Debt Consolidation may be better then bankruptcy
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Defeat Debt with Credit Advisors
November 2000

Dear Client,

Your monthly statement is enclosed.  Please verify your payment is properly credited! Compare your billing statements to your Credit Advisors statement.  Make sure your creditors have given you credit for the payments we sent to them. Contact us, if you notice any differences.

Remember – don’t open any new revolving credit accounts while on your debt management plan. This will only increase the time it will take you to become debt free!  If you incur new debt, some of your creditors may suspend any counseling benefits they have granted you.

Whats in This Issue?

Important Numbers
Very Important Notice
November Dates To Remember
Plugging Holes
Creditor Corner
Cross Country
FYI

Important numbers:

To reach your account manager:

1-800-942-9027 (toll free)
Number you give creditors to call us: 1-402-393-3100
To reach Jack or Michaela in Omaha: 341-7000 Opt. 2 OR 888-390-0941
To reach Mike in Lincoln: 475-1234 Opt. 2
To reach Mike for Colorado clients: 800-627-6925 Opt. 2
Automated Account Updates (for clients and creditors) 1-402-391-0000
If you need to find a Western Union Dealer: 1-800-325-6000

If a creditor calls you, tell them you are now with a credit counseling agency and they should call 402-393-3100. Give them your client number and the name of your account manager.

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Very Important Notice:

**** Very Important Notice*****

If the letters “PIF” appear next to a payment amount on your client statement, our records indicate this creditor account is now paid in full.  This means we will not be sending future payments to the “PIF” creditor.  Please review your creditor statements very carefully to verify that the “PIF” amount did indeed pay the account in full.  Send us a copy of your billing statement if your creditor stills shows a balance is due on the account.

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November Dates to Remember:

 

If your EFT (electronic funds transfer) is pulled on:

checks to creditors:

5th 10th
11th 17th
16th 24th
20th Dec. 1st

26th

Missing a payment for any reason can seriously jeopardize your counseling program.

End of Month Processing
Due to the Thanksgiving holiday, your money order or Western Union payments must be in our office by 2 PM (CST) November 22nd to be processed for end of month.  NO personal checks, thank you!

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EFT Payment Change:

If you need to make a change to your EFT payment, send WRITTEN NOTICE to us no less than 10 business days prior to your pull date.  Our fax number is 402- 393-4141.  After faxing, wait 30 minutes then call us to verify your request has been received. 

You money order or Western Union payments must be in our office by 10 AM July 20th to be processed for end of month.  NO personal checks, thank you!

Please be advised, in the event an electronic funds transfer (EFT) or bank account has one of the following challenges, a charge will be assessed to your CA account.

Account Closed                  =            $15.00
Authorization Revoke         =            $25.00
Change Date                       =            $  5.00
Frozen Accounts                 =            $15.00
Lower Payment                   =            $  5.00
NSF                                      =            $15.00
Skip A Pull Date                 =            $10.00
Stop Payment                     =            $15.00

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Plugging Holes:

FICO CREDIT SCORES START REVEALING SECRETS TO CONSUMERS

By The 2000 Tribune Media Services, Inc

What do lenders look at when deciding whether to approve a loan? Typically, lenders making almost any kind of credit decision will look at a variety of types of information, including one or more credit scores. While there are many kinds of credit scores, the most frequently used are credit bureau risk scores developed by Fair, Isaac. These are commonly known as FICO® scores, although they have different names at each of the national credit reporting agencies.
 
A score is a number that tells a lender how likely an individual is to repay a loan, or make credit payments on time. When a lender requests a credit report and score from a credit reporting agency, the score is calculated by a "scorecard" or scoring model — a mathematical equation that evaluates many types of information from your credit report at that agency. By comparing this information to the patterns in thousands of past credit reports, scoring identifies your level of credit risk.
 
The five categories, and the degree to which each contributes to your FICO, are:
 

1.       Payment history accounts for about 35% of the score. It’s the main thing lenders look at.  Just because a person always pays their bills on time doesn’t necessarily mean they will end up with a high FICO score.  Payment records are only part of your track record.  A 30 –day late payment made last month counts against your score more than a 90-day late payment from 5 years ago.  The biggest black marks are items on the public record, such as bankruptcies, credit related judgments, collection items, suits and liens.

2.       How much you owe on credit makes up 30% of your score.  Having several open accounts could easily cause you to over extend yourself.  In other words FICO considers “How much is too much.”

3.       Length of credit history accounts for 15%.  How long have your accounts been established? How old is your oldest account?  What’s the average age of all your accounts?

4.       How much debt you’ve been taking on represents 10% of your score.  For instance, how many credit applications have you filled out lately? (Lenders always make inquiries to credit bureaus, these all go on your record.)  If you had an earlier credit problem, did you reestablish your credit and make timely payments? If so, your FICO score can raise.

5.       The types of credit you have accounts for 10% of your score.  They compare credit cards, installment loans and mortgages.  They look at how many of each you have.

For more information on FICO scores, visit the Fair Isaac website at www.fairisaac.com

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Creditor Corner:

CREDITOR CORNER

(The who’s who and the what’s new in the creditor world of today!)

HARRIS BANK-PARTNERS FIRST-BANK OF BOSTON-WACHOVIA-FLEET

If an account on your debt management program is now, or at one time was, handled by one of the above listed banks, please send a copy of a current billing statement to:

CREDIT ADVISORS
ATTN: CREDITOR LIAISON
1850 S 72ND STREET
OMAHA NE 68124

OR FAX TO 402 393 1579 ATTN: CREDITOR LIAISON

Through a series of mergers and portfolio acquisitions, these creditors have combined and sold off portions of their credit card holdings to one another.  In some cases, the banks have been forwarding payments sent to them to the new holder of the account without notifying Credit Advisors that the account has been sold.  Rather than have delays in posting, or lost payments, CA would like to ensure that your payments are indeed going to the correct creditor.  Usually, we can sort these out by the first few digits of your account number, but in this situation, the creditors are continuing to share BIN #’s rather than assign new account numbers to the accounts over and over as they transfer from one bank’s ownership to another.

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Cross Country:

CROSS COUNTRY

Good news! From now on, Cross Country will (upon approval of a proposal and posting of the first payment at the new proposed amount) reduce interest to 10%, stop over limit charges and late fees, and re-age your account after three consecutive payments have been made.  This is great news for anyone who was still getting regular calls from the collection department above over limit amounts even after the proposals had been accepted.  Check your statements and give us a call if you need follow up on a particular account.

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FYI:

Send Statements

Your creditors DO NOT send us copies of your statements!!! We need to hear from you about creditor statement balances!

Please e-mail, fax, or mail us copies of your creditor statements every three months.

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Check out our bookstore for more great reading on how to save money.


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