Tag Archives: equifax finance blog

Check Your Facts about Foreclosure with Equifax

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Equifax has many resources for homeowners facing foreclosure, which can help avoid nasty scams

Equifax has many resources for homeowners facing foreclosure, which can help avoid nasty scams

Mortgage foreclosure scams are up to nearly 60 percent this year and are still growing, according to the Homeownership Preservation Foundation (HPF), an independent national nonprofit which rescues homeowners from

foreclosures. However, not every program out there is a scam waiting to happen. Ilyce Glink, real estate expert for Equifax, shares a list of helpful, legitimate government programs designed to help homeowners avoid foreclosure in her post, ”

Avoid Foreclosure Scams with These Official Resources.”

Making Home Affordable (MHA) programs

HARP– The Home Affordable Refinance Program is intended for underwater mortgage homeowners who wish to refinance their home based on the current value and who are current on their payments.

HAMP– The Home Affordable Modification Program is designed for employed homeowners who are struggling to meet their mortgage payments. For eligibility, your mortgage payment must be more than 31 percent of monthly gross (pre-tax) income, and you must be a delinquent or in danger of falling behind mortgage payments.

UP- Apply for the Home Affordable Unemployment Program if you are unemployed. This will reduce your mortgage payments to 31 percent of you income or suspend them for 12 months.

PRA- Designed to help homeowners who do not own their loan, MHA’s Principal Reduction Alternative is for owners whose  homes are worth less than what they’re paying for.

The Making Home Affordable programs are just one set of programs designed to help homeowners avoid foreclosure. For more information on your credit, home insurance and

managing money, explore the Equifax Finance Blog.

Tax Credits and Exemptions for New Parents

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father holding babyChildren bring all manner of joy, including tax joy in the form of federal breaks and deductions. New and soon-to-be parents should keep up with these advantages in the tumultuous period of caring for a newborn. That’s where tax expert Eva Rosenberg comes in, giving us a primer on the Equifax Finance Blog, “

Tax Tips: Tax Implications of a New Baby.”

The first and biggest exemption for parents is going to be claiming a dependent, which in 2011 is worth $3,700 per child. This grows if you are a single parent, who also has access to head of household benefits. Head of household, single parent or otherwise, also enjoys lower tax rates overall, so it is certainly a benefit to take advantage of.

In addition, the Child and Dependent Care Credit is worth 20 to 35 percent of the first $3,000 per child paid for childcare while parents are working or studying. Both parents have to be working in order to use. In addition, there are child tax credits, and low-income families (married, filing jointly under $41,132 with one child) may be entitled to additional credits.

States also offer tax credits which will be very helpful for the big lifestyle change of becoming a parent. For more information about taxes in general, as well as all manner of financial tips, tricks and expert advice, check the

Equifax Finance Blog.

Does Your Insurance Policy Cover Sports?

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Child playing hockey

Child playing hockey

If you’re the proud parent of a child who plays sports, you probably already know the routine when the season starts: Buy new equipment, take your child to get a physical, submit the required

health insurance forms.

However, there may be some things you aren’t aware of, particularly in regards to your current policy. On the Equifax Finance Blog, Linda Rey shares some information regarding children’s health insurance. Her article, “

Sport Health Insurance for Kids: What Parents Need to Know,” provides helpful advice for parents to keep their children safe.

Rey advises parents to review their regular health insurance plan and make sure that sports insurance coverage is provided. Even though you probably won’t need a special insurance policy for most sports, parents should double-check their policies just in case. Also, most schools and leagues require a mandatory sports physical. If your child is participating in an activity that doesn’t require one, Rey still insists on the importance of physicals. Most exams should be covered by your health insurance, but reviewing your current policy is advised.

If your child plays for a team with out-of-state or international games, insurance protection may change. Be sure to ask an agent about out-of-area coverage or restrictions. Parents with children traveling internationally may also want to consider some form of travel insurance.

For more information on sports health insurance for children, read Rey’s full article on the

Equifax Finance Blog.

The Hidden Costs of Speeding

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car insurance

Even though we know it can be dangerous, most of us are guilty of speeding on certain occasions – being late for work, rushing home to watch a sporting event, etc. Aside from the obvious risks and dangers associated with going over the speed limit, there are plenty of other hidden hazards as well.

According to Equifax blogger Linda Rey, getting caught speeding will cost more than just the amount on the ticket. In “

Traffic Violations and Your Auto Insurance Policy,” she explains why you should think twice before putting your foot to the floorboard.

You may think that your speeding ticket is just an exchange between you, the police officer and the county courthouse. However, your

car insurance company is keeping tabs on you too. After all, they want to assess how much of a risk you pose and adjust your rate accordingly. Rey suggests slowing down and being more alert on the road. Not only will this keep you safe, but it will also keep your driving record pristine. And a clean driving record leads to a lower insurance rate.

Rey states, “I cannot express enough the benefits of slowing down, putting the phone down, and paying attention while you drive. Doing so won’t just provide you with a lower auto insurance premium—it may save your life.” To read her full article on the Equifax Finance Blog, visit the site at

http://blog.equifax.com and sign up to follow it on Facebook, Twitter or by RSS feed.