cccs of rochester/rethinkingdebt headquarters: 1000 university … · 2015. 12. 23. · your...
TRANSCRIPT
When a client first contacts Consumer Credit Counseling Service of Rochester for help with their
debt, they will be scheduled for a First Appointment.
What is a First Appointment? A fir st appointment is a free one on one consultation with a
Certified Financial Counselor. The client and the counselor discuss any questions and/or con-
cerns that the client may be facing in order to find them the best debt relief option. The counselor
will ask about income, expenses, debt, future goals.
What items are required for a first appointment? Clients should br ing a month of their
most recent paystubs and should have an idea of what their monthly expenses are. Clients should
bring any and all statements from creditors they would like assistance with. If possible, bring a
copy of their free credit report from www.annualcreditreport.com.
What will happen during a First Appointment? During a fir st appointment the counselor
and client will go over the clients’ income and monthly budget to see what the client has coming
in versus what is going out. If need be, the counselor will make recommendations in areas where
the client is overspending or could cut back such as going out to eat, shopping, etc. The counse-
lor will also look at the client’s Experian credit report, and advise the client of their FICO credit
score and all of the accounts reporting to Experian. The counselor will make recommendations to
the client on ways to increase their credit score.
What’s next? After reviewing the credit repor t with the client, the counselor will go over
the options that may be available to the client to get them debt free and relieve them of their fi-
nancial stress. Some options that clients may have are a Debt Management Program to assist
them with paying off all of their debt within 5 years, or applying for a consolidation loan from a
bank. If referrals are needed for services that CCCS of Rochester does not provide, the counselor
will refer them to other agencies that may be more suitable for the clients’ needs.
Give our office a call at 585-546-3440 to schedule your First Appointment today!
First Appointment
CCCS of Rochester/RethinkingDebt Headquarters: 1000 University Ave, Rochester, NY 14607 **FALL 2015**
Inside this issue:
First Appointment 1
Veterans Benefits 2
Credit Repair 3
Ask CCCS 4
Holiday Spending 4
C.A.S.H Coach 5
Consumer Protection 5
Contact Us 6
By: Dominique Williams, Certified Financial Counselor
Page 2
Veterans Benefits
While spending 10 years in the United
States Marine Corps (USMC), I knew that
when I needed an answer to a question
that dealt with non-military issues, I
would simply ask a fellow Marine who
had more time in service than I did or
visit our administration office, and ask
one of the Marines whose job it was to
answer these types of questions. That was
12 years ago and things are different now.
I have found out through personal re-
search and speaking with other Veterans
that there are many resources and benefits
for those who need a little help with eas-
ing the financial burden of things like
property taxes, vehicle registration, tui-
tion and more.
Property Tax Exemptions
Property tax exemptions are available to
Veterans and apply to county, city, town,
and village taxes. There are three differ-
ent types of exemptions that Veterans can
receive:
1. Alternative Veterans’ Exemption- this
applies only to residential property for a
Veteran who has served during a desig-
nated time of war or received an expedi-
tionary medal.
2. Cold War Veterans’ Exemption- this is
only for residential property of one who
served during the Cold War period.
3. Eligible Funds Exemption- this applies
to property purchased by a Veteran or
certain other designated persons. Such
owners must purchase the property with
pension, bonus, or insurance monies.
Each exemption does have certain re-
quirements that must be met in order to
qualify which can be found at the follow-
ing link:
http://www.tax.ny.gov/pit/property/
exemption/vetexemptproof.htm
Vehicle Registration Exemption
Every two years in New York State, vehi-
cles must be registered. This, as with
property taxes, costs money. Here is an-
other little tip to help with these fees.
Through the New York State Department
of Motor Vehicles (DMV), Veterans can
qualify to be exempt from registration
fees and vehicle plate fees if they meet
certain qualifications such as:
•You are a qualified disabled Veteran
under Federal Title 38, Part III, Chapter
39, or
•You qualify for and apply for Congres-
sional Medal of Honor custom plates, or
•You are 62 years of age or older and you
qualify for and apply for Former Prisoner
of War custom plates.
