Financial tips for couples

Across the country there are thousands of cheerful couples saying "I do" to a lifetime of love and dedication. You have to wonder how many of these brides and grooms are aware that they could also be saying "I do" to hefty mortgage payments and troubled credit reports. Understanding the financial commitments that come with marriage can help to maintain marital bliss long after the ceremony. Here's what you need to know:

1. Talk About It - Openly discussing your finances with your fiancé is the best way to prevent future disagreements. Talk about your spending habits, your savings and your financial goals so that you will both be on the same page. Develop a plan for managing your money after the wedding. Will you open joint accounts? How much do you want to save each month? Work together to create a money management strategy that fits your needs.

2. Wedding Expenses - Planning the wedding of your dreams can sometimes lead to a nightmare of debt. The average wedding now costs $22,000, according to the Condé Nast Bridal Infobank, a hefty sum that can lead to big credit card bills after the honeymoon ends. Talk with your fiancé about how much you can afford to spend without breaking the bank. Be creative about cutting back your budget: using potted flowers and making the invitations yourself can help you shrink your costs without reducing your style.

3. Credit - Understanding your sweetheart's credit history can help you avoid future surprises. Your fiancé's credit could have a dramatic impact on your rates for co-signed loans and joint accounts in the future. If there are past credit problems, work together to clean things up and reduce debts. Starting your new life together could be a lot smoother with good credit.

4. Joint Accounts - Don't worry, your credit reports won't automatically merge together when you get married. Only when you open a joint account, become an authorized user or co-sign on a loan will a record appear on both your credit reports. Combining your finances this way can be a great way to get the best deal on a major purchase. Be careful though, any negative reporting associated with the account could mean double damage.

5. Love Nest - If you are planning on buying a home together, give yourselves at least six months to save up a down payment and reduce your debt-to-income ratio. A few months of financial improvement can help you save thousands on your mortgage.

6. Stay Focused - Above all else, don't let money problems come in the way of your love for each other. Talk honestly about your financial concerns and work together to get through the hard times. Your relationship is far more valuable than anything money can buy.

For more information contact Mark Bustamonte at 954-707-2932 or visit

Financial Education Services (FES) and FES Protection Plan

VR Tech announces name change to Financial Education Services

At the first annual National Convention in Atlanta, GA in February 2010, VR Tech Marketing Group announced the name change to Financial Education Services (FES) to better identify the mission of the company and related product line.

Coral Springs, Florida (PRWEB) March 5, 2010 -- VR Tech Marketing Group, in order to better identify it mission, products and services, announced a name change to Financial Education Services (FES).

VR Tech Marketing Group, now Financial Education Services (FES) has been in successful operation for over 7 years. FES has worked with consumers since 2003 to help educate consumers about the importance of credit as well as providing resources to help consumers improve and maintain there credit rating.

Financial Education Services over the years has continued to build it's product line by adding products that enhance the credit restoration process. FES recognizes that the key to helping someone that has credit issues requires more then just deleting derogatory items from the credit report.

Some on the enhancements include the VR Tech Prepaid MasterCard as well as the UltraScore program. The prepaid MC offers an unsecured minimum line of credit that is acquired by applying a direct deposit from an employer to the consumers card. This ensures the repayment of the unsecured line as well as building good payment history.

UltraScore provides a comprehensive credit analysis for the consumer as well as an "Action Plan" to help the consumer understand all the components of there credit profile and what they need to do in order to maximize there credit in the most efficient manner.

Another major announcement that was made a the National Convention was the creation of the YFLF (Youth Financial Literacy Foundation) and the YFL (Youth Financial League) designed to help teach youth the importance of being financially literate. This program is geared toward youth ages between 8 to 18. This program will provide interactive web based teaching modules. Youth that complete the financial curriculum will be eligible for educational scholarships.

As well introduced was the launch of the FES Protection Plan. The FES Protection Plan is holistic approach to help consumers protect all areas of their finances and includes: Positive Credit Builder, Identity Theft Protection, Estate Planning, FES Debtzero.

FES Debtzero is a web based application that helps consumers to establish a clear and precise method of eliminating personal debt, secured or unsecured, in the most effective way. This tool will show the consumer how to repay there debt while creating discretionary income for savings.

Financial Education Services (FES) with it's long history of success as a company and very high valued products is positioning it self to be a major player in the revitalization of the economy by address the issue of financial illiteracy in communities all across the country.

For additional information about how you can on Financial Education Services (FES) please contact Mark Bustamonte at 954-707-2932 or visit https://www.myfinancialeducationservices.com.

About Financial Education Services (FES):

Financial Education Services, Inc. ("FES") is primarily engaged in providing financial education services and products for the benefit of a federal credit union, its members, the members of other credit unions contracting with FES, and to prospective credit union members.

