MoneySmart Week: Your Credit Score

What’s your score? 730. 640. Do you know?

Developed in 1989, a credit score has become a crucial component for many financial decisions by individuals and financial institutions.

Its true name is a FICO score, which was developed by Fair, Isaac and Company. In observance of Money Smart Week, April 21-28, it’s time to learn more about your use of credit and its implications.

When being considered for a loan or mortgage, new credit card, renting property, and even a job, your credit score is likely to be one determinant of the final decision made.

Those with higher scores can pay lower loan interest rates or get the apartment or job!

Knowing your credit score is downright important.

Utilizing many factors, especially

• payment history,
• ratio of credit used to credit available on credit card accounts,
• number of open accounts and their longevity, and
• bankruptcy,

each of three national credit bureaus calculates your credit score. It can be different at TransUnion, Equifax and Experian based on the version of the scoring algorithm used and the data collected by the credit bureau.

Reviewing all three of your credit reports is an important way of being money-wise. Checking the accuracy of all of the information and finding out who has been checking on you allows you to evaluate your situation when considering additional accounts or borrowing.

Under federal law, you may request a free credit report each year from each credit bureau at www.freeannualreport.com or 1-877-322-8228. You will not receive a free credit score with the report, but that can usually be purchased online for less than $10.

Other sites can provide your credit report but there will be a charge for it.

Some individuals stagger their credit report requests every four months so that they can get new information throughout the year.

If any errors are found in the report, you may file a challenge with the credit bureau in writing and it must be investigated within 30 days. More information on the process for filing a dispute is located at https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports.

Conversely, too many credit card accounts can harm your insurance score. Many insurance companies set your premiums on your use of credit. The basic philosophy is that the more accounts you have, there can be a higher likelihood of filing false insurance claims.

Be Money Smart – take your credit’s temperature periodically to avoid scorching moments down the road.

If you have questions on credit issues, you can contact West Virginia Senior Legal Aid www.seniorlegalaid.org for assistance. To be eligible to talk to our staff attorney, you must be a West Virginia resident at least 60 years old and must be the one to call 800-229-5068. We’re here to help!

TOMORROW 4/17 is last day to register to vote for primary, and new WV voter ID law in place this year

April 17, 2018 is the last day you can register to vote in the May 9, 2018 primary in West Virginia.

In 2017 the WV Secretary of State's office purged over 47,000 names from the voter rolls who were presumably ineligible (duplicates, deceased, etc.). You can check the status of your own voter registration to be sure you weren't among those 47,000 by going to https://services.sos.wv.gov/Elections/Voter/AmIRegisteredToVote and entering your name and SSN.

This year you will have to present ID at the polls to vote, according to a state law that went into January 1. WV Code §3-1-31 Don't worry, it does not have to be a picture ID. These requirements don't apply if you vote absentee. Here's a list of the acceptable forms of ID you submit when you vote at the polling place:

• Voter registration card
• Medicare card or Social Security card
• Birth certificate
• WV hunting or fishing license
• WV SNAP ID card
• WV TANF program ID card
• WV Medicaid ID card
• Bank or debit card
• Utility bill or bank statement issued within
• six months of the date of the election
• Health insurance card issued to the voter
• WV driver’s license or other WV ID card
issued by the DMV
• Driver’s license issued by another state
• U.S. passport or passport card
• Military ID card issued by the U.S.
• U.S. or WV Government employee ID card
• Student ID card
• A concealed carry (pistol/revolver) permit

If you can't produce any acceptable ID you can still vote if you bring an adult who has known you at least 6 mo to complete an affidavit about your identity.

If you can't produce valid ID or a friend who knows you you can cast a provisional ballot.

It's National Healthcare Decisions Week

Cousin Eggbert could be the person making important medical decisions for you unless you plan otherwise.

Is that all right with you?

We know we should fill out the medical power of attorney to govern what happens when we can’t handle the choice of medical options for ourselves, but we don’t always get around to it.

Never fear, the state has a fail-safe plan in place.

If you haven’t completed a medical power of attorney before you need it, a health care surrogate can be appointed for you by your physician. That’s how Cousin Eggbert could enter the picture.

In observance of National Healthcare Decisions Week (April 16-22), take the steps to fill out your medical power of attorney. Don’t let procrastination change the path of your life. You have the right to control who makes those crucial medical decisions on your behalf.

West Virginia has a form for a Medical Power of Attorney and a form for a Living Will (to specify end-of-life choices) with questions and answers about both available at http://wvethics.org/media/12077/faq-2016-word-version-complete.pdf

You can consult with a social worker at a hospital or other medical facility to work out choices you are comfortable with. For this type of document, an attorney is not required.

If you have questions on this important decision or other important legal issues, you can contact West Virginia Senior Legal Aid for assistance. To be eligible for this free service, you must be a West Virginia resident at least 60 years old and must be the one to call 800-229-5068. We’re here to help!