Federal or state securities laws require brokers, investment advisers, and their firms to be licensed or registered, and to make important information public. But it's up to you to find that information and use it to protect your investment dollars. The good news is that this information is easy to get, and one phone call or web search may save you from sending your money to a con artist, a bad financial professional, or disreputable firm. 

Before you invest or pay for any investment advice, make sure your brokers, investment advisers and investment adviser representatives have not had run-ins with regulators or other investors. You also should check to see whether they are registered or licensed. This is very important, because if you do business with an unregistered securities broker or a firm that later goes out of business, there may be no way for you to recover your money — even if an arbitrator or court rules in your favor.

Brokers and Brokerage Firms: The Central Registration Depository (or CRD) is a computerized database that contains information about most brokers, their representatives, and the firms they work for. For instance, you can find out if brokers are properly licensed in your state and if they have had run-ins with regulators or received serious complaints from investors. You'll also find information about the brokers' educational backgrounds and where they've worked before their current jobs.

You can ask either your state securities regulator or the Financial Industry Regulatory Authority (FINRA) to provide you with information from the CRD. Your state securities regulator may provide more information from the CRD than FINRA, especially when it comes to investor complaints, so you may want to check with them first. You'll find contact information for your state securities regulator on the website of the North American Securities Administrators Association at http://www.nasaa.org/QuickLinks/ContactYourRegulator.cfm . To contact FINRA, either visit FINRA's BrokerCheck website at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm or call FINRA's toll-free BrokerCheck hotline at (800) 289-9999. 

If you have a complaint about a broker or brokerage firm and it is not been adequately resolved, contact the Securities and Exchange Commission. At the SEC, they will research your complaint, contact the firm or person you have complained about and ask them to respond to your specific complaint or question. Sometimes their intervention yields a satisfactory result. If these steps don't work, you may need to take legal action on your own. They can send you information on mediation and arbitration, and suggest how to locate a lawyer if you need one.
For more information contact
Securities and Exchange Commission,
Office of Investor Education and Advocacy,
100 F St., NE, Washington, DC 20549;
http://sec.gov/complaint/selectconduct.shtml

The Federal Trade Commission has many publications to get you on the road to good credit and can also tell you your rights in dealing with collection agencies. Contact Public Reference, Room 130, Federal Trade Commission, Washington, DC 20580; 877-FTC-HELP; www.ftc.gov; You can also get free counseling at your local County Cooperative Extension Service listed in the government section of your phone book under County Government. Or
contact one of the non-profits that can help with your debt:
National Foundation for Credit Counseling,
801 Roeder Rd., Suite 900,
Silver Spring, MD 20910; 800-388-2227;
www.nfcc.org;

or Credit Counseling Center of America,
P.O. Box 830489, Richardson,
TX 75083; 800-493-2222;
www.cccamerica.org.

Remember that these non-profits get money from credit card companies so they are not likely to explain your bankruptcy options to you.

Under the Fair Credit Reporting Act, both the consumer reporting company and the information provider (the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider if you see inaccurate or incomplete information.

Tell the consumer reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report that you dispute, state the facts and explain why you dispute the information, and request that the information be deleted or corrected. You may want to enclose a copy of your report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document what the consumer reporting company received. Keep copies of your dispute letter and enclosures.

Consumer reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.

When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report under the FACT Act.) If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that the information is, indeed, accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.

If you request, the consumer reporting company must send notices of any correction to anyone who received your report in the past six months. A corrected copy of your report can be sent to anyone who received a copy during the past two years for employment purposes.

