Coronavirus Scammers Are Here.  Be PREPARED

people are scammed leaving them with bad credit and in need of credit repair.

Scammers stop at NOTHING to steal from others.  The best prevention is to be prepared.  It is in great disgust that a blog like this is needed.

As of today, everyone in the entire world is likely aware of the global disruption, fear and uncertainty the Coronavirus pandemic is causing.  With the Federal, State and Local Governments plans for aid continuously changing, it is causing much confusion over what is fact versus fiction.  With all of the confusion, many consumers are desperate to find updates or help.  Scammers will look to take advantage of this confusion and will continuously find new ways to scam innocent people.

Consumers should be VERY careful to avoid scams.  Scams can make a bad situation much worse.

Watch out for:

  • Unsolicited emails asking you to click on links to apply for government benefits, temporary work or to make donations to charities.
  • Phone calls asking you for your private information in an effort to offer you government benefits or jobs. Keep in mind that scammers can even alter the caller ID.
  • Door knockers claiming they work for the government or are collecting for a charity.
  • Offers to buy special drugs or products stating you can avoid the virus.
  • Offers that make you pay ANYTHING to qualify for any government benefits.

If you need a job now, be sure to submit an application at a verified company website or in person.  If the government approves aid to consumers, they will provide details on how and when the aid will be distributed and you certainly will not have to pay anyone to get it.  If you want to donate to a charity, do your homework first and donate to a real charity of your choice in a secure way.

scammed out of money, in need of credit repairSadly, scammers often prey on the elderly.  Please warn all of your family and friends to be extra vigilant.  Don’t act on anything too fast; take the time to think about or investigate anything that looks out of place.  If anyone or anything tries to get you to rush into an action, take a BIG step back and consider your options. If you feel you’re being scammed, report it to the Federal Trade Commission.

Please follow these tips to keep you and your family away from being scammed.   Follow the safety health tips from the Centers for Disease Control and Prevention and stay safe.

PS  During the time I was typing this blog, I received an email stating that I must pay the sender $4,000 in bitcoin today or they will “iηfect your whole family with the CoronaVirus, reveal all of your secrets. There are countless things I can do.”  Needless to say, I will not be sending this lowlife any bitcoin.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

 

Coronavirus and Your Credit Score…What You Need To Know

Sadly, a side effect of the Coronavirus will be lower credit scores for many consumers.

While the virus itself will not cause any credit pain, for many, the economic side effects of the virus will.  These economic side effects cannot be cured by hand sanitizers, masks or quarantines.

Many consumers are going to face some financial challenges due to this pandemic.  For some, it may be fewer customers resulting in fewer tips, taking unpaid leave to stay at home with the kids, hours cut at work or even being displaced from a job.  Regardless of the why, how and where, it is and will continue to happen to many.  If you are facing a decline in your income, the following tips that can help you prevent, or at least minimize, any damage to your credit score.

  • Eliminate any unnecessary spending so that you can better weather any financial challenges.
  • Do your best to make at least the minimum payments on all of your financial obligations.
  • If you must use your credit cards to get by, try to use them sparingly.
  • If needed, call your loan servicer on any Federal Student Loans to see what payment options may be available to you.  You may qualify for a forbearance, deferment or an income based repayment option.

For those that experience a 30 day or more late payment, you should expect to take a meaningful hit to your credit score.  Late payments remain on your credit reports for 7 years.  If you have increased use of your revolving credit, you should expect your credit score to take a hit.  Fortunately, you should expect your score to improve once you are able to get your revolving credit paid down or off.

Ideally you will not be impacted by this virus.  I hope it is short lived and we can all get on with our lives.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.

 

New credit scores are coming; will they help or hurt you?

change to credit score

The credit scoring giant FICO recently announced that they are planning on releasing their newest score models, FICO10 and 10T Suite, later this year.

The FICO 10 score model will continue to have the same score ranges and use the same 5 major factors in determining a credit score as previous models.  It is reported that consumers with recent late payments, high credit utilization (the amount owed on revolving debts compared to the limits) and possibly personal (unsecured) loans will likely see a negative impact to their credit scores.  Conversely, consumers with no late payments, low credit usage and no personal loans likely will see an increase to their credit scores.

The difference between the FICO 10 and 10T models is that 10T will take into consideration trending data.  Trending data takes into consideration your actual payments vs. the minimum required payments as well as balances.   Up to this point, FICO has never used trending data in their scoring models.  So, is your unsecured debt level trending up or down (don’t factor in student loan, mortgage or auto debt)?  Do you pay off your credit cards each month or do you only pay the minimum or a partial balance payment?  Is your total unsecured debt growing or is it in good shape?  Consumers that pay off their unsecured debts in full each month and refrain from opening new unsecured loans should expect trending data to help their score.  Conversely, consumers with high credit utilization and/or the presence of new unsecured loans should expect trending data to hurt their scores.

If you have a lot of unsecured debt, you would be best served to work out a budget and a plan to work on reducing your unsecured debt level.  Paying this type of debt down, or off, should help you with your FICO 10 and 10T as well as save you money on interest charges.  Keep in mind the word “trend”.  Even if you can only pay your unsecured debt down slowly, you will still be trending lower, which is good.

In summary, pay your bills on time on time and keep your unsecured debts to a minimum and you should do just fine with your credit score.

Consumers need to understand that many scoring models are commercially available to lenders.  Lenders choose which model works best to measure their risk in lending.  It is VERY common for consumers to have different scores with each scoring model.

If your credit needs some help, take action. There are a lot of resources available on steps to improve your credit. You can get free information from the FTC or contact a professional company like CureMyScore.com for help. By taking action to improve your credit, you may qualify for the home of your dreams or a new auto while paying less in interest charges.

Call us at 412-564-5370 with any questions / comments or schedule a free program review.  Like us on Facebook to receive future consumer credit tips.