If you’re anything like me, you take pride
in your service as well as the branch in
which you served and you want to let the
world know through a customized mili-
tary license plate. All vehicles that are
registered in NYS as a passenger class or
commercial class vehicle are eligible.
There are custom plates that are available
for motorcycles as well.
For additional information, including
application forms, visit the DMV website
at:
http://www.dmv.ny.gov/armedforces.htm
New York Education Benefits
The military has hundreds of different
types of Military Occupational Specialties
(MOS) and a large percentage of these
skills transfer over to the civilian world of
employment. If you were like me and
were in a unique field, then you know that
there are not many positions for someone
who specialized in field operations, for
example. That’s where New York Educa-
tion Benefits come in to assist.
Through this program, there are the Vet-
erans Tuition Awards (VTA) for full-time
and part-time study for eligible veterans
enrolled in an undergraduate or graduate
degree-granting institution or in an ap-
proved vocational training program in
New York State. Most colleges and uni-
versities have a Veterans Affairs depart-
ment that can advise you further about
this program and what it takes to qualify.
The transition from military life to civil-
ian life is not an easy one and realistical-
ly, we never really transition over, we just
adapt to our new surroundings. We miss
that which we understood fully, but there
are people out here that are waiting to
help Veterans with their transition.
Please do not hesitate to reach out to
those that are waiting to serve you as you
have served them.
Additional Assistance
To learn more about the benefits and ser-
vices, you may be eligible for as a Veter-
an, service member, or as a family mem-
ber of a Veteran or service member,
please call the New York State Division
of Veterans’ Affairs Help Line at
1.888.838.7697 (1.888.VETSNYS),
where you may also schedule an appoint-
ment with a Veterans Benefits Advisor.
All information here was obtained from
the New York Division of Veterans Ser-
vices. Visit their website for more infor-
mation on any of these programs at
www.veterans.ny.gov.
By: Rafael Ruiz, Client Support Specialist
Page 3
Steps to Repair Your Credit
By: Stacey Walker, Certified Financial Counselor
Your credit rating impacts many im-
portant factors and financial decisions in
your life, such as applying for a credit
card, getting a mortgage or car loan.
Therefore, it is very important to under-
stand your credit report, credit score and
how to improve your credit score. You
should always know who you owe and
what’s on your credit report. The follow-
ing are some helpful tips to get started on
repairing your credit.
Obtain a copy of your credit report
Go to www.annualcreditreport.com and
pull a report from all three credit report-
ing agencies- Experian, Equifax and
TransUnion. This is a website that gives
you free access to your credit report once
a year. You should take a look at your
credit report to find out which accounts
are in good standing and which may need
some work. Your credit report will give
your account numbers, balances, payment
amounts, closed accounts, paid off ac-
counts, open accounts and much more.
Dispute errors on your credit report
Make sure that all information is correct.
If it’s not, contact all the reporting agen-
cies to dispute the error. Mistakes can be
made and you should investigate any-
thing that doesn’t look familiar. This step
alone can remove damaging items on
your credit report that don’t belong to
you.
Pay off all collections accounts
Your payment history accounts for 35%
of your score. Collection accounts hurt
your credit score because these accounts
are past due. The farther behind you are
on payments, the more it hurts your credit
score. Get these paid off ASAP.
Pay off debt
Since you are trying to repair your credit,
pay off debt to increase your score and do
not charge anything else. Your outstand-
ing debt counts as 30% of your credit
score, so start paying it off to improve
your score.
Avoid new credit cards
Since you are in repair mode, you should
avoid adding new debt. This will help
lower your score. The more credit cards
and credit lines you have, the more credit
agencies take a look at your ability to
afford these lines. If your debt to income
ratio is out of whack, your credit score
can suffer.
Keep accounts open
Closing your credit cards with a balance
can hurt your credit score if the lender
stops reporting your credit limit. Also
even closing paid off accounts can hurt if
you have had the account for a long time
as this would shorten your credit history
which counts as 15% of your score.
