Who Can See What Is In My Credit Report?

Image via WikipediaCredit reports contain a large amount of information about consumers. In them you will find Social Security numbers, date of birth, current and previous addresses, telephone number (including unlisted numbers), credit payment status, employment, even legal information.

Credit reporting agencies are in the business of collecting and sorting your financial information for the sole purpose of selling the information to companies that need to know your credit worthiness. Many types of companies and entities can have access to your information just for the asking. Anyone with a legitimate business need can seek access to your credit report. They include: 

• Those considering granting you credit.
• Landlords.
• Insurance companies.
• Employers and potential employers (but only with your consent).
• Companies with which you have a credit account for account monitoring purposes.
• Those considering your application for a government license or benefit if the agency is required to consider your financial status.
• A state or local child support enforcement agency.
• Any government agency (limited usually to your name, address, former addresses, current and former employers).

Usually a boss or future boss needs your permission to view it. Many potential creditors ask the permission of the client. But it is not required when companies wish to offer pre-approved credit.

Most people don't even know that they can see their own credit reports. But it is your right under state and federal law. It's always a good idea to check out your own credit report on a regular basis. Every year is an adequate time frame. You are able to view your report once a year from each credit reporting agency. All you have to do is ask. And it's free.

Your Rights under Law:

• Obtain a copy of your credit report. You now have a right to a free copy once a year.
• Know who has received a copy of your report.
• Dispute inaccurate information.
• Even if negative information is included, to explain the circumstances.
• "Opt-out" to prevent credit bureaus from using your information for marketing.
• Complain to the appropriate government agency or file a lawsuit.

To order your free reports, you can call the official toll-free number, (877) 322-8228. You can also go online to www.annualcreditreport.com where you can order your reports directly. Or you can print out the form and mail your request at, www.annualcreditreport.com/cra/requestformfinal.pdf, until sometime in 2012 when CoreLogic reports are available online. Free reports may be ordered by calling 877-532-8778.

You can also contact the 3 credit reporting agencies directly.

Equifax
(800) 685-1111
Web, www.equifax.com
Experian
(888) EXPERIAN
(888-397-3742)
Web, www.experian.com
Trans Union
(800) 888-4213
Web, www.transunion.com

Six Tax Breaks Expiring At The End of 2011

Image by 401K via FlickrBefore you know it the holidays will be over and tax time will be here. As this year comes to a close several tax breaks will be ending for good. Before 2012 arrives be sure to take advantage of them.

Listed below are the six tax breaks about to expire unless Congress extends them:

1. Expenses For Higher Education.

The deduction of up to $4,000 for qualified higher education expenses won't be available after 2011. It probably is smart to consider prepaying eligible expenses for 2012. The deduction applies to tuition and fees paid in connection with enrollment at an institution of higher education during 2011 or the first three months of 2012. The maximum deduction is available to taxpayers with adjusted gross incomes of up to $65,000 for singles and $130,000 for joint filers. A deduction of $2,000 is allowed for singles with adjusted gross incomes of up to $80,000, or joint filers with adjusted gross incomes up to $160,000.

2. Adoption Tax Credit.

The Adoption Credit and Adoption Assistance Program lets adoptive parents claim a credit against their federal tax of up to $13,360 for "qualified adoption expenses" for each adopted child. Though new access to the credit expires when the program ends on Jan. 1, the rules allowed the credit to be carried forward over five years.

3. Sales Tax.

If you don't pay state and local income taxes -- a common situation for retired public employees or those living in 'no-income-tax' states like Florida -- you have had the choice of using the optional sales tax deduction to cut your federal income tax. After 2011, that option goes away. So if you're planning to buy big-ticket items like a new car in the near future, you might want to push them up into 2011 to get those last deductions.

4. Mortgage Insurance Premiums.

As of 2012, you won't even be able to take the mortgage insurance premium deduction. 2011 is the last time homeowners with joint adjusted gross incomes of less than $109,000 will be able to deduct the cost of mortgage insurance on a first or second home.

5. Teachers' Classroom Materials.

For years, K-12 teachers, instructors, counselors, principals or aides who worked in a school for at least 900 hours during a school year could claim an "above the line" deduction for up to $250 of expenses incurred for books, supplies, computer equipment or supplementary materials used in the classroom. Shop now, teachers: Starting next year, that deduction will disappear like kids vanishing from the classroom when the bell rings.

6. Energy-Efficient Home Upgrades.

Making energy-saving improvements to your home not only cuts down on heating and cooling costs, it also earns you a tax credit. For example, if you add extra insulation in your attic, replace drafty old windows with modern thermal-pane models, or install an energy-efficient heater or air conditioner, you're eligible for a tax credit of 10% of the cost, up to $500. You don't have to attach the manufacturer's certification that the property meets the requirements for the credit to your tax return, but you must maintain records that establish your entitlement. However, if you've claimed this credit for upgrades in past years, you can't do it again: It's a one-time deal.

These tax breaks should all be considered with the help of a knowledgeable tax preparer.

PerkStreet Offering $25 Bonus For New Checking Accounts

If you are looking for a new place to do your banking and you need a little incentive, PerkStreet Bank is offering a $25 bonus for new PerkStreet customers. When you sign up for a new account by December 25th and make 3 purchases with your new debit card within 30 days you will receive a $25 bonus in your account.

As an added incentive for the first 3 months you will earn 2% cash back on all non-pin purchases. After 3 months you will earn 1-2% cash back depending on your account balance.

