[00:00:00] Speaker A: Any examples used are for illustrative purposes only and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ community protect and grow their hard earned money. Get set for for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of. A retirement you can take pride in, no matter who you are, where you're from, or who you love.
So now let's start the Show. Here's Matt McClure.
Hello and welcome once again to another edition of Take Pride in Retirement. I'm Matt McClure, your host, your, your friend, your pal, and your confidant. Thanks so much for taking some time for me. I really, really do appreciate it as always.
I am just glad to be home personally. Just starting out on a very personal note here because I have been traveling a lot here lately.
We were going back and forth to New York for, to help out some relatives there. We were heads my this goes back to like September. Like we had two trips, one that was pre planned, one that was kind of a last minute thing for my husband's birthday.
Then in October we had the whole going back and forth because of the, the New York thing. And then you know, I, we got had our anniversary trip to Las Vegas last week. Then this past week I had to go to Florida. I had a work thing. It's just been a lot.
So I'm just glad to be like, you know, home, homeward bound and, and homebound.
Not, not really like you homebound. But I hope you are enjoying your fall season. As we get into the fall, I hope wherever you are, it feels like fall. It's felt a little bit too much like summer for me because I love the fall and I want fall temperatures. So weather gods, I hope you're listening. Anyway, this is the show where we Talk all about LGBTQ + financial and retirement planning issues and you know, today's episode really is something that most of us don't think about until we absolutely have to. And it's our credit, you know, and for LGBTQ + folks, credit can really play a big role and an outsized role really compared to others in our financial Security, especially when we've had to navigate things like maybe career discrimination, unexpected moves, changes in your name, legal documents, that sort of thing. Maybe periods where family support wasn't guaranteed.
Could be short periods, could be very long periods. Like your credit history really becomes more than just a financial tool. It becomes kind of a safety net. Right? And so as we head into the holiday season, I especially wanted to talk about this because it's peak time for online shopping, it's peak time for spending because we're, you know, we're out there, we're buying gifts, we're doing all the things. And unfortunately, identity theft is also on the rise. So that becomes really important to just understand how to protect your financial identity and keep your credit in good shape. Because the, the better in shape you are today, the more prepared you can be for a retirement you can take pride in. And so that is going to be the crux of the show today. What I wanted to do before I get to this interview that I did with just a really great guest here in a moment on that particular topic, I wanted to, in addition to thanking you for being a part of the show, tell you, go to the YouTube page. I really want to get the subscriber numbers up and all of that on the YouTube page. It's like, you know, it's kind of a slow, slow roll here, getting the, the old YouTube machine going.
The hamster and the wheel is getting a little tired. So no, I really would appreciate it if you would spread the word. Just go subscribe, like the videos, send them to your friends, to your family. If there's something especially that you find helpful, would appreciate it. So just go to YouTube and search for Take Pride in Retirement. It'll be the very first thing that pops up. You also go to the website Take Pride in retirement dot com. Couple of things you can do there. You can link to all the socials. You can also find all the past episodes of the show. And you can reach out to me for a free consultation. There's a schedule, a consultation button right there on the upper right hand part of the homepage. You can also just contact me, reach out with any questions there as well. Speaking of contacting, and if you want to get that free consultation, again free of any cost or any obligation, where I kind of take a deep dive into your personal financial situation and show you where you are and where you could go, that would be a great place to start on the website. You can do that there. Or give me a call. 8552-4692-1185-5246-9211 all right, so the credit conversation and the concerns, really, especially this time of year and especially for LGBTQ plus folks, that those are the reasons why I invited TransUnion's head of consumer Credit education, Margaret Poe, to break things down. She really does a fantastic job explaining the things to look out for, what to ignore and what to do if something goes wrong. Right. Let's jump into that conversation, and then afterward, I'm going to get back with you with a few LGBTQ plus specific takeaways, especially for those of you preparing for retirement or thinking about maybe a major life transition in the coming year. You know, a lot of people only think about their credit score when they're, I don't know, maybe applying for a loan, like a big, big purchase, like a mortgage or a car loan, something like that. But your credit actually affects a lot more than that. It can impact things like insurance rates, rental applications. And it's a place where you can spot signs of identity fraud, usually one of the very first places.
So with, you know, going into the holiday season here, a lot of online offers and scams and all of the things, it can be hard to know how to monitor your credit, do it effectively, and do it safely. And so to help clear things up, we're joined by Margaret Poe, who is head of Consumer credit education at TransUnion, and she's here to explain why checking your credit regularly matters and how to do it the right way. Margaret, thanks so much for spending some time with me. Really do appreciate it.
[00:06:50] Speaker B: Yeah, thanks for having me.
[00:06:51] Speaker A: Well, so let's, let's kind of dig right in then. Why is it important for people to really check their credit report and score regularly? You know, even if it's not at a time where they plan on applying for one of those big purchases or even a credit card or something like that anytime soon.
[00:07:08] Speaker B: Yeah, well, you made a lot of great points in the intro that there are a lot of ways in which credit comes to impact our lives, whether it's, you know, renting an apartment or taking out a loan, all kinds of things, even getting a job sometimes. So it's really important to know where you stand with your credit. And then, of course, there is also the identity theft factor.
So there are a couple reasons why it's important. It's all the reasons that you stated above. It's also just preparing for the unexpected. I think everybody can relate to that. You don't know exactly what's going to happen with your finances, with Your credit. So the more you can do to prepare yourself to know where you stand, build a strong foundation that will help you no matter what comes your way. Say next year.
