Credit Questions? Just Ask Nicole

Mortgage Fraud & Detroit Pistons Lindsey Hunter: You Can Never Be Too Careful

What do you get when you mix a car salesman, a veteran NBA basketball player, a Realtor, a regular working man with excellent credit, and a $1.25 million home in West Bloomfield, MI?

A big, hot mortgage fraud mess!

It appears as though Detroit Pistons Lindsey Hunter is mixed up in a mortgage fraud scheme that's currently under investigation by the Wayne County Register of Deeds' Mortgage Fraud Task Force and the FBI.

Lindsey Hunter and his business partner Iron Johnson, both owners of L & I Enterprises, Inc., allegedly perpetrated the mortgage fraud scheme by using Bruce McClellan of Waterford Township, MI, as a "straw buyer" for a luxury home which eventually went into foreclosure.

At the core of this alleged mortgage fraud scheme is the excellent credit of Bruce McClellan. In exchange for a hefty payday, Mr. McClellan was willing to put his good credit on the line to finance a real estate transaction, which he never would've been able to do absent some sort of fraud taking place.

I'm sure that at the beginning of this once-in-a-lifetime type of deal involving a famous basketball player, things looked very promising to Mr. McClellan. However, it doesn't matter who you're dealing with, famous or not, you can never be too careful.

I won't bother rehashing the details here, but you can read all about the story in this week's Crain's Detroit Business, and also by visiting Flipping Frenzy, the mortgage fraud blog by Ralph Roberts.

I'm very interested in seeing how this whole thing unfolds.

Kids Need to Learn About Money and Credit at an Early Age

This past week I was busy preparing applications and proposals for submission to different school districts here in Michigan for a youth after school program focused on financial literacy.

I feel it's especially important for children to learn about money and credit at an early age so they can develop a strong foundation upon which to navigate the unavoidable financial facts of life.

Without some sense of financial awareness and some basic money management skills under their belt, children are put at a great disadvantage as they progress through different stages of life that are impacted by money and credit, such as graduation, marriage, home ownership, parenthood and retirement.

It's really a shame that so many young people lack a basic understanding of money. But it really comes as no surprise considering most children in this country never take a personal finance course by the time they graduate from high school.

School systems all across the country struggle with just making sure students meet the basic requirements for core subjects, like reading and math. So there's really no room for incorporating financial concepts into the curriculum. And with all of the budget constraints a lot of school districts face, many are not able to offer extra-curricular or developmental programs and activities related to personal finance. Financial literacy in schools is a national concern, but it is not currently a national priority.

And to add fuel to the fire, unfortunately, financial matters are not really at the forefront of what parents and guardians focus on teaching their children at home.

So how are these kids supposed to learn about money and credit?

Well, hopefully through an after school program like ours.

We'd hate for the kids to learn about fiscal responsibility the hard way through the "School of Trial and Error" or the "School of Hard Knocks," like a lot of adults already have. We want to see the children succeed and prosper in all of their financial endeavors as they move through life.

Credit Hour is strongly committed to preparing the youth to become more knowledgeable consumers, wise savers and investors, responsible users of credit, and smart decision makers.

So, let's hope all goes well with our pitch to the different school districts with our after school program.

The more children we reach, the more children we teach. And then each one will teach one. :-)

Senator John McCain: Mortgage Crisis, Foreclosures and Mansions

Someone just sent me this YouTube video focusing on Senator John McCain and comments he's made along the campaign trail regarding the current mortgage crisis and the high incidence of foreclosures here in the US.

The video appears to have been created in response to Senator McCain not knowing how many homes he owns when recently asked by a reporter. He told the reporter he'd have to get back to them with the information.

You've probably already seen the coverage of this story on the news, or heard it on the radio, or read it in the newspapers.

But, I was just wondering what you think about the whole thing because this video struck a cord with me.

I personally think Senator McCain is totally out of touch with the working class population of America. And not knowing how many homes or mansions he owns sure doesn't fare well with him being "in touch" with the majority of the people of this country.

Take a look at the video for yourself, and after watching, feel free to sound off your thoughts about it in the comments below.

"Hit him with the budget!" LOL!

This video gives a funny illustration of how money can just take you over, but you better be prepared to take over "Benjamin" instead!

"There's Something About Benjamin"

Don't be Surprised to See Me in the Dollar Store

Let me just start off by saying, I LOVE dollar stores. Not the junky, dirty and messy ones, but the nice, clean, and organized ones.

I often find some really cool and useful stuff in the dollar store. And I each time I go, it's like a mini treasure hunt because I never know what I'm going to discover seeing how the inventory constantly changes.

The other day, I happened to be in an area I don't usually frequent, and I stopped at a dollar store that I spotted. You know, just to see what goodies they might have. :-)

I'm doing my thing, just nosing around the store and picking up a few nick-nacks, when I hear a voice say "Nicole?"

I turned around and immediately recognized the person. It was someone I've casually encountered on a few occasions at various events around and about the metro Detroit area.

We engaged in the normal small talk, and then I was slightly taken aback when she said "I'm SO surprised to see YOU here."

I could tell it was a loaded statement just by the way she said it.

