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Project Credit Smarts

Project Credit Smarts. What is Consumer Affairs?. The Office of Consumer Affairs and Business Regulation The Office of Consumer Affairs and Business Regulation empowers Massachusetts consumers through education and outreach and maintains a fair and competitive marketplace. Agencies:

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Project Credit Smarts

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  1. Project Credit Smarts

  2. What is Consumer Affairs? The Office of Consumer Affairs and Business Regulation • The Office of Consumer Affairs and Business Regulation empowers Massachusetts consumers through education and outreach and maintains a fair and competitive marketplace. • Agencies: • Division of Banks (DOB) • Division of Insurance (DOI) • Division of Professional Licensure (DPL) • Division of Standards (DOS) • Department of Telecommunications and Cable (DTC)

  3. What is Project CreditSmarts? • Educational campaign; knowledge sharing • Topics include: • Bank accounts and debit cards • Credit cards • Credit Reports • Student loans • Protecting against identity theft • Maintaining good financial habits

  4. Banking

  5. Bank Accounts & Debit Cards • Having a bank account • Choosing a bank account • Tips for debit card use • Debit card protections

  6. GETTING CREDIT

  7. Credit Cards • Good reasons to have a credit card • Choosing a credit card • Tips on using a credit card

  8. DOTHEMATH

  9. Minimum Payments Cost $$$

  10. Credit CardsWhat if you can’t pay? • Late fees • Penalty rates • Negatively affects credit history

  11. Building Credit: Credit Card Alternatives • In-store credit cards • Piggybacking • Secured cards • Paying other bills on time

  12. Credit Reports

  13. YOU ARE ENTITLED TO A FREE CREDIT REPORT www.annualcreditreport.com or call (877) 322-8228

  14. Credit Reporting Agencies The three major credit reporting agencies are: Equifax Experian TransUnion 800-685-1111 888-397-3742 800-888-4213 www.equifax.com www.experian.com www.transunion.com

  15. Check Your Credit Report • Background info • Account accuracy • Negative info • Dispute errors • Written explanatory statement

  16. What is a credit score? • NOT free • Credit worthiness • How scores are calculated • What your scores mean

  17. How do I improve my credit? • Don’t add more debt • Make timely payments • Maintain low balance (30% of credit limit) • Careful about new lines of credit • Dispute old negative information • Budget • Save money, if possible

  18. Student LoansWhat You Should Know • Student Loan Process • Federal versus Private • Repayment • Delinquency and Default (not Bankruptcy) • Counseling and Information

  19. Repayment • Monthly payment • Types of repayment (federal loans) • Standard • Extended • Graduated • Income-Contingent • Income-Sensitive • Income-Based • Consolidation • Forgiveness • Postponement

  20. Delinquency and Default • Delinquency • “Grace period” • Begins the day after you miss a payment • Creditor must send you notice of delinquency • Default • Usually the entire loan comes due • Ways to get out of default • Beware Bankruptcy

  21. More Information & Counseling Contacts • Government • Consumer Financial Protection Bureau: http://www.consumerfinance.gov/paying-for-college/ • U.S. Department of Education: www2.ed.gov/students/landing.jhtml • Federal Student Aid: studentaid.ed.gov • National Student Loan Data System for information about your individual loans: nslds.ed.gov • Information about loan consolidation: loanconsolidation.ed.gov • Glossary of Student Loan terms: studentaid.ed.gov/glossary • Non-profit • American Student Assistance: asa.org

  22. Protecting your money

  23. Safeguarding your credit • Don’t lend your cards • Contact your creditor fast about lost or stolen cards • Notify any one of the credit reporting agencies • Junk Mail: Dangerous? • YOU CAN OPT OUT OF CREDIT CARD MAILINGS!Call (888) 5-OPTOUT / (888) 567-8688 or go online at www.optoutprescreen.com

  24. Protect Yourself • How to spot identity theft • How to prevent identity theft • Fraud Alert

  25. Think you’re a victim of ID theft? Toll Free: (877) IDTHEFT (877-438-4338) TTD: (202) 326-2502 or visit: www.consumer.ftc.gov/idtheft

  26. Dealing with Debt

  27. Overwhelmed by your finances? • Act fast • Contact your creditors • Ask for professional help • Keep track of finances

  28. Who can help Money Management Int’l www.moneymanagement.org Boston Branch31 Milk St., Ste. 515Boston, MA 02109 Randolph Branch247 N. Main St., Ste. 200Randolph, MA 02368 Worcester Branch340 Main St., Ste. 813Worcester, MA 01608 Lowell Branch40 Central St.Lowell, MA 01852 Woburn Branch800 W. Cummings Park, Ste. 1075Woburn, MA 01801

  29. Who can help Federal Trade Commission 600 Pennsylvania Avenue, NWWashington, DC 20580(202) 326-2222www.ftc.gov FTC Article on how to select a credit counselor http://www.consumer.ftc.gov/articles/0153-choosing-credit-counselor

  30. Our Partners Federal Trade Commission Northeast Region Federal Deposit Insurance Corporation

  31. THANK YOU! For more information, log onto www.mass.gov/consumer • Or call the Consumer Hotline • at • (617) 973-8787 / (888) 283-3757

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