Accused of Deception, Citi Agrees to Pay $285 Million

http://www.nytimes.com/2011/10/20/business/citigroup-to-pay-285-million-to-settle-sec-charges.html

The activity is Fraud.  The Banking Industry is subject to certain standards of conduct under the license issued to them.  In theory, pleading no contest in this case should be grounds for pulling their license, because in theory, with this on their record they would not be given a license.

A settlement allowed in this case under these considerations is why there are protestors on Wall Street gone global.  The Judicial System needs to intervene, stop the settlement, and make laws to curtail this kind of deceptions in our banking, and other financial industries.

Medical Record Exclusion After Settlement on Credit Reports

Seems I’m the only one that has commented so far!

http://www.washingtonwatch.com/bills/show/112_HR_2086.html#commentform

THIS IS IMPORTANT! People with these issues may be kept from purchasing a home or other necessary items for their family. Medical Debt is something no-one plans for. Once resolved, one should not be encumbered on their credit reports. Join with me to get this bill passed!

It’s good for the economy too!

Medical Debt Affects 73,000,000 Working-Age Adults

112TH CONGRESS, 1ST SESSION

H. R. 2086

What if you were financially stable, had some money in the bank saved for a down payment for a home, and just paid off medical bills from three years ago that the Insurance Company finally cut checks for?

Medical Collection Companies are more and more taking the hard line about insisting the rules apply that reporting of derogatory information of any kind be reported from the date of the last transaction.  This bill seeks to fix this unfair reporting practice on Medical Accounts.

Insurance payments for medical services is very confusing.  A short stop in an Emergency Room can generate multiple bills.  The consumer thinks everything is covered only to discover a couple of the bills never made it to the insurance company’s claims department.  Sure the consumer receives the bill, so they are waiting for the insurance company to make the determination on what should be paid, and how much, and what is not covered.  Two and half years later you go to qualify for a loan only to discover there are derogatory (negative record) entries on your credit profiles.  Once the dust settles, and everyone has been paid, the paid collection account is still haunting you.

Please write your Congressman and encourage him or her to pass this very important piece of legislature as soon as possible.

Find Your Representative Here

CitiBank Announces Fee Increases on their Checking Accounts; Even the Basic One

Steve Gangey - The Credit Guy

Source: money.cnn.com

The banks have gone off the deep-end on their push to gratify their investors, and keep their executives in a lavish lifestyle on the backs of the middle-class!

CREDIT UNIONS are the answer folks!  Check it out.  Most are part of a huge network that would rival any of the banks in terms of getting service.  ATMs, Deposits, and Withdrawals can be done at most any Credit Union in the country.

Many of the Credit Unions offer interest bearing checking accounts with no minimum balance.  Why pay any fees to enjoy all the services of a bank, and none of the expense.

If you are in the Austin Area I highly recommend two Credit Unions to consider.  United Heritage Credit Union, and University Federal Credit Union.  I like the programs and services they offer especially to those just starting out.  Go into a branch and ask them about the extensive network you would have access to as one of their members.

Feel free to contact me at www.AustinCreditGroup.com with your questions

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Source: money.cnn.com

Why Use Austin Credit Group?

Our business is more than selling the services provided by others.  We understand the credit industry and help our clients improve their financial standing as quickly as possible.  View the video for more information.

Given Up On Their Dreams

Interest rates have never been lower, and the housing market so affordable.  Why is the Rental market going up?  Chances are you could buy for less than what you are paying per month for your rent.

Lending guidelines have tightened that’s why your credit score is so important.  We have lenders that will qualify people at as low as 620 FICO Score.  That will mean you have a higher interest than someone would pay with a 650, 690, 700, or 740.  The better your score the lower the interest.  This translates to more house for the money or lower payments.  Take back your life and call Austin Credit Group today!  512.697.9784

Creditor Negotiations — What Not To Do!

