Thursday, March 12, 2009

Ten Credit Score Myths Dispeled in 60 Seconds [Videos] . A former FICO executive, now head of VideoCreditScore, knocks down 10 common misconceptions and myths of the seemingly monolithic, impenetrable credit score. Learn the real deal on credit cards, frequent checking, and the 50-point "swings." Here's Andy Jolls dishing out 10 answers in 60 seconds: If you're at work or otherwise unable to watch video, follow the link below to the full post from I Will Teach You To Be Rich, where Jolls' 10 truths are outlined in good ol' text. While you're learning more about your real credit valuation, read up on the recent FICO score calculation changes and check out how to get a free FICO score estimation (which, funny enough, ranges in about the 50-point swing Jolls says any two bureaus may differ by). 60-second video: Myths of credit [I Will Teach You To Be Rich] [Lifehacker] 11:04:27 AM     Michigan House Passes Home Foreclosure Relief Bill. The Michigan House on Wednesday approved legislation that would give homeowners facing foreclosure a 90-day reprieve to stay in their homes and work out issues with their lenders. A main bill in the package passed the Democrat-led House by a 75-33 vote, mostly along party lines. The legislation now goes to the Republican-led Senate, where it likely will be altered. Republicans who are shaping the Senate's policy have concerns about some aspects of the House plan but plan to take the measures up in a committee within the next few weeks. Both Democrats and Republicans say they would like to get bills to Gov. Jennifer Granholm's desk within a month or so. Many House Republicans voted against the measure, in part because of provisions they say could force more foreclosure decisions into courts. The legislation would help make counselors for homeowners available through the Michigan State Housing Development Authority. Macomb County Democrats in the House defended the legislation. "So many hard-working people are fighting to hang on to their homes," said Rep. Jennifer Haase, D-Richmond, in a news release. "By keeping more people in their homes, we can protect those families and also make sure that property values of homes in the neighborhood don't fall, which is a vicious cycle that hurts everyone." "No one wins when a home goes into foreclosure," said Rep. Jon Switalski, D-Warren. "This plan specifically helps hard-working residents hold on to their homes by giving extra time for homeowners to work things out." In 2008, Macomb County ranked third in the state with 15,141 properties in foreclosure — a 13.5 percent increase from 2007. "In this tough economy, too many families are losing what they have worked so hard for," said Rep. Fred Miller, D-Mount Clemens. "Residents who meet their obligations deserve time to sit down with a counselor and their lender and work out a solution." In January, 1,246 foreclosures were reported in Macomb County — Warren ranked the highest with 261 and Clinton Township ranked second, reporting 162. "Our community has been hit hard by foreclosure and we must do everything we can to help our struggling residents," said Rep. Lesia Liss, D-Warren. "When someone we know is about to lose their home, we all are about to lose something of value. This plan takes real action to fight foreclosure." Michigan ranks seventh in the nation for foreclosures, according to RealtyTrac. More than 145,000 properties were in foreclosure in 2008 — a 21 percent increase from 2007 and a 108 percent increase from 2006. In January of this year alone, 11,418 foreclosures were reported in Michigan. For the full article, see "House OKs foreclosure reprieve", Macomb Daily, March 12, 2009. [Red Tape Blog] 11:03:40 AM     Michigan Department of Community Health Offers Smokers Assistance in Stopping Smoking. Michigan smokers and tobacco chewers trying to kick the habit can get free nicotine patches, lozenges or gum. The supplies, eight weeks worth, are being handed out by the Michigan Department of Community Health until April 30 or while supplies last. But there's a catch. Smokers and other tobacco users must enroll in a state-sponsored smoking cessation program to qualify, and tobacco users will be assigned a personal coach, who will help them aim for a date to quit. They'll also receive coaching sessions over the telephone. Dr. Devang Doshi, a lung specialist and smoking cessation expert for Beaumont Hospital, applauded the state for implementing the program. "This is a major health epidemic," he said. In 2007, MDCH data found that about 22.1 percent of Michigan adults smoked. Participants must be at least 18 years or older and be able to meet some basic health requirements. The nicotine patches and other supplies are free regardless of a smoker's income or health insurance. The state's Quit Line, (800)-QUIT-NOW, can be called 24 hours a day, seven days a week. In addition, the Arab American and Chaldean Council is offering a free nicotine patch for low income clients. Call (313) 369-4740 for information. For the full article, see Oralandar Brand-Williams, "State offers quitters free anti-smoking aids", Detroit News, March 12, 2009. [Red Tape Blog] 11:03:04 AM     New Websites Visit our Resources page for a listing of the new links we've added this week. 10:58:17 AM

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