If an investigation doesn't resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. Expect to pay a fee for this service. 
For more information contact
Federal Trade Commission,
Consumer Response Center,
600 Pennsylvania Avenue, NW,
Washington, DC 20580; 877-FTC-HELP;
http://www.ftc.gov

If you're not disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofits and work with you to solve your financial problems. But be aware that just because an organization says it's "nonprofit," there's no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or pressure consumers to make large "voluntary" contributions that can cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.  Some credit counseling agencies include those offered through the U.S. Department of Housing and Urban Development at 800-569-4287;  http://www.hud.gov/offices/hsg/sfh/hcc/hcc_home.cfm 
For more information contact
Federal Trade Commission,
Consumer Response Center,
600 Pennsylvania Avenue, NW,
Washington, DC 20580;
877-FTC-HELP;
http://www.ftc.gov

When you finance a car, whoever loans you the money holds the title until the last payment has been made.  If you are late on a car payment, the creditor can repossess your car without warning or any court action.  They can even sell your contract to someone else and they can take your car.  But some states have rules that limit the ways a creditor can repossess and sell a vehicle to reduce or eliminate your debt.  If any of the rules are violated, the creditor may be required to pay you damages. 

Once you default on your loan your creditor has legal authority to seize your vehicle.  Read your contract carefully to find out what constitutes default.  If your creditor agrees to change your payment date or other contractual obligations, get it in writing.  Your original contract might possibly no longer apply.  Creditors are allowed on your property to repossess your car, but they may not commit a breach of peace.  Sometimes going into a closed garage is considered a breach of peace. 

If your car is repossessed, it can be sold, but in some states you must be notified of the sale.  You may be able to buy back your car by paying the amount owed plus any expenses.  Some states say that creditors may not sell person property found inside the car.  If you car is not sold for an amount that completely covers your obligations, you can be sued for the remaining money owed. 

Make sure to talk to your creditor if you are going to be late on a payment.  They may be willing to work with you.  If you know you cannot afford the payments, you may reduce your creditor’s expenses if you voluntarily agree to repossession.  To learn more go to the Federal Trade Commission’s website at http://ftc.gov/bcp/menus/consumer/autos.shtm  To file a complaint against a creditor go to https://www.ftccomplaintassistant.gov/ 
For more information contact
Federal Trade Commission,
Consumer Response Center,
600 Pennsylvania Avenue, NW,
Washington, DC 20580;
877-FTC-HELP;
http://www.ftc.gov

Living paycheck to paycheck? Worried about debt collectors? Can’t seem to develop a workable budget, let alone save money for retirement? If this sounds familiar, you may want to consider the services of a credit counselor. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But beware — just because an organization says it is “nonprofit” doesn’t guarantee that its services are free or affordable, or that its services are legitimate. In fact, some credit counseling organizations charge high fees, some of which may be hidden, or urge consumers to make “voluntary” contributions that cause them to fall deeper into debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

You deposit money each month with the credit counseling organization. The organization uses your deposits to pay your unsecured debts, like credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates and waive certain fees, but check with all your creditors to be sure that they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or longer to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You also may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.

There are two places to contact when you need a lawyer, but can’t afford one. The Legal Services Corporation provides free legal services to those that meet certain income requirements. They have offices throughout the country.
For more information contact
Legal Services,
Corporation, 333 K St., NW,
3rd Floor, Washington, DC 20009; 202-295-1500;
http://www.lsc.gov/
Many lawyers work pro bono depending upon your situation. Contact your state bar association to see if someone there can direct you to help. The American Bar Association website can help you locate a lawyer, learn your rights, learn what you can do if you are having trouble with your lawyer, and more.
Contact
the American Bar Association,
321 N. Clark St.,
Chicago, IL 60610; 312-988-5000;
http://www.abanet.org/legalservices/findlegalhelp/home.cfm

An association of concerned parents helps others learn about their rights and the remedies available for collecting what is due to them. Some services are free. They can show you that you don’t need to use a professional collection agency, and they will even contact officials on your behalf.
Contact
Association for Children for Enforcement of Support (ACES),
3474 Raymont Blvd.,
2nd Floor, University Heights,
OH 44118; 678-318-1481;
http://childsupport-aces.org/index.php

The National Veterans Legal Services Program (NVLSP)has been fighting for the rights of veterans for over 25 years. The do so by providing advocacy and training, publications, and pro bono litigation for an appeal to the U.S. Court of Appeals for Veterans Claims.
To view the publications or to learn more contact National
Veterans Legal Services Program,
P.O. Box 65762, Washington, DC
20035; 202-265-8305;
http://nvlsp.org/

