HUD Housing Counseling Exam Questions and Answers with Approved Solutions

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HUD Housing Counseling Exam Questions and Answers with Approved Solutions Rental Obstacle + Solutions: Low Income ✔✔-Some Renters reject people whose Rent would be more than 30% of GMI -Solut... ions -Apply for Housing Assistance -Expand housing search areas -Get a roommate -Move in w/family or friends Strategies for decreasing expenses and debt ✔✔Prioritize "needs over "wants" -reduce or eliminate "wants" -cancel or downgrade services(e.g. cable, telephone) -limit miscellaneous spending - stick to a shopping list - pay off a loan or credit card - move to more affordable housing - change insurance coverage to lower premiums Fair Credit Reporting Act (FCRA) ✔✔-Right to know what is your file -Right to dispute incomplete or inaccurate information - Access to your file is limited only to people w/valid need (i.e, creditor, insurer) -You may seek damages from violators (sue) - States have their own rules which additionally project What documents to use when tracking income ✔✔-Paychecks, direct deposits slips - If self-employed, income + expenses sheet - Additional income checks or cash - Government benefit letters Site to obtain free credit report ✔✔www.annualcreditreport.com Chapter 13 bankruptcy ✔✔Allows individuals w/regular income to develop a plan to repay all or part of their debts over 3 to 5 years can stop foreclose sure proceedings + may delinquent mortgage payments over time Steps to take if victim of identity theft ✔✔-Place a fraud alert w/the credit reporting agencies - order credit reports to review + identify inaccuracies - create an identify theft report obtain ID theft affidavit from the FTC - File a police report Fair and Accurate credit Transcription Act (FACTA) ✔✔-Right to free annual credit report - Right to place a fraud alert on your credit file - Receipts may not include entirety of credit card #s Four Steps of Asset building ✔✔1.Chose the right bank or credit union account 2. Build savings for emergencies + Large purchase 3. Invest for retirement 4. Take advantage of tax credits Fair credit billing Act (FCBA) ✔✔-You can dispute billing errors associated w/credit card [Show More]

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