Recently we have spent a lot of time discussing identity theft and ways that you can protect yourself from this growing crime.  If you have not done so already, we would love to invite you to check out our June blog archives for HOPE’s 10 part series entitled Protecting Yourself from Identity Theft.  Remember, ID theft education is the single most effective way to prevent yourself from being victimized.

Since we have been spending so much time on the subject of ID theft lately, we wanted to share a recent, real life success story with you about a HOPE member overcoming the detrimental effects of ID fraud.  In the interest of privacy we will call this HOPE member Jane Doe.  Jane Doe had one of the worst cases of ID fraud you can imagine. While out of the country for a few years a trusted friend stole the identity of Jane Doe and her husband. (Remember, over 43% of ID theft victims know the person who stole their identity!  http://hope4usa.com/idtheft9/) This so-called “friend” used Jane Doe’s personal information to rack up over 40 fraudulent accounts in Jane’s name. The total debt was just under $120,000 which, of course, he never paid. Ouch! Talk about a nightmare.

When Jane Doe and her husband returned to the country and attempted to apply for a home loan they were in for quite a shock.  In fact, Jane’s once pristine credit scores had dropped to the low 500 range. Of course they were not able to be approved for a mortgage or any other type of financing as a result of the ID theft. Not knowing what else to do, Jane Doe and her husband began trying to fix the credit problems caused by the ID theft themselves. They filed police reports, talked to creditors, but just kept running into dead end after dead end. Finally, they met a caring loan officer who referred them to the professionals at HOPE for help.

Thankfully, there is a happy ending to the story! We are thrilled to report that HOPE has been able to help Jane Doe turn this nightmare situation around. Since joining the HOPE Program around 6 months ago Jane’s credit report has been transformed:

Credit Scores have increased an average of 120 points per credit bureau!
Over 30 of the original fraudulent accounts have been completely erased!
Nearly $114,000 in negative, fraudulent accounts has been removed from her credit!
Jane’s credit scores are now more than adequate to be approved for a home loan!
Jane’s highest credit score is now a whopping 706!

We are so happy to report this fantastic success story to you, and so is our member, “Jane Doe!” With a little more work we are confident that HOPE can help Jane to deal with the final few remaining fraudulent accounts in order to achieve a 100% clean and healthy credit report again – the credit report she truly deserves.

If you or a loved one has experienced identity theft or any other credit issues, please feel free to give our credit experts at HOPE a call at 704-499-9696. Our caring staff is standing by to answer any questions you may have. We would love the opportunity to show you how the HOPE Program can help you to achieve the healthier credit you desire to have!

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The HOPE staff would like to congratulate Mr. Melendez of Charlotte, NC today for his recent success and credit report improvement!  Since joining HOPE, Mr. Melendez has seen his credit scores go from zero on all 3 credit bureaus up to the 600s with all 3 credit bureaus! To top off this great success he has also had $3,527 in negative, unverifiable debt erased from his credit report!

Every week the HOPE Program is proud and thrilled to help our members achieve their dreams of healthier credit and home ownership.  It’s true that the economy has damaged the credit reports of many, many good people in our country.  However, the great news is that, even if your credit scores are low, you have the legal right to work to improve them! We at HOPE firmly believe that having bad credit does NOT make someone a bad person. It gives us great pleasure to help our members recover their good names!

For more information about the services offered by the HOPE Program we please email us or give us a call at 704-499-9696.  Our friendly staff is standing by to receive your call. We would love to show you how the HOPE Program can help you to achieve your clean credit goals!

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Protecting Yourself from Identity Theft
Part 2
by Michelle Black

I said it yesterday, but it is worth repeating: identity theft occurs every 2 seconds in the United States of America! The reason I find it worth repeating this shocking statistic is because you need to know how BIG of a problem identity theft has become in this country and why it is so important to protect yourself.  If an identity thief steals your social security number and opens as little as one single credit card account in your name it can have a HUGE impact upon your credit scores.  That’s all it takes – one single little fraudulent credit card being opened, maxed out, and not paid – to drop your credit scores like a rock!  So, here’s another way to guard against identity theft.

#2: Make Copies of Your Credit Cards.
One of the easiest, simplest ways identity thieves can steal from you is by stealing your current credit cards (or even just your credit card number).  Using your personal credit card these thieves purchase items in your name and leave you with the bill!  I personally know a woman who had this very scenario happen to her. Little did she know at the time, Mrs. Young had a receipt with her credit card number stolen.  The thief actually had a machine she used to create a new credit card with Mrs. Young’s card number! Additionally, the thief made a false driver’s license containing her (the thief’s) picture but Mrs. Young’s name and address.  Because the fraud was so extensive, several thousand dollars were charged to the card before Mrs. Young even became aware of the problem!

Another form of credit card theft is just that – actual theft of your credit card (not just a receipt containing your credit card number).  If your credit card is ever lost or stolen the very first thing you should do is to call your credit card company immediately.  A way to make this process faster, and easier on yourself, should the situation ever arise is to make copies of your credit cards and ATM card – front and back.  Be sure to store the copies in a safe place so that they cannot be stolen either.  However, if you have the copies already made then you will be prepared to act quickly should your credit cards ever become lost or stolen.  Without these copies it could take you hours to locate your card statements or look up the contact number online for each of your individual credit card companies in order to report the loss.  Be proactive and you could potentially save yourself a ton of trouble and time! Plus, the more quickly you act in a situation where fraud is concerned, the less likely it is that you will be stuck with the bill for someone else’s dishonesty.

