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Economic Justice: Helping survivors become self-sufficient

Economic Justice: Helping survivors become self-sufficient. Becky Mishos, BA, LSW Andrea Miller, BS Beth Workman, BA. Introductions. Confidentiality. Domestic Violence programs have higher levels of confidentiality When to break confidentiality (threat to self, others, child abuse, DV)

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Economic Justice: Helping survivors become self-sufficient

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  1. Economic Justice: Helping survivors become self-sufficient

    Becky Mishos, BA, LSW Andrea Miller, BS Beth Workman, BA

  2. Introductions

  3. Confidentiality Domestic Violence programs have higher levels of confidentiality When to break confidentiality (threat to self, others, child abuse, DV) KRS statute on reporting Visit NNEDV for FAQ on survivor confidentiality releases
  4. Safety Safety and Assessment needs are ongoing Ensure curriculum addresses safety at every step Behaviors that increase safety while trapped in abuse, but hinder progress after leaving Hiding/misrepresentation Chaos Focus on immediate vs. long-term Coffee can vs. bank
  5. Empowerment vs. Rescuing Empowerment means restoring to individuals a sense of their own value and strength, as well as their own capacity to handle life’s problems Understand the client’s point of view
  6. Recommendations Structure classes using activities vs. lectures Use relevant tools and hand outs Examples: Identifying Values Let’s Make a Deal Rule of 72
  7. Developing a client-centered financial plan Assessment Setting goals What is a budget?
  8. Budgeting/Spending Plan Written vs. “in your head” Helpful worksheets Identifying spending leaks Encouragement when off-track
  9. What is credit? The present use of future income

  10. Why does good credit matter?

  11. Here’s why Purchase item/s you need or want Get the lowest interest rates Get a job (in some industries) Rent an apartment Open a checking account Obtain insurance at lower rates Establish utility service in your name Purchase a home or other asset

  12. What does my credit look like?

  13. Contact the Credit Bureaus Equifax: 1-800-525-6285www.equifax.com Experian: 1-888-EXPERIAN (397-3742) www.experian.com TransUnion: 1-800-680-7289 www.transunion.com
  14. Accessing your report Each agency must provide you with a free copy of your credit report once every 12 months (upon request). Can use centralized website or order your reports by phone or by mail. Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-5281 1-877-322-8228 http://www.annualcreditreport.com Don’t be misled by other sites!!!!!

  15. What is the difference between my report and my score?

  16. What is a credit score?
  17. FICO Credit Scores (300-850) 730+ Excellent credit 700-729 Good to above average credit 670-699 Good credit 585-669 Fair credit 584 and below Poor credit
  18. Accessing your score www.myfico.com Not free! Only Equifax and Trans Union will sell to consumers Score simulator “Vantage” scores are usually provided when you are offered a “free” credit score
  19. Why the FICO score matters
  20. Types of credit Installment loans Secured or unsecured Revolving credit Higher risk Quickest way to build credit Quickest way to destroy credit Mortgage/Real estate
  21. Disputes Write to each reporting bureau Include a clean copy of your credit report with the item/s highlighted Follow up within 30-60 days Adverse, but correct, information will stay on your report (Fair Credit Reporting Act) Incorrect information must be removed (FCRA)
  22. What causes credit problems? Address the issue for each client Abusive relationship Medical problems Substance abuse Impulse control Loss of job/income
  23. Four planning steps to improve finances and credit Honest and thorough assessment of why problems occurred Develop a spending plan that covers basic needs and emergency savings To Pay or Not to Pay Opening or keeping positive lines of credit Remember … bankruptcy always a last resort
  24. Looking again …
  25. Bankruptcy Always a last resort Only an attorney can advise Pros Legal protection from most creditors Less expensive than most payment plans Cons Cannot declare again for 2-8 years, so if problems not addressed, person will be in difficulty again Negative impact on credit Emotional consequences Cannot eliminate student loans, child support
  26. Additional tips for building positive credit Pay ON TIME, every month Keep debt balances on revolving credit below 30% (for each card and for your total available credit) Don’t switch card balances around Don’t open and close accounts frequently Pay down credit cards vs. other debt (debt snowball) Individual Development Accounts and Microloans There is NO magic fix – It takes time and persistence
  27. Resources: Allstate Curriculum http://www.clicktoempower.org/resources/financial -empowerment-curriculum/fec-pdfs.aspx Allstate economic empowerment grant and Amy’s courage funds www.nnedv.org Credit Builder’s Alliance www.creditbuildersalliance.org Kentucky Housing Corporation www.kyhousing.org REAP Training –Redevelopment Opportunities for Women http://www.row-stl.org/Content Consumer Credit Counseling Services 1-800-355-2227; www.cccservices.com Financial Education www.mymoney.gov; www.practicalmoneyskills.com; Building Dynamic Groups www.ag.ohio-state.edu/~bdg Legal Aid United Way
  28. Contact information: Becky Mishos, Women’s Crisis Center 835 Madison Ave, Covington, KY 41011 859-491-3335 Andrea Miller, KDVA PO Box 356, Frankfort, KY 40602 502-209-5382 Beth Workman, KDVA PO Box 356, Frankfort, KY 40602 502-209-5382
  29. Questions
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