by Sonya Smith-Valentine on May 16, 2012
I had an interesting telephone call yesterday from an organization that I was considering joining. There was no membership application or link on their website. You basically had to send in an inquiry and then they called and “interviewed” you over the phone before deciding if you could be a member. I got the sense that my interviewer was reading from a script. After answering the questions, I was “welcomed” to the organization. Immediately my interviewer went into a sales pitch for the 2 tiers of membership (both of which turned out to be big bucks). I was asked to provide my credit card information to pay for my new membership. For half a second I forgot who I was and almost gave them my credit card number. Luckily living a financially fierce life is in my DNA so I quickly regrouped and began firing away with questions of my own. For example – “Can you send me and invoice in the mail?” They don’t send out invoices. The organization’s policy is to get payment over the phone at the time membership is offered. RED FLAG! is what I thought. Some stranger is calling me and wants me to just give up my VERY VALUABLE information just so I can have “membership”. I shut down the call with “I don’t have a credit or debit card on me”.
Whew, I dodged the possibility of being a victim of fraud or identity theft. I had no way if knowing if this woman was really calling from the organization nor did I know if the organization was legitimate. I almost forgot that because she handled the call like we were just having a conversation and didn’t get around to the pressured sales pitch until the end. We have gotten so used to giving out our information to just about anyone that we’ve stopped asking questions. Don’t worry about being seen as difficult – living a financially fierce life automatically allows you to question anything that could negatively affect that life. So the next time someone asks for your personal information what’s your response going to be?
by Sonya Smith-Valentine on May 6, 2012
Erica Sandberg recently wrote a great article comparing our borrowing habits in the 1960s to our habits today. It was an eye opening comparison. We as consumers were clearly better at some financial habits in the past. For women and minorities, though, financial access has improved from the 1960s. Ms. Sandberg was kind enough to reach out to me for her article entitled “Mad men money: Credit in the smoking era“ and used one of my quotes. So I encourage you to take a read of her article and then leave a comment here to tell me your opinion.
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on February 8, 2012
I am quite honored to be one of the contributing authors for the soon to be released “The GlamourLESS Side of Entrepreneurship: What They Didn’t Tell You About Being a Woman in Business“. This exciting book is designed as an inspiring guide for women to claim their financial independence through “informed and smart” entrepreneurship.
Knowledge is power and this book offers a clear and concise picture of what it is really like to be an entrepreneur – the untold truth. As contributing authors, we pull back the curtain and share our “behind the scenes” story of what we have experienced as woman entrepreneurs. We share the unexpected challenges that no one ever told us about. The contributing authors in the book have been in business for 4 years, 8 years, 10 years and even longer.
You can pre-order your copy today. You can either receive the book in the mail or you can pick it up at the Book Release Event on March 3rd at the Aloft at the National Harbor from 10:30 am to 1:30 pm. If you join us at the Book Release Event, I’ll gladly autograph your copy for you.
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on January 25, 2012
I’ve got to say that I am tired of people looking for miracle cures for their credit and debt issues.
I received a call from someone who has a judgment on their credit report and wants it off. I expected that they were going to tell me that it wasn’t their judgment. Wrong. They admitted that a judgment was issued against them but ”it shouldn’t be on my credit report because the judgment should not have been issued against me.”
The problem stems from an apartment lease. The apartment complex sued the tenant after they moved out for damages to the apartment. Tenant claims that there was no damage. When the tenant was sued did he show up in court and defend his position? No, of course not. So the court only heard from the apartment complex and issued a judgment against the tenant. Now the tenant wants me to pull out my miracle cure and remove the judgment from his credit report. Sorry I can’t part the Red Sea and I can’t feed the multitudes from a loaf of bread. Only Jesus can do that.
What this guy didn’t understand is that his time to fight about this judgment has come and gone. He should have shown up in court and fought the case. If the judge heard from him in court, there might not be a judgment today. No matter what the “credit repair” folks tell you, if a judgment has been issued against you by a court, there is no way to remove it from your credit report without first getting the court to vacate the judgment. That’s it. That’s the only way.
Don’t get mad at me because I don’t have a miracle cure.
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on January 10, 2012
So it’s 2012. You’ve probably already broken your promise to start to get your finances in order. It’s hard to keep those new year’s resolutions, especially when it comes to money.
Well getting your financial house in order is not about resolutions. It’s about emotions. Most people experience financial troubles due to emotions. You were depressed so you went out shopping with the credit cards although you didn’t have the money in the bank to cover the purchases. You’re mad at your spouse so you went out and splurged on a new car with monthly payments that you can’t afford. Or something like that. Sound familiar?
It’s easy to get into debt with emotional spending. Getting out of debt is something different. You have to be emotionally and mentally ready for a change. Otherwise you’ll never make it. Walking to right path to financial freedom requires some serious behavioral changes that most people can’t commit to. Are you ready to commit?
This year I plan to give it to you straight. Your feeling will probably get hurt along the way. That’s a good thing. You need to get pissed so you can get on track financially. I am going to tell you what you need to hear, not what you want to hear. It will probably go down bitter. Bottoms up!
