12:00:00 AM
A Minnesota Trial Court’s decision, (First National Bank of Montgomery, Plaintiff, vs. Jerome Daly, Defendant, IN THE JUSTICE COURT, STATE OF MINNESOTA, COUNTY OF SCOTT, TOWNSHIP OF CREDIT RIVER, JUSTICE MARTIN V. MAHONEY) holding the Federal Reserve Act unconstitutional and VOID; holding the National Banking Act unconstitutional and VOID; declaring a mortgage acquired by the First National Bank of Montgomery, Minnesota in the regular course of its business, along with the foreclosure and the sheriff’s sale to be VOID.
This court decision which is legally sound, and has to date never been appealed or overruled, has the effect of declaring all private mortgages on real and personal property, and all State Bonds held by the Federal Reserve, National and State Banks to be null and VOID!
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12/27/2008 12:00:00 AM
“For Sale” signs now litter American communities. According to the U.S. government, 2.8% of homeowner houses and 10% of rental houses are now unoccupied, or a total of 17,890,000, which includes 4,558,000 seasonal vacation homes. This does not include occupied homes that are for sale. The historical average for vacant homeowner houses from 1995 to 2004 was only 1.7%, so around 1.4 million more houses are vacant today than in 2004.
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12/20/2008 12:00:00 AM
According to FOX NEWS there are currently an estimated 70,000 individuals and families who are in the middle of foreclosure but have not had to move out yet. There have been hundreds of thousands already who have had to relocate due to foreclosure and these numbers are expected to increase in 2009.
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12/13/2008 12:00:00 AM
Americans have about $976.3 billion in revovling credit and 4.9% of all credit cards were delinquent in 3rd quarter 2008, according to the latest data from the Federal Reserve.
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12/6/2008 12:00:00 AM
According to the National Association of Mortgage Bankers, 1 in every 10 homeowners in the U.S. are now behind on their mortgage payments.
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11/29/2008 12:00:00 AM
Many of us hear about the $700 billion dollar bailout plan on the news each day but how many of us actually know its correct name as its identified in Congress. The Troubled Asset Relief Program (TARP) is its correct name. TARP has existed for less then 60 days and it is already causing much concern by The US Government Accountability Office (GAO). All of us should be paying much attention to these issues as it affects our financial freedom in the future.
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11/22/2008 12:00:00 AM
Since late 2006 there now has been 306 National Mortgage Lenders who have either closed their doors or have declared bankruptcy according to http://ml-implode.com
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11/15/2008 12:00:00 AM
The average American household with at least one (1) credit card has nearly $9,200 in credit card debt alone, according to CardWeb.com. The average interest rate ranges in the mid to high teens at any given time.
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11/8/2008 12:00:00 AM
With so much talk in the media about the National Debt and how it is growing everyday, I thought it would be interesting to inform those who don't know; that there has only been one (1) President who has eliminated the National Debt during his Presidency. This President was Andrew Jackson 1829-1837. It is my opinion the debt was eliminated mostly in part because Andrew Jackson limited almost completely the centralized banking system. He served two (2) terms.
NOTE: Due to our server being upgraded and improved, we have not been able to publish our weekly Did You Know's. We apologize for the inconvenience.
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9/6/2008 12:00:00 AM
Have you ever noticed how your credit score is different when you buy it on line vs. when it is pulled from a lending institute who uses FICO. The reason is that independent companies all over the internet realized that if they were to give you your credit score based on FICO, they would have to pay royalties to FICO as well. So many created their own scoring system where they can charge you and all the money goes directly to them.
The problem with this is that 90% of all lending uses the FICO scoring system. So when you purchase your credit score on-line from an independent company not using FICO, you will not be receiving an accurate score compared to the majority of lenders using FICO. This can be a devastating reality for many who think their credit score is much higher then it really is.
*Equifax is the only bureau website you can order your FICO score from directly. The score is marked as Score Power.
*Experian sells the Plus Score on their website. If you have purchased a score from them or any of their affiliate websites, you did not receive your FICO credit score.
*TransUnion sells the TransRisk score under their TrueCredit brand. This score is not commonly used in the lending world. However, TransUnion does sell the legitimate FICO score but you need to go to this website to get it. http://www.transunioncs.com
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8/30/2008 12:00:00 AM
I have said for years and based my company on the emphasis that "we are living in a financially fast-paced world". Legacy has improved the financial situations for hundreds and hundreds of families since we opened our doors almost 2 years ago. Legacy has been built on our dedication to helping the American People survive this financial world. We are a respected and accredited company who has been on local news stations multiple times, radio talk shows multiple times, newspapers (including the front page of a Sunday paper) multiple times and finally being posted in The Wyoming Business Report as the Hot Company.
Legacy speaks the truth and educates on the facts. In my September "To Your Credit" I will ellaborate in more detail, but I ask you to view this movie and pass it on to your family and friends. I have years of experience in banking and even though I knew for years we are living in a financially fast-paced world where nobody is creating financial freedom for their family; I didn't fully understand why. Now I do! Legacy will continue Making Opportunity Reality for families across this country and realizes many will call myself and others "radicals" among other derogatory names. But I ask you all to be honest with yourselves... 200 years ago these same people were called Patriots and Americans who stood for their rights ---- now they are being called Radicals......??? Watch this movie and decide if you are a Radical or an American Patriot who stands for his/her Constitutional Rights. http://video.google.com/googleplayer.swf?docid=-1656880303867390173&hl=en&fs=true
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8/23/2008 12:00:00 AM
The Federal Reserve is actually privately owned. Many Americans believe it is owned by the Government. The Federal Reserve Bank is a consortium of International Private Banks which are not part of the United States Government. It is actually owned by eight (8) primary owners:
1. Rothschild's of London and Berlin
2. Lazard Brothers of Paris
3. Israel Moses Seaf of Italy
4. Kuhn, Loeb & Co. of Germany and New York
5. Warburg & Company of Hamburg, Germany
6. Lehman Brothers of New York
7. Goldman, Sachs of New York
8. Rockfeller Brothers of New York
I challenge any and all Americans to fully and extensively research the origin of the Federal Reserve Bank, how money is originated in the U.S. and finally how it relates to the Constitution of the United States....you may be surprised at what you discover?!?
