News for Schaumburg, IL - Tips for Hiring a Contractor - Friday November 20th, 2009 4:11pm
Tips for Hiring a Contractor

The Better Business Bureau (BBB) consistently ranks contractor fraud as its number one complaint. Don't be a victim. If you (or someone you know) is thinking about hiring a contractor, please read or share these tips straight from the BBB before signing anything.
Obtain bids (from at least three licensed contractors) based on building specifications, quality of materials, labor and time to complete the project.


Ask for customer references, and be sure to contact them. If possible, check out previous work.


Contact the Better Business Bureau (BBB) for a report on the contractor and review site thoroughly for further advice.


Ask to see the contractor's pocket license and another form of ID.


Call the Contractors State License Board to see if the license is valid and if a bond is in place.


It's very important that your contractor have property damage and personal liability insurance coverage, and, if the contractor has any employees, workers' compensation. Insist that the insurance broker send you certificates of insurance.
Remember, a contractor may not ask for more than ten percent of the total contract price, or $1,000 (or two percent or $200 in the case of swimming pools), whichever is less, as a down payment. (Insist upon a lien release from all subcontractors and suppliers before you pay for any work).

Anything you sign may constitute a contract. Before you sign a final contract, be sure it includes the following:
the name, street address (not just a post office box), and local telephone number of the contractor;


if you must obtain a loan to pay for the project, that the agreement is valid only if you obtain financing at a given rate;


a written description of all work to be done, including a detailed description of the kind and quality of materials to be used;


a bid based on the job, not by the unit;


a price breakdown for both labor and materials;


starting and completion dates;


the schedule for releasing payments to the contractor;


a written statement reiterating any oral promises made by the contractor or sales representative, including any warranties on materials or labor; that the contractor will obtain the necessary building permits.
Don't sign a completion certificate until you're satisfied that the job has been completed according to the contract and inspection has been completed by local building authorities.

News for Schaumburg, IL - Top Tips to Improving Your Credit Score!! - Tuesday November 17th, 2009 7
Top Tips to Improve your Credit

1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus-Experian, Equifax, and TransUnion. Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information you are being evaluated on is current and correct.
2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations will usually be done within 30 days of your request.
3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you're struggling to catch up, contact your creditors to work out a payment schedule.
4. Increase the length of your credit history. This accounts for about 15% of your score. Don't cancel your old card or get a lot of new ones in a short time span because this can hurt your score.
5. Keep credit card balances low. It's a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.
6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don't apply for new credit cards first.
7. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.
8. Pay off debt rather than moving it around. The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
9. Beware credit-repair scams. By all means, don't pay someone to wipe away the negative items in your file. If they don't follow through, the damaging items will reappear in two or three months.

News for Schaumburg, IL - Pending Home Sales up for 8th Straight Month!! - Friday November 13th, 200
Check it out!
http://tinyurl.com/yd3hwek

News for Schaumburg, IL - Tax Credit Extension Official!! - Friday November 6th, 2009 5:10pm
HOT NEWS---IT'S DONE, THE TAX CREDIT EXTENSION HAS BEEN SIGNED INTO LAW & THE ADDITION INCLUDES A REDUCED CREDIT FOR EXISTING HOME OWNERS


Clocks 'Fall Forward' for Homebuyers, as President Obama Signs Off on Extension of First-Time Homebuyers Tax Credit
November 06, 2009: 11:52 AM ET
PARSIPPANY, N.J., Nov. 6 /PRNewswire-FirstCall/ -- Following months of speculation and Congressional debate, President Obama today signed the "Worker, Homeownership and Business Assistance Act of 2009" into law, extending the popular First-Time Homebuyer tax credit originally scheduled to expire on December 1, 2009. This new legislation offers those in the process of buying a home more time to take advantage of this significant tax benefit, allowing them to claim the credit if they close on a first-time home purchase by midnight on June 30, 2010.
According to the IRS, the credit has provided a tax benefit to more than 1.4 million* taxpayers as of September 2009. The credit enables those buying a primary residence for the first time to claim 10 percent of the purchase price of their home, up to $8,000 for single taxpayers or married taxpayers filing jointly.
"This is very good news for consumers looking to purchase their first home, particularly those who are still weeks away from closing on their purchase and would likely have just missed the original deadline," said Mark Steber, chief tax officer, Jackson Hewitt. "Nearly a million and a half people have benefited from this credit, so with an additional seven months to the closing timeframe, so many more will now have the chance to benefit as well."
Earlier this month, Jackson Hewitt reminded taxpayers of the guidelines for eligibility. Details are available at http://jacksonhewitt.com/content.aspx?id=97299.
The new provisions include the following changes:
Taxpayers must purchase their home, or be locked into a contract to close, before midnight on April 30, 2010. The closing must occur before midnight on June 30, 2010.
The credit is allowed in full for those with incomes up to $125,000 ($225,000 if married filing joint). The credit is reduced for taxpayers with an income between $125,000 and $145,000 ($225,000 and $245,000 if married filing joint) and is not available for taxpayers with an income higher than $145,000 ($245,000 if married filing joint).
Taxpayers (and their spouses) who have lived in their home for five consecutive years out of the eight years preceding closing on a new house may qualify for a reduced credit ($6,500 or $3,250 for those who file separately).
More information about the extended First-Time Homebuyer credit, other home-related tax considerations and additional provisions cited in the recent act is available online at www.jacksonhewitt.com.