So I asked, "Surprised? How so?"

She said, "Well, I had no idea you shopped in dollar stores. I just didn't figure you for the type."

In my head I'm thinking... Type? What type? What the hell is that supposed to mean?!

Following a very bewildered expression on my face, still smiling nonetheless, I quickly responded, "Honey, it takes all types to shop in the dollar store! But what do you mean by that? I don't get where you're coming from?"

And she went on to explain that based on what I do for a living, by having my own business, and by seeing me around, she just didn't think I shopped in "those" kind of stores. She thought I was more of an "upscale shopper."

Trying not to be offended (because that's where it was headed), I promptly informed her that people from all walks of life shop at dollar stores - regardless of their occupation, their socioeconomic status, or how much money they have in their wallet. And she shouldn't be surprised to see Oprah or a destitute homeless person, or anyone in between, shopping in the dollar store.

I'll admit, I do like nice things. But I also like nice prices. Sometimes I splurge, but in general, I'm a frugal bargain shopper, and a firm believer in getting the most for my dollar, even if what I'm getting is in the dollar store.

The dollar store is my favorite place to buy gift bags, tissue paper, ribbon and bows, fun little craft supplies for kids, those long stem barbecue-type lighters, aluminum foil cooking pans, and toys for my dogs. Heck, I even found raincoats for my dogs at the dollar store!

Seeing as though a great part of my business involves helping consumers improve their credit, which encompasses improving their overall financial profile and saving money, why was it such a stretch for her to see me in the dollar store?

I don't get it.

I'd think that if anything, seeing me in the dollar store would come as no surprise at all.

Identity Theft Fraud Ring Bust All Over the News!

Since the indictment of 11 people yesterday in what is being called the largest identity theft case in US history, the story has been ALL over the news!

Unless you're somewhere hiding under a rock, there is no way you can miss the coverage of this story. I mean, it's all over national news channels, local news broadcasts, the radio, front pages of newspapers and the internet.

And as frightening as the story is, I'm relieved it's getting so much coverage.

Not only should consumers be made aware that outrageous things like this could happen, but it also serves as an important reminder to thoroughly check your bank and credit card statements every month, and to thoroughly review your credit reports at least once per year.

By keeping a close eye on your financial records, you stand a better chance of heading fraud off at the pass, and minimizing any financial damage or loss.

This international identity theft scheme targeted the financial information of US consumers, which resulted in over 40 million stolen credit and debit card numbers. The financial information was either used by the hackers themselves for their own personal gain, or sold off to other cyber-criminals all over the world.

The sophisticated fraud ring hijacked the credit card and debit card numbers, PIN numbers, passwords, and whatever else they could, from consumers who shopped at stores with vulnerable security networks: TJ Maxx, Marshalls, BJ's Wholesale Club, Office Max, Boston Market, Barnes & Noble, Sports Authority, Forever 21, DSW, and Dave & Busters.

I, for one, have shopped on numerous occasions at several of these stores, and it's not a good feeling to know that my personal financial information could potentially be out there being bought and sold all over the world.

Truth of the matter is, there's really no telling who's hands the breached information really ended up in, what they'll do with it, or when - if they do anything with it at all. And that's just not a very pleasant thought.

It truly amazes me how cyber criminals with so much intelligence and skill can put forth the effort and time to mastermind such an elaborate, fraudulent scheme, but couldn't do the same for something that was legal with the potential to make them just as much money, if not more.

In case you didn't already get enough of the story, you can check out the press release from the US Department of Justice, CNNMoney.com, the story in the International Herald Tribune, or just Google it!

What's Happening in August?

I've received more than a few emails and questions from people lately regarding:

• When is the next consumer credit or business credit class?
• Will you be holding any more classes soon?
• Will you be holding any classes in August or September?
• How far down on the wait-list am I?
• I'm on the wait-list, how much longer can I expect to wait?
• Can you move me to the top of the wait-list?
• How can I get on the wait-list?

So in response to these questions, I thought I'd give you guys an update...

For starters, this month I'm not conducting any credit classes and I'm not taking on any new NixFix credit restoration clients. But, that's just for this month only!

And here's why...

A lot of work is going on behind the scenes right now with Credit Hour, and I want to make sure things go according to schedule and as planned. Plus, I'm taking a little break. :-)

This is what's happening... the Credit Hour website is being re-designed, the web portal that delivers the consumer credit class is being re-designed and loaded with a lot of new features, the business credit class is being reviewed and edited to make sure all relevant information related to the current market is in there, and our private email notification lists are being ramped up and changed around a bit to make sure our messages get to you.

Plus, this blog will be getting a little make over too!

During the month of August, while I'm working on all this other stuff, I'll continue to post to this blog and answer your questions. I have quite a few questions to review and answer for you, so look for those to come your way soon.

And rest assured, if you're on the wait-list for the consumer credit or business credit classes, you haven't been forgotten about! You will be notified as soon as a class is available.

Classes will pick back up in September.

So, I hope this gives you a little insight. If you have any questions, feel free to submit them in the comments below, or by clicking here.

And if you're not already on the wait-list for a class, and you'd like to be added, just click here.