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8/16/2008 12:00:00 AM
Debt Collection Harrassment is against the law. The National Consumer Law Center is available to help assist with this. You can visit them at http://www.consumerlaw.org or visit us at Legacy Consulting Group, Inc.
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8/9/2008 12:00:00 AM
Fair, Isaac and Co. (FICO) is based out of San Rafael, California. It was founded in 1956 by Bill Fair and Earl Isaac. These two gentlemen pioneered the field of credit scoring for financial companies. They have since expanded their enterprise to cover analysis, decision systems and consulting. Every credit agency and most lenders calculate your credit score using software from FICO or in house software based on the FICO rating system.
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8/2/2008 12:00:00 AM
A recent study by the U.S. Public Interest Research Group found that Four out of every Five credit reports contained errors, and One in Four "contained errors serious enough to result in the denial of credit or denial of an employment application."
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7/26/2008 12:00:00 AM
While Fair Issac and Company (FICO) does not specifically inform us of the details on how they determine our credit score, they do offer a national average.
Payment History 35%
Amounts Owed 30%
Length of Credit History 15%
Type of Credit 10%
New Credit 10%
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7/19/2008 12:00:00 AM
Since late 2006 there has been 271 major U.S. Lenders who have either gone bankrupt, had to restructure or closed their doors for good. You can track and read more about this at http://ml-implode.com/
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7/12/2008 12:00:00 AM
Secret Scores that Lenders Keep
1. Credit Risk Score- Most common score we all know; the FICO score.
2. Response Score- Predicts the likelihood a consumer will respond to an offer of credit.
3. Attrition Risk Score- Refers to the likelihood a user will stop using a credit card.
4. Behavior Score- Provides a snapshot of how a consumer is handling all of his or her credit accounts.
5. Transaction Score- The scores run each time you use your credit cards to determine whether the transaction should be approved or not.
6. Collection Score- Shows if you have failed to pay long enough for it to be turned over to collections.
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7/5/2008 12:00:00 AM
Statute of limitations is typically 7 years before the credit bureau is suppose to drop it from your report. However, there are exceptions such as bankruptcies which can be on your credit report for as long as 10 years and tax liens anywhere from 14 years to indefinitely. The “clock” or “countdown” to this is determined by the date of last activity on your credit report. There are more details to this and specifications so if you are having questions don’t hesitate to call Legacy and speak to a qualified credit consultant.
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6/28/2008 12:00:00 AM
The Consumer Credit Protection Act of 1968, which later became The Truth in Lending Act mandates that consumers must be told the interest rate and total cost of a loan before the contract could be completed. This was the first law ever passed for protection of consumer credit rights in the history of the United States.
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6/21/2008 12:00:00 AM
These are your six basic Rights under the Fair Credit Reporting Act…
1. You, the consumer, have the right to challenge the accuracy of your credit report any time.
2. The credit bureaus must reinvestigate anything you challenge without charge.
3. The credit bureaus must reinvestigate within a reasonable amount of time. 30 days constitutes a “reasonable time” unless the bureau notifies you otherwise (keep accurate records).
4. If the credit bureau finds an error in the challenged item, they must delete or correct that information in your file immediately.
5. If the credit bureaus cannot or do not confirm the challenged item within 30 days, they must delete that information from your files immediately.
6. You have the right to submit a Consumer Statement of your view of the problem. If you, as a credit consumer, dispute the accuracy of certain information in your credit report and it is verified by the creditor as correct, then the credit bureau is required to include your explanation of your dispute, if you request, in your credit report. Limit your explanation to no more than 100 words.
If you agree to make payment arrangements with any creditor, do so only under one condition. The condition is that before you pay any money, the creditor must mail you a written agreement that they will report the account to the Credit Bureaus as current, paid off and never late. Otherwise, it may still remain on your credit file and may not be worth paying at that particular time.
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6/14/2008 12:00:00 AM
Just because the Feds cut rates, it does not mean it will be good news for mortgage rates. The Fed can only control the Discount Rate and the Fed Funds Rate. This is completely different then mortgage rates. A mortgage rate can be in effect for 30 years and a rate set by the Fed can change from day to day.
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6/7/2008 12:00:00 AM
That lenders across the Nation are now freezing people's lines of credit. Lenders are doing this in response to the slowing economy and decreases in home values nationwide.
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5/31/2008 12:00:00 AM
That there are other things that can hurt your credit that most of us may never even think about. Two of these examples are...
*Incurring library fines
*Parking tickets
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5/24/2008 12:00:00 AM
The average American has lost 12% of their disposable income in recent years due to the factor of inflation. Keep in mind that this is also considering increases in minimum wage as well.
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5/17/2008 12:00:00 AM
There are more than 30 million people in the United States with credit blemishes severe enough (score under 620) to make obtaining loans and credit cards with reasonable terms difficult.
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