For more information contact:

Mark Bustamonte, Sales Director Financial Education Services 954-707-2932

Financial Education Services and Prime Financial Credit Services Financial Empowerment Network Team

What version of FICO is being used to generate my score?

Remember when Microsoft's Windows '95 was getting all the press? Since then there have been a multitude of newer and better versions of the operating system, and right now Microsoft is promoting Windows 7. FICO is nothing more than a software algorithm that crawls through the data on your credit report; much the same way as Google will crawl through web sites looking for content. The purpose of the FICO software is to try and predict your chances of defaulting on future debt obligations within the next 2 to 3 years. So how many versions of FICO are out there?

At least three that we know of. Until recently, the mortgage industry was able to use a version written back in 1998. This was only available for the data contained in a Trans Union report, but nevertheless, there were instances when the 1998 version gave you a higher Trans Union FICO score, and those 5 to 10 points were sometimes the difference in getting a loan.

Most banks using FICO are using the version created in 2004, which is commonly referred to as FICO Classic. The Fair Isaac Company is aggressively promoting the newest version of FICO which has been dubbed FICO '08.

Tiny URL for FICO '08 Video http://bit.ly/4QRlth

Is Credit Repair Ethical?

Most Americans know that it is possible to have information changed on your credit report, but many are concerned about whether or not it is ethical.

This begs the question: If you were to start up a credit reporting agency, how would you go about it? After all, isn't that what Experian, Trans Union and Equifax have done?

Well what would you do? The process requires that you contact a variety of financial institutions, taxing authorities, collection agencies, etc. and then propose to pool that information into one record source that could be mutually accessed by all participating members. The credit agencies love to say, "don't shoot the messenger", but in fact, they have solicited, finagled, begged, pleaded and bought their way into the "messenger" position. This is the very reason why there are 3 main reporting agencies and not just one – competition for business!

Once you understand that, the Fair Credit Reporting Act makes a lot of sense. You see, since 1971, and with numerous amendments and subsequent Acts passed by Congress, the issue at stake is not their capacity to report, but rather, the privacy of US citizens.

Trust me; these agencies would report your age, sex, religion, bank account balances, health records, blood pressure, driving record, and your grades from elementary school if they thought they could get away with it. The core purpose of the FCRA and other Acts like the Fair and Accurate Credit Transactions Act is to place the burden of proof upon the credit agencies, and NOT the consumer.

It is as if the credit agencies are writing a book on every financial relationship you've had since age 18, and they offer, on the cheap, to sell that book to anyone who wants to join the book club. When a consumer attempts to challenge the information contained on their report, they are merely calling for a "fact check" with the publisher. The FCRA requires that information contained on a consumer report be 100% accurate, complete, and verifiable.

Back to the ethics question. Let's say I own a million-dollar home with a million-dollar mortgage balance. I've never been late. Is it really EVERYBODY'S business to know how much I owe, when the debt was taken out, whom is obligated on the debt, the current balance, which bank, the payment amount – and ALL of that in addition to the payment history? Wouldn't it be sufficient to state "George pays his mortgage on time?" A person inclined to privacy might want to have that information deleted, even IF they pay on time. The fact that someone chooses to challenge the negative information is merely an expression of their right to privacy. Let's hope we never get too cavalier about that.

I am a member of the Financial Empowerment Network Team and Prime Financial Credit Services

Your Credit Score Is Yours to Control

Are you confused by credit, and how to create a better credit score? Don't feel bad, many consumers and business people find it hard to understand why their credit score is low. They pay their bills. And when they are a little late on a payment, they pay extra fees to the Lenders to make up for that. The Lenders enjoy great profits, and yet, the Borrower gets penalized more. Is it fair? I say NO! Enough! It's time for us to take control of our credit scores, and get them to reflect accurately, what kind of people we really are. In fact, the United States government agrees. Toady, there are laws to protect us, and allow us to take back control of our credit histories and credit scores.

Use these laws to make sure you aren't forced to pay more for auto loans, credit cards, mortgages, insurance and utilities. Besides costing you more money in monthly bills, we've been hearing more about people who get job offers that are later taken back, because of a "bad" credit score, a result of having been out of work for a year or longer. They didn't use credit to support a luxurious lifestyle. Ironically, they are penalized by taking away the very thing that they need to get back on their feet and to get back to paying their bills. Is it just me, or does it seem ridiculous to you as well? Credit reporting agencies, and Lenders, seem to believe that it's their right to penalize consumers to any level that they choose. The US government says it isn't their right. It is their right to report late payments and defaults on payment agreements, to the extent that they report it accurately. Is the information on your credit report accurate?

Frits Tessers is a member of the Financial Empowerment Network Team and Prime Financial Credit Services
you can also visit Personal Coaching for more information on Frits Tessers.