You have all seen the ads on television, and heard them on the radio: “If you are more than $10,000 in debt you may qualify for our program.  We will negotiate the debt down to where you save 60% of what you owe!”

The perfect way to really hurt yourself is to get in bed with these guys. Because in a short period of time you will realize more went on in that bed than you bargained for!!!!

Ask yourself the question: what would motivate a creditor to negotiate the debt down to 40% to 60% on an open, active, current account? Answer: there is no motivation. Ask me sometime just how bad you will be hurt.

Next! So you think why wouldn’t the creditors negotiate with me? Call one and the following things will likely happen.

1. You just identified yourself as a poor risk to that creditor.
2. Your Credit Limit just got lowered to near your balance.
3. Your Interest Rate just shot to the top of the range.

Should this happen to you, in all likelihood your credit score just took a serious hit too!

If you feel you need to try to get some upper ground on your finances I recommend you download my free Excel(c) Budget and Debt Schedule which can also be used in Google Docs.  Once you have the file open you can call me with your questions.  Once completed we can go over it together to establish a game plan.

We always provide a light at the end of the tunnel…
And can assure the client that it isn’t an oncoming train…
However, the length of that tunnel will vary with each individual.

Let us help you with your financial, and credit challenges.  You will be glad you did!

How do I improve my credit score?

I was asked this morning “how do I improve my credit score? I can’t seem to get it any higher.” To which I responded with another question: “Do you have any credit cards,” which received the response, “No!”

To improve one’s credit score you have to use credit. Get a Credit Card from any bank; I’ve found Capital One to be the easiest to work with. Use the card as a convenience to purchase your gas and groceries throughout the month then pay the bill off when you get it! Do this for a few months and you will see improvement. If you are looking to see a much more dramatic improvement, we need to talk.

Another year, Whew!

What a year of ups and downs for us! What happened to our clients? They now have a Credit Guy that has grown the business, and expanded services to include the offerings of three different credit repair programs, IRS Tax Relief Services, and a Mortgage Acceleration Program that can save anyone thousands of dollars, and shave years off the time it takes to get completely debt free using the monies already in their budget. It is exciting!!!!

Merry Christmas and Happy New Year!

If You’re Renting You Need to Buy A Home Now! Tell Your Friends!

If you know anyone, and especially if you care about them, advise them to try to purchase a home NOW!  If they respond with concerns relating to their credit, please refer them to me, and here’s why…

The downturn in the market is not permanent.  Money, Down Payment Assistance, and First-Time Home Buyer Programs are available to help.  Now is the time to work and do what is necessary to get into a home.  Interest rates cannot be more favorable for borrowers.

Austin Credit Group now offers a scalable, and very affordable program to help clean up many of the simpler issues plaguing many that have just given up, quicker than you think.  A free 30-minute review of your finances and credit profile will quickly determine if you can qualify for this program.  For those with more challenging issues we can make the services of TRW Credit Group available too.

Those that have not reviewed their credit reports recently are encouraged to order them today!  There are two ways to consider.

1. The first one is to go to https://www.annualcreditreport.com/cra/index.jsp and print the reports to a .PDF document on your computer.  This will give you the option of sending them in an email or printing a hard copy.
2. The second option is to call 1-877-FACT-ACT to order your reports.  These are delivered as hard copies through the USPS mail, and can take 1 to 2 weeks to receive.

The reports are free, unless you request your Scores, and this method does not put an Inquiry on your profile.

Austin Credit Group encourages anyone that has had credit challenges in the past to work with me to help you and your family improve your lives.  Chances are pretty good that the interest rate deduction of a mortgage on your taxes will save you hundreds of dollars over what you are paying in rent each year for many years to come.  And when the housing market rebounds you will be in a much better financial position.

I’m Steve Gangey and I’m here to help!

Steve Gangey is the Owner/Consultant of Austin Credit Group and is an Independent Representative of TRW Credit Group.  Steve offers Credit Consultation, Credit Restoration and Repair, and Credit Rebuilding programs.