If you are ready to leave the recession behind and do something financially different, join me on the journey. It will be a rough ride but you’ll be glad you got in the car.
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on September 28, 2011
I frequently get asked for referrals to accountants given my CPA background. I wanted to give information on two accountants that can help you get your taxes in order.
The first is S A Johnson Accounting & Tax Services. The website is www.sajohnsonaccounting.com. Stacey Johnson is the President and has over 18 years of experience.
The second is Williams Accounting Services. The website it www.janaewilliams.com. JaNae Williams is the owner and provides tax planning and preparation services.
If you contact them for tax help, make sure to tell them I sent you!
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on August 26, 2011
Tired of going to marketing conference after marketing conference or sales conference after sales conference and your business is still struggling?
Even if you’ve made $500,000 in sales, your business may still be broke because you spent $497,000. You can’t live on $3,000 a year.
You need to learn the skills necessary for running a profitable business. It takes more than just marketing to have a successful business. It requires knowledge on how to run a business. From evaluating expenses to handling legal issues, running a business requires you to wear many hats. If you don’t understand the various roles you must play, let alone know what some of the business management roles are, your business is in trouble.
Come and learn how to put your business in the best possible financial position it can be in. Join me and my team of premiere business experts at the FINANCIALLY FIERCE Women’s Conference this fall. Find out more about the conference and how to its going to change your life.
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on July 6, 2011
A Financially Fierce Woman knows her financial picture in her life and in her business. She accepts her current financial situation. She invests the time and money to learn how to improve her personal and business finances. And most importantly, a Financially Fierce Woman takes financial action.
Are you a Financially Fierce Woman?
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on June 28, 2011
Teletrack Inc. has agreed to pay $1.8 million to settle FTC charges that it sold credit reports to marketers in violation of the Fair Credit Reporting Act (FCRA). Teletrack sells credit reports and other services to payday lenders, rental purchase stores and auto lenders – companies that mainly serve financially distressed consumers.
The FTC alleges that Teletrack created a database of information that it gathered through its credit reporting business. It then sold the information to marketers – including lists of consumers who had applied for non-traditional credit products.
For example, Teletrack sold lists of consumers who previously sought payday loans to companies that wanted to use the information to target potential customers. The FTC alleges that these marketing lists were credit reports under the FCRA because they contained information about a consumer’s creditworthiness. The FTC charges that Teletrack violated the FCRA, which makes it illegal to sell credit reports without a specific “permissible purpose” . Marketing is not a permissible purpose.
“The fact that a consumer has applied for a payday loan is credit report information protected by the FCRA,” says FTC Bureau of Consumer Protection Director David Vladeck. “The FCRA says a credit reporting agency like Teletrack can’t sell a consumer’s sensitive credit report information for mere sales pitches.”
The settlement order resolving the FTC’s charges requires Teletrack to furnish credit reports only to those people that it has reason to believe have a permissible purpose to receive them under the FCRA, or as otherwise allowed by the FCRA. It also requires Teletrack to pay a civil penalty of $1.8 million, and contains reporting and record-keeping requirements to ensure the company’s compliance with the decree. According to the FTC, the settlement seeks to protect consumers’ privacy by ensuring that their sensitive credit report information is not sold for marketing purposes.
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
by Sonya Smith-Valentine on June 21, 2011
Every day we hear about a big corporation being hacked and our information being put at risk. I used to be afraid every time one of those stories came on the news. I would pull my credit report every 5 minutes. I got credit monitoring. But I still didn’t sleep well. I was afraid of what the Big Bad Wolf (the hacker) would do with my information.
One day, I realized the problem was that I was being reactive instead of proactive. I was determined to get my sleep back. And I did.
As you know, I was a practicing attorney for more than a decade and ran my own law firm. During those years, I sued the credit bureaus on behalf of my clients quite a bit. I learned many a thing about the credit reporting system. One of the most important things I learned about was something called a credit freeze.
Credit freezes gave me my sleep back. Each credit bureau allows you to place a “credit freeze” on your credit report. (Experian, Equifax, Trans Union credit freeze) The freeze prevents the credit bureaus from giving any new potential creditor access to your credit file. And no potential creditor is going to open up a new account without first seeing someone’s credit report. Hence, a way to be proactive.
A credit freeze does not affect your credit score in any way. It also does not affect your relationship with any of your current creditors. Your creditors can still access and report on your credit report. You can also still access your credit report with a freeze on your file.
But it does prevent the ability to access new credit. Unless you’re in the market for a new loan, there is no reason to keep access to your credit file open. The great part is you can “thaw” or un-freeze your credit report at any time. You can thaw it for a particular company or for a particular period of time (ex. a month). And at all other times, access to your credit report is locked down.
So even if Mr. Big Bad Wolf has gotten access to my personal information, he can’t go on a spending spree with it. He can’t destroy my good name by opening up a ton of new fraudulent credit card accounts. And I can sleep at night. And sleep sure does feel good.
If you find this blog useful, imagine how much more successful you, your organization or your members can be at solving financial issues with you & me working together! To see how we can work together, visit http://www.sonyasmithvalentine.com/speaker
