Author Archives: Carol Morgan

Five Reasons You Might Need to Upgrade Your Insurance

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Homeowners insurance protects your upgradesOutdoor living spaces have been a hot home design trend for the past few years. If you have been one of the many who recently added an outdoor living space, like an expanded deck or porch with seating, outdoor fireplace or kitchen, gazebo, pool, hot tub, etc., it may be time to check your homeowners insurance policy to ensure that those spaces are covered.

A recent article on the Equifax Finance Blog, “

5 Reasons to Update Your Homeowners Insurance This Summer,” gives five situations in which you might need to re-evaluate your policy.

  • If you recently made an outdoor improvement (these spaces may or may not be protected in your existing policy)
  • If your outdoor property is in poor condition (ex: an old wooden deck with deteriorating planks)
  • If you need different coverage (like bodily injury protection)
  • If you need more coverage (like the kind you can get with an umbrella policy added onto your existing property)
  • It’s been a while since you reviewed your policy (you may be eligible for savings or discounts)

Get more insurance tips and advice at the Equifax Finance blog, as well as tips on other finance topics like retirement, taxes,

credit ratings, identity protection and more.

When Is the Best Time to Buy a Home?

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Real estate tips from Equifax

Real estate tips from Equifax

With all the excitement around markets picking up and mortgage rates edging back up, you may be one of the many considering whether or not now is the time to leap into the market to find your new home.

But is now the time? A recent webinar, ”

Is Now the Time to Buy a Home?” hosted by Equifax and presented by real estate pros Steve Cook, former vice president of public affairs for the National Association of Realtors and Equifax Chief Economist Amy Crews Cutts, addressed that very question. The debate is a classic question, but the bottom line is: real estate can be a worthwhile investment, provided you make smart decisions throughout the process.

The webinar discussed these further, suggesting listeners take the necessary steps to get the best possible investment. For example, despite low rates that are slowly rising, it can be hard for some to qualify for and get a mortgage. Getting a mortgage today is just as hard as it was a few years ago, and only 60 percent of those who apply for a mortgage are able to secure financing. Prepare for the mortgage application process in advance by getting your free credit reports, working to raise your score over the months prior to your home search and working on increasing your savings so you have as much as possible to put down and are in the best financial standing possible.

To learn more about market trends, growing your

credit ratings and more need-to-know facts about personal finance, check the Equifax Finance Blog!

Disaster Insurance 101

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Disaster Insurance 1The recent devastation caused by tornadoes in Oklahoma may have you thinking about what you should do to protect your belongings. In terms of insurance, the experts say that the most important thing you can do is accurately and thoroughly document your possessions, and the best way to do this is through taking photos and keeping receipts. An article on the Equifax Finance blog, “

Natural Disaster Insurance Claims: What To Do When A Natural Disaster Strikes” provides some helpful tips for how to prepare now for if you were to ever fall victim to a natural disaster.

  • Where you live will dictate the types of insurance you might need. Here’s a rundown:
    • Homeowner’s Insurance – required by lenders, it usually protects against wind and fire, but not against flooding
    • Commercial property insurance – protects your business or office space if it is damaged in a man-made or natural disaster
    • Flood insurance – flood zones change over the years, so you may believe that your home is not at risk, but it may be
    • Earthquake insurance – if you live in an area that is very near a fault line, this may be worth buying
  • Take an inventory of your home and belongings with photos and videos. Take photos of anything of value and then do sweeping video shots of your rooms, being sure to include furniture, artwork, etc.
  • Keep receipts of major purchases (like furniture, artwork, appliances, electronics, etc.). Keep receipts in a waterproof filing cabinet or even better, scan receipts into your computer and save them on a portable storage device.
  • Keep a list of your insurance policy numbers and contact information for your insurance company. Keep this list in a locked box near an exit in your home, in case you need to evacuate in a rush, you can grab it quickly and go.
  • Make your home as watertight as possible with storm-proofed roof, gutters, doors, window and basement.
  • Keep a first-aid kit easily accessible in your home.

Check out the Equifax Finance blog for more tips on insurance, credit reports, taxes,

identity theft information and more.

Developer Randy Allen Celebrates a 40-year Career in Real Estate

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North Carolina developer

Randy Allen, a developer located in Charlotte, has had a long and successful career in Carolina real estate, as well as up and down the East coast. His company, Randy Allen North Carolina Developer, has achieved success due to his hard work, professionalism and leadership.

Randy Allen entered the real estate world in 1972, immediately after college. He started out by designing and overseeing the development of single family homes, starting with tiny neighborhoods. Now, through is company, he oversees teams of contractors to develop communities with more than 1,000 homes. The communities Randy Allen has worked on often include planned developments with parks and other features, as well as locations with waterfront lots on manmade lakes and marinas.

Randy’s experience and professionalism grew over time, which led to him taking on even larger projects. In 2009, his company received an award from the American Council of Engineering Companies for a large-scale waste water treatment plant they built.

When asked about the secret to his success, Randy Allen attributed it to enjoying his work and having plenty of help, including that of quality contractors who have helped them build communities that they could be proud of. Randy’s colleagues have also praised his professionalism, creativity and ability to work well with his contractors.

For more information on Randy Allen North Carolina Developer, visit their website.

How Long Does a Late Payment Stay on Your Credit?

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LAte payment hurts credit report

LAte payment hurts credit report

Ever made a late payment on a bill? Maybe forgot about your credit card bill? Or have you ever been a few weeks late on your car note when money got tight? Are you looking now at a big purchase that’s going to require credit and you’re wondering how that late payment is going to look?

The Equifax Finance blog answers these questions and more in the recent post “

FAQ: How Long Do Late Payments Stay On My Credit Report.”

The article explains that positive information (like early payments and on-time payments) can stay on your credit report forever; but negative information (like that late payment) could stick around for seven years. Bankruptcies will generally stay for 10 years.

If you are concerned about what may be in your credit report, the Equifax experts recommend checking your credit report. This will tell you what you need to know about your credit now and where you will stand in terms of getting new credit; and will be starting board for building or repairing your credit, if necessary.

Check out the Equifax Finance blog to get more answers to your credit questions, and other topics like finance,

identity theft insurance, real estate, taxes and more.