Be patient
Give yourself some time for your score to
increase. This debt did not happen over-
night so it will take time before you will
see your credit score improve.
Call CCCS
CCCS of Rochester can also offer some
advice if you don’t feel confident han-
dling this yourself. Come see us and we
can walk you through your credit report
and budget to get you back on track to a
higher credit score. Call our Client Sup-
port Department at 585-546-3440.
Page 4
Ask CCCS
Question- Why do I receive monthly
statements from my creditors if Consum-
er Credit Counseling Service of Roches-
ter sends me a monthly statement?
Answer- This is a great question and it is
more common than you would think. It
is completely normal to continue receiv-
ing monthly statements from your credi-
tors. If you are not receiving statements
from your creditors, you should contact
them to ensure they have your most re-
cent contact information. These state-
ments provide you with valuable infor-
mation regarding your account with
them.
Key information located on your state-
ment that should be monitored on a
monthly basis:
• Balance
• Interest Rate
• Payment activity
• Interest charges
• Additional activity such as
credits or other balance adjustments
It’s important to monitor your monthly
statements to ensure that you’re being
charged the correct interest rate, your
balance is decreasing with payment ac-
tivity and that there is no unusual activi-
ty or additional fees being applied to
your account. If you have any questions
about your statement or notice incorrect
information, please contact our Client
Support Department for additional assis-
tance. The statement will provide us
with important information so please
have it available at the time of your call.
If necessary, we will contact your credi-
tor to resolve the issue.
CCCS of Rochester will also send you a
statement on a monthly basis. Our state-
ments provide estimated account balanc-
es, anticipated interest rates of each ac-
count as well as payment activity for
your Debt Management Plan.
In addition to reviewing your creditor
statements for accuracy, we request that
you compare our statement to that of
your creditor and notify us of any dis-
crepancies. Our staff members work in
partnership with you to ensure your ac-
count information is accurate and that
your Debt Management Plan is success-
ful .
By: Lisa Hochlander, Director of Counseling
Holidays and Spending
By: Pamela Hart, Client Support Specialist
The holiday buying season can be stress-
ful. If you don’t have a budget for your
gift giving and you rely on credit cards,
it can make the upcoming year’s financ-
es even more difficult. To avoid excess
spending and credit card debt, there are a
few things people can do.
First, look for sales. They are every-
where and some start earlier than
Thanksgiving. You can sign up for
Black Friday specials and flyers, and
also check out store web sites for sales.
Shopping online helps you narrow down
what you want and you don’t get in trou-
ble while wandering around stores.
Second, if you are able to leave the cred-
it cards at home, do it! Pay cash or use
your debit card, this will help avoid im-
pulse buying and over spending. Go with
a budget and only spend that much.
Third, Start saving throughout the year.
Take part in a Christmas Club or similar
saving product offered through your
bank. This will help avoid the last mi-
nute rush to save money and help pre-
vent you from feeling like you have no
choice but to use credit cards.
Fourth, if you use credit cards with pro-
motional rates, pay those card off before
the promotion is over! Once the promo-
tional rate ends, a large amount of inter-
est can be added to your bill. These rates
give you a deadline to work toward.
Don’t take part in the promotional rate,
though, if you don’t think you can pay it
off in time.
Last but not least, take advantage of lay-
a-way deals. A lot of stores offer either
free lay-a-way or a small percentage
down around the holiday time. If a store
where you shop does not offer a lay-a-
way service, start shopping earlier in the
year. You can also use bonuses or over-
time pay to get a few gifts throughout
year, this is also a good idea to avoid the
madness at checkout lines during the
holidays.
Using all or just one of these ideas will
help prepare you for the upcoming holi-
day season . These tips will help you
keep your expenses on track and not set
you behind for the New Year. Be realis-
tic and know your budget. Plan ahead on
an amount to spend per person and stick
to it! Happy Holidays!
Page 5
C.A.S.H Coach– Open Enrollment
C.A.S.H. - Creating Assets, Savings, and
Hope - is a community coalition led by
Empire Justice Center and the United
Way of Greater Rochester.