Do you feel your lawyer is over-charging you and is mistreating you in some way? These issues and more are handled by an agency or board that licenses this profession. Each state has an agency that investigates complaints against lawyers and law firms. These offices will investigate complaints about lawyers practicing in their state, and if necessary, take disciplinary actions on your behalf, that can include reprimands, dismissals, suspensions, and even disbarments. Many of these offices will help arbitrate disputes about fees between you and your lawyer, and some also have set up funds to reimburse clients who have had money stolen by their lawyer.
To learn who to contact in your state go to
American Bar Association,
321 N. Clark St., Chicago,
IL 60610; 312-988-5000;
http://www.abanet.org/cpr/regulation/scpd/disciplinary.html

Getting behind on your mortgage payment is a frightening situation.  You could lose your home!  In fact, the foreclosure rate has gone up 93% since July 2006 according to RealtyTrac, an online marketplace for foreclosed properties.  This works out to one in every 693 households being in foreclosure.  In our research on this topic, we heard this advice time and again-

1.  Contact the Home Ownership Preservation Foundation at 888-995-HOPE; www.995HOPE.org, which is part of neighborhood Works Center for Foreclosure Solutions.  This is a non-profit organization that has trained foreclosure prevention counselors on staff who will help homeowners with budgeting help, a written financial plan, assistance in contacting the lender, and referrals to other resources.  This hotline is available 24/7 and counselors answer the phone.  The Neighborhood Works program also has over 200 sites across the country where you can learn about pre-purchase counseling, home repair programs, and more.  You can check them out at http://www.nw.org/network/home.asp

2.  HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages. This webpage allows you to select a list of agencies for each state http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or you can call online at 800-569-4287.

3.  For those in Disaster Areas:  If you live or work in an area declared a disaster by the President and the hurricane, tornado, flood, wildfire, or other natural or man-made event damaged your home or reduced your income, your lender will provide disaster relief for 90 days on an FHA-insured loan and in most cases for other loans.

4.  The Federal Housing Administration will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program.  FHASecure will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default- to qualify for refinancing.  This program is effective immediately.  Many families were doing fine until their loans doubled, but now they will be able to refinance easily.  FHASecure is designed for families who are good credit risks but were steered into high-cost loans with teaser rates. 
To be eligible homeowners must:

• have a history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
• interest rates must have or will reset between June 2005 and December 2008;
• have three percent cash or equity in the home;
• a sustained history of employment; and 
• sufficient income to make the mortgage payment.

For more information call the Federal Home Administration at 800-CALL-FHA or www.fha.gov

5.  For Active Duty Military:  If you or your spouse is on active military duty, you may qualify for a reduction in your interest rate resulting in lower payments through the Servicemembers Civil Relief Act of 2003 (formerly the Soldiers' and Sailors' Civil Relief Act of 1940) .  The Act applies to active duty military personnel who had a mortgage obligation before enlistment or before being ordered to active duty. This includes:

• Members of the Army, Navy, Marine Corps, Air Force, Coast Guard
• Commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration engaged in active service
• Reservists ordered to report for military service
• People ordered to report for induction (training) under the Military Selective Service Act
• Guardsmen called to active service for more than 30 consecutive days.

In limited situations, dependents of service members are also entitled to protections.  See You Can Avoid Foreclosure and Keep Your Home from the Federal Housing Administration (included towards the end of this newsletter).

6.  Contact your State Housing Finance Agency.  The programs they offer vary state to state, but many are helping families refinance to make their mortgage payments more affordable.  They also may be able to refer you to local programs that offer assistance.  When I called the state of Ohio they referred me to several of the offices listed above, plus a local agency that offered the Ohio Rescue Fund which is a forgivable $3,000 loan for those whose income is 65% of the area’s median income (roughly $42,000 for a family of 4).  They also had a program from the Franklin County Department of Job and Family Services called Prevention, Retention, and Contingency which offers $1,500 grant to families whose income is 165% of poverty for emergency situations.