More tips on identity theft protection are soon to come! So, don’t forget to “tune it” again this week for more helpful information.  If you have been a victim of identity theft or have any other credit related questions, please feel free to contact us. We would love to assist you and answer any questions you may have!

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Protecting Yourself from Identity Theft
Part 1
by Michelle Black

Let’s face facts.  This world is full of dishonest people.  Shockingly, it has been said that identity theft occurs every 2 seconds in the United States!  HOPE has helped many people, of all ages, ethnicities, and professions to deal with the aftermath of identity theft over the past 10 years. In that time I have found that identity thieves are not selective – anyone can be a target!  In this blog series I will give you some ways to protect yourself before identity theft happens and tips on what to do if you have already been a victim.

#1: Check Your Credit Report for Fraud!
To begin, the #1 way you can protect yourself from severe identity theft is to be aware! It is very important to monitor your credit report for fraud and inaccuracies. HOPE recommends that our graduates check their credit report at least twice a year (after completing the HOPE Program) to protect themselves from credit bureau error and identity theft.  In truth, checking your credit report at least twice a year is sound advice for every single American to follow.

Legally, you are entitled to one free credit report per year at www.annualcreditreport.com.  (Note: if you have already gotten your free credit report within the last 12 months, there are many websites online available where you can purchase your consumer credit report for a fee.)  Once you have obtained your credit report from each of the 3 credit bureaus – Equifax, Trans Union, and Experian – comb through it to search for signs of identity fraud.  If you find evidence of current accounts or collection accounts which you never applied to open then you may be a victim of identity fraud.

Hopefully you will not find any suspicious activity on the report; however, if you do, please feel free to contact our HOPE credit experts at 704-499-9696 or via email.  We can schedule a personal credit analysis appointment with you on the spot to help you learn your options and legal rights. Then, you can decide if working with HOPE would be the best choice for you to resolve any credit issues on your report.  All analysis appointments are 100% pressure free! There is absolutely no obligation for you to join HOPE because you speak with a credit expert, but at least you will be aware of all of your options.

Be sure to check back tomorrow for more preventative steps to help you avoid becoming a victim of identity fraud.  There are ways to protect yourself and I can’t wait to share more of them with you!

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Kicking the Habit of Overspending!
By Michelle Black

Does the arrival of your monthly credit card bill strike fear into your heart?  Have you ever discovered that your checking account is empty without knowing where your paycheck could have possible gone so quickly?  Do you have more new pairs of shoes in your closet than you can count?  If you answered yes to any of these questions then you may have a problem with overspending.

Overspending is one of the most significant causes of poor credit scores and unbalanced budgets.  I know that typically you do not set out to overspend; however, without a solid plan for spending you will find yourself in the uncomfortable situation of having more bills than money over and over again.  When you find yourself short on cash that is when bills get paid late (or not at all) and credit scores begin to slip.

Keep in mind, over-spenders are not bad people!  At HOPE we have helped thousands of members to overcome credit problems, many of whom arrived at those credit problems due to overspending.  The good news is that if these members were able to fix their overspending problems and turn their credit reports back around then so can you.  Here are a few tips to get you started on kicking the habit of overspending:

1.)  Write down every dollar you spend for the next 2 weeks.
This is the first step to help you find out if you have an overspending problem and, if so, how severe the problem has become.  Wives and girlfriends, if you are asking your spouse or boyfriend to track their spending you may want to note that men are typically a little more resistant to doing so. My suggestion? Make it easy for them!  Give your man a 3X5 card to keep in his wallet.  Just ask him to jot down the amount spent and where he spent it if he doesn’t want to save receipts.  You will still get the basic information you need this way and he may be more likely to follow through with your request.

2.) Make a spending plan (in writing) and stick to it.
You may be wondering, “What exactly is a spending plan?”  A spending plan is a written list of your monthly income (paycheck, alimony, child support, etc.) and your monthly expenses (rent, utilities, car payment, etc.).  In other words – it is a budget.  You can even contact us to request a free HOPE Budget Worksheet today! The key is to get started. (Note: if you are a current HOPE member you can give us a call today to schedule your free one on one budgeting session with a HOPE credit specialist. Talk about a great membership perk!)

3.) Trim the fat from your spending plan.
Once you have reviewed your 2 week spending list and completed your budget worksheet, look for areas where spending can be cut.  Now, I’m not talking about sucking all the fun out of your life so be sure to resist the urge to respond negatively to this suggestion.  However, I am talking about making a plan to get the things that you really want out of life (i.e. a new home, a new car, college education for children, family vacations, etc.) by figuring out what you can live without in the present.  You may be able to find hundreds of extra dollars per month by reducing cable TV plans, cell phone plans, entertainment expenses, eating out expenses, or shopping.  Don’t be afraid to take an honest look at your spending habits and see if a change can and should be made.

If you have any questions about today’s article, budgeting questions, or questions about other credit issues in general we would love to hear from you! Feel free to email us or give us a call at 704-499-9696.  Our caring HOPE Credit Specialists are standing by to help.

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