C.A.S.H. was established in 2002 to help
low-income workers make the most of
their money and build stronger financial
futures. CCCS of Rochester and
C.A.S.H. have worked together since
2005 to co facilitate a program known as
C.A.S.H. Coach.
With funding from the Women's Giving
Circle and ESL Federal Credit Union,
the program offers free, one-on-one fi-
nancial coaching, group meetings and
financial education. With the help of
trained volunteer coaches over a period
of 9 months, participants learn to man
age their money and improve their finan-
cial future through achieving realistic,
measureable and attainable financial
goals.
This year the C.A.S.H. Coach program
initiated a new process to enable year-
round enrollment of participants and
volunteer coaches. This means that those
who are interested can apply at any time
to start their journey to a stronger finan-
cial future. Hopefully this will allow
more people to take part in the program.
For more information about enrolling in
the C.A.S.H. Coach program, visit:
http://www.empirejustice.org/cash/cash-
coach-program/
or email: [email protected].
By: Chad Rieflin, Director of Programs and Grants
Consumer Protection Laws
In a complex financial industry, the US
government has addressed some of the
challenges consumers face in managing
day-to-day finances. There are a series
of Consumer Protection Laws designed
to ensure fair competition. Below are a
some of these laws.
Fair Credit Reporting Act– Under the
Fair Credit Reporting Act, you have the
right to a free credit report every twelve
months from Experian, Equifax, and
TransUnion. You also have the right to a
free credit report within 60 days of being
denied for credit, if you have been a vic-
tim of identity theft, if you are on wel-
fare, or if you are unemployed and will
be looking for a job within 60 days.
In addition to the right to a free credit
report, you also have the right to dispute
inaccurate information and to have it
investigated within 30 days.
Disputes should be sent directly to the
Credit Reporting Agency that is report-
ing the error – Equifax, Experian, or
TransUnion.
Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act
prohibits debt collectors from using abu-
sive, unfair, or deceptive practices
when collecting a debt.
The Credit Card Accountability, Re-
sponsibility and Disclosure Act (The
CARD Act)- The most recent addition
to Consumer Protection Laws, The
CARD ACT is a law regulating the cred-
it card industry. As of February 22,
2010, The CARD Act brought changes
to the credit card issuance practices by
giving credit card users greater control
and clearer terms for their accounts.
More information on The Card Act can
be found here:
http://www.federalreserve.gov/
consumerinfo/
wyntk_creditcardrules.htm
Truth in Lending Act- Under the
Truth in Lending Act, creditors have to
provide you with clear credit terms in
easy to read language. The complete
Truth in Lending Act can be found at the
FDIC's website here:
http://www.fdic.gov/regulations/laws/
rules/6500-200.html
Fair Credit Billing Act- Under this
law you have the right to dispute billing
errors, including charges that you did not
authorize, charges for items or services
that were not agreed upon, and charges
with wrong information, such as the date
or the amount. More information, in-
cluding a sample dispute letter, can be
found at the FTC's website here:
http://www.ftc.gov/bcp/edu/pubs/
consumer/credit/cre16.shtm
Equal Credit Opportunity Act- The
Equal Credit Opportunity Act prohibits
credit discrimination on the basis of sex,
race, marital status, religion, national
origin, age, or receipt of public assis-
tance. More information can be found at
the FTC's website here:
http://www.ftc.gov/bcp/edu/pubs/
consumer/credit/cre15.shtm
Non-Profit Org
US Postage
PAID
Rochester, NY
Permit NO. 986
Toll Free Phone: 1-888-724-2227
Email: [email protected]
Headquarters:
1000 University Ave., Suite 900
Rochester, NY 14607
Phone: (585) 546-3440
Fax: (585) 546-5693
Toll Free- (888) 724-2227
This newsletter is a publication of CCCS of Rochester/ RethinkingDebt.org, a Not-for-Profit agency. It is a source of information for clients, sponsors, representatives of the credit industry, and the service networks supportive of our mission and vision.
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