From the PerkStreet website 2 actual customer's comments:

“It's a great way to "budget" for Christmas gifts and not be surprised come December when it's time to shop for gifts. It will be so fun to cash out our perks and go shopping - guilt-free!” – Jennifer, Nebraska 

“It's been an amazing way to lower the cost of Christmas presents for me and it's been a lot of fun because I was able to buy several presents early with the money. I now am entering December nearly worry-free about Christmas.” Melanie, Knoxville, TN

Compare PerkStreet with other banks







To receive your $25 cash back bonus:

1. Apply for your account online by 11:59PM EST, December 25, 2011 and fund the account with $25 or more.
2. Use your card to make 3 purchases within 30 days of opening your account.

PerkStreet will credit $25 to your Perks Account within 10 business days of your third purchase. This great offer expires at 11:59 PM EST, December 25th, 2011. PerkStreet may modify or cancel this offer at any time.

Don't pass up this great opportunity. Sign up today and get your $25 bonus.

Is Consumer Reports Still Relevent in 2011?

Image via WikipediaConsumer Reports was born 75 years ago in 1936 and it's still going strong today. In the age of the Internet where you can look up information and reviews for anything from TV's to washing machines to camera's for free, millions go to Consumer Reports for the final word on consumer goods.

The Consumer Reports website started in 1997 has grown to over 3.3 million paying subscribers in 2011. It has a larger subscriber base than the largest national newspapers. It's magazine subscribers have stayed steady and it's digital subscribers have grown at a rapid pace.

Subscribers who sign up for access to the Web site pay $26 for a year or $5.95 monthly. A smartphone app is available, and this month an iPad version was introduced.

Consumer Reports still has the most thorough testing regimen than any other testing site. No matter what the item being tested, you can be sure it's compared and test along with 10 to 15 other of it's competitors to see which one is the best with grading along with other qualities of the product. Consumer Reports has never taken advertisers or allowed it's test results to be used by manufactures who would like to to use beneficial results in advertising. The testing and it's results are only to be used by the consumers.

Recently, Consumer Reports has added surveys of its subscribers, asking them to report their experiences with products being tested. This makes the reviews much more useful to the consumer.

The best way to use the Consumers Report website.

When you need to search for information for a purchase it's usually one that comes with a hefty price tag. It may be a car, refrigerator or TV. When the item carries a large price tag it's best to do some research on the products and try to find one with the best ratings. This is where Consumer Reports shines. You can even sign up for a subscription, one month at a time. For $5.95, you can do all the research you need to do and you have 30 days to complete it. It's not a high price to pay for research for an expensive purchase and it's well worth it.

I have registered for the one month fee and gone online to check out ratings for a washer I needed to buy. I got my information and used the website for the month and then I was done with it. Only $5.95 and it helped make sure I was purchasing a washer that was well built and reliable.

Is Consumers Reports Relevant today?
For me it was convenient, relevent and an easy way to use Consumers Reports great data base of testing research. With over 3000 items tested you will definitely be able to find the item you need to know about.

5 Christmas Gifts To Never Give A Baby Boomer

Image via WikipediaThe holidays are only a few weeks away and figuring out what to get for your loved ones is never an easy job. Shopping for the right gift for that fussy or special person gets to be a difficult task. Baby Boomers can sometimes be the most difficult people to shop for because they are well past the gadget gift phase and really don't need anything.

Doing all you can to figure out that perfect gift, will make this season all the more special for someone you care about. Most people usually don't even remember what they got last Christmas but they never forget when they receive a really dumb present. With that in mind, the Huffington Post spotlights 5 types of gifts to not buy for your baby boomer friends.

The writer notes 5 types of gifts that would make your average baby boomer cringe. When your making your list for Christmas gifts be sure to check it twice and compare it to "Holiday Gifts Post50s Don't Want" at the Huffington Post.


Holiday Gifts Post50s Don't Want [Huffington Post].

Contingencies for After 50

So you're in your 50's and are eagerly awaiting retirement. You've worked hard your whole life, saved where possible, shored up money in a retirement plan and various safe investments, secured low interest home loans, and financed your kids' college educations. You're good to go, right? Not necessarily. Take a step back and look at the economic landscape right now. Hundreds of thousands of people your age thought they were safe and discovered that weakened financial institutions everywhere are forcing American to reappraise their money. Here are a few contingencies that may force you to reassess your retirement years: 

Your kids may not be able to repay their student loans. It's a tough environment for graduates and unemployment rates are high. With the combination of rent, the cost of living, and car payments, your kid may not be able to take on student loans immediately, which means you will. Student loan companies are not always quick to forebear, so you will need to make sure you can make those monthly payments on your child's behalf.

You may have to borrow from your 401(k) or IRA. Because of the previous factor and the ones to come, you may find yourself needing to borrow from your retirement plan. Just remember that the borrowed money will not be invested and will be taxed. This should be avoided if at all possible.

You may not be able to sell your home for the price you were expecting. The housing market plummeted and is not expected to recover anytime soon, at least not to the pre-recession bubble. Whatever you were expecting for your house could easily be cut in half by the time you make the sell. Of course, the flip side to this is that you'll probably be able to get a great deal on whatever new home you're looking to buy.

It's no stock market for old men. Sorry to be frank, but the current stock market is as volatile as it has ever been and investing should not be entered into lightly. Hopefully you didn't lose too much in the crash of a few years ago but that money's not coming back. Your retirement money is probably safer in bonds, or back into your IRA or 401k.

This post is not meant to frighten you but it is meant to make you aware of some of the contingencies that you should prepare for in your 50's. As you move towards retirement, consider the financial obligations of your children, your home, your loans, and your investments.

This guest post is by financial writer Alex Summers.