| Community Events
San Bernardino Career Resource Center, 8120 Palm Lane, offers free services for job seekers and employers. Career counseling, workshops and mock interviews are available, as are employer services and benefits. More information: (909) 386-6219. Interested businesses can call (909) 386-6208. CLASSES Time for Change Foundation and Washington Mutual are starting a new series of free financial-literacy and credit-repair classes from 6 to 7:30 p.m. Wednesdays beginning Aug. 8 at St. John's Episcopal Church, 1407 N. Arrowhead Ave., San Bernardino. The lessons cover banking and finance basics, credit-score repair, homeownership, saving and investing. Free food and child care will be offered to all who attend. More information: (909) 886-2994. People's Choice Inc., 1505 W.
UPDATE: Realty Q&A: A 6-step Plan For Boosting Credit Score To Buy Home
WASHINGTON (Dow Jones) -- Question: I need some assistance in cleaning up my very poor credit score of 638 from Trans Union and 559 from Equifax. It's not the result of any credit cards but poor choices (which I admit) and a divorce with little to no child support of three girls. I'm in my mid-forties and all three girls are over the age of 18. My question is how do I increase my FICO score within the next 6-10 months and is there a reputable agency that can work on my behalf? I would like to purchase a home early next year. I know there's a lot of work that needs to be done and would greatly appreciate any assistance you or an agency can provide. Answer: I turned to attorney Edward Jamison, who operates a credit-repair law firm in Los Angeles, for help with this one because you did not mention any specific problems.
Credit Repair Secrets
At least, that's how many hits I got when I Googled the phrase "credit repair secrets." Most of these, as far as I could tell, offered e-books or services promising quick solutions to bad credit problems. Many hinted at "secrets" that the credit bureaus "don't want you to know." As if Experian and Equifax (NYSE: EFX - News) actually delight in lousy credit ratings! (They don't care either way, as far as I know -- they just try to be accurate.) Many of the services seemed like the kind that Fool Dayana Yochim wrote about a couple of years back -- high-fee, aggressively sold "debt consolidation" services that might or might not end up helping your credit rating. One in particular stood out, though. This outfit (I'm not going to name it) offered guaranteed increases in your FICO score for an up-front fee -- 50 points for $499, 100 points for $999 -- with an ongoing maintenance fee of $10 a month.
Home in on identity theft insurance
The key to recovering from identity theft may be your home. As identity theft insurance becomes more common, carriers are including protection plans in their policies for homes and, in some cases, even cars. "It's something people should consider because the threat of having your identity stolen is, unfortunately, very real," said Jeanne Salvatore, a spokeswoman for the Insurance Information Institute. "If it's included in your homeowner's policy, you're going to be very glad you have it." But these tack-on policies may cover far less than buyers realize. They won't pay for actual losses; that money can usually be recouped from your credit card issuer. The policies do pay for costs incurred in the recovery and restoration process. For example, if your Social Security number is stolen and used to obtain a credit card or loan, it will take time and money to fix the problem and repair damage to your credit score.
Consumers Can Buy Good Credit
Piggybacking could help some consumers boost their credit rating quickly, at a cost. Consumers can pay companies like NewCredit Solutions from $900 to $3,000 to become an authorized user on someone else's credit report. Purchases can't be made with the other person's credit, but you can piggyback their good credit rating, resulting in an immediate and legal increase to your Fair Isaac and Co. Credit (FICO) score. .
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