[00:07:53] Speaker A: Yeah. I mean you may not be planning on something, you know, some big purchase or whatever, but the unplanned, as you say, is, is super important to, I guess, I guess plan for. Expect the unexpected. Right.
[00:08:05] Speaker B: Exactly. You never know when your dishwasher is going to be full of mold and you need to replace it. Your car breaks, you know, like these are all things that, that happen to us, like it or not. So. Oh yeah, we want to be able to have access to credit should we need to take it out kind of unexpectedly.
[00:08:20] Speaker A: Yeah. Or like with my parents a few years ago they had to replace their entire like H vac system in the house because it just, just quit one day. And so yeah, those unexpected things do happen.
And so, you know, it is important those, for all of those reasons to monitor your credit, both your report and your score.
But with it seems like there are just a lot of websites out there or apps that offer free credit checks and, and it could be that they are tr. Free, it could be that they're not truly free. But how can consumers really identify which ones of those are legitimate and which to really kind of steer clear of?
[00:09:02] Speaker B: Yeah, and I love that question because we tell, we tell consumers, you know, be suspicious, be careful out there on the Internet there are a lot of scams and fraud. So it's good that people are wary and kind of asking these questions.
The there are two places I would really point your listeners to.1 is annualcreditreport.com that is the government authorized source for your free credit reports.
You can get your report there actually every week, even though it's called annualcreditreport.com and you can get your reports from all three bureaus. That's TransUnion, Experian and Equifax.
And this is just a really good way to look at your full report. You'll see all the information and you'll be able to make sure that there's not anything unexpected on there.
The other thing that you can do, and I think it really works well in tandem with that, is you can get a subscription to a credit monitoring service. We offer a pretty new one here at TransUnion. It's called TransUnion Credit Essentials. It is completely free to sign up. You don't need a credit card to do that. Sign up and it'll give you your report and your score.
So that's a great way to have easy access in the palm of your hand to be able to pull up this app, see what's on your report, see exactly where scores at today. It'll be refreshed daily. And that way, as you're going through your life and you're busy, you're not having to go through the entire process of downloading a report. You can just look at the app and kind of check in on that regularly.
[00:10:30] Speaker A: Yeah. And it's so important, I feel like, to. To, you know, check not only the credit score, but as you. As you've been saying, the full credit report as well. Couple of reasons. One, that is the way to identify any kind of fraud that may be there. So where did this account come from? Or, you know, that. That kind of thing. And also people I feel like get caught up in, oh, my credit score is xyz. I should be able to qualify for this. Well, if there's maybe a certain factor on your credit report that that is maybe a red flag for a particular lender, even though your score might be something that may be something that disqualifies you from being able to get a certain loan or credit card or something like that, Right.
[00:11:14] Speaker B: Yeah, exactly. You really need to think about them in tandem. The report is all the information.
The score is one distillation of that information into just one number.
So there could be something that's a little bit off, that's hiding in a report that you may not notice in your score.
Most likely, if your score changes, it's because of something in your report, but not necessarily vice versa. So that's why it's a good idea to be looking at your report and checking your score somewhat regularly.
[00:11:42] Speaker A: Yeah. And speaking of the fraud piece there, you know, identity fraud has been on the rise, I feel like, over the last few years, especially what are maybe some of the most common red flags that people might spot first on their credit report? I kind of mentioned one there. I was kind of like, okay, where in the world did this account come from?
I think that's probably the most glaring, if I, if I might say so myself.
[00:12:10] Speaker B: Yeah, no, exactly. And I was talking to someone yesterday about this. They said they were looking at their report.
There was an account that they did not take out, and then it was reported as missed payment, you know, not paid. So then that's a big red flag on a rapport and can really cause your score to drop pretty dramatically.
So that's the main thing that. And like the biggest red flag that you would see is that account that you didn't take out. It might be like if you see an account on your report and you're like, I don't know that name.
It's important to take a couple minutes to think about it. Sometimes if you take out a credit card at like a department store, maybe the name that's reported to the bureau's will be different than that department store name. So there could be a mismatch in that way that you have to put the pieces together.
You can always contact that information and you know the company and ask. But if it's a company that you know you did not create an account with, and in fact you didn't create any account of any kind in that time, then it's a good chance that it is fraud. And what you'll do then is you first you try not to panic. This is, you know, something that happens and there are procedures in place you can take.
You might want to call that lender themselves first. You'll find that information on the report and then you can also submit a dispute to the credit bureaus. So you'll do that with TransUnion, Experian and Equifax.
You can typically do it online.
You'll flag the account that is suspicious. You'll explain why. If you have any supporting documentation, say from that lender themselves, you can include that and then the bureau will do an investigation.
Typically it can get resolved pretty quickly. It may take up to 30 days, just depending on the complexity of the investigation. But then once it's resolved and if it's found to be fraudulent, it'll be removed from your report and it'll go back to being all accurate. And then your score will bounce back as well.
[00:14:07] Speaker A: Yes, thank. Thankfully that will be the result of that process. But yeah, great to know, you know what to do there in that, in that particular situation.
And speaking also about, you know, maybe everything is accurate on your credit report, but it's not as, you know, pristine as you would want it to be. It's not. Maybe your score is not as high as you would want it to be. Maybe what are kind of the top couple of things that people should do that kind of have the biggest impact on their credit score if they're looking to rebuild or improve that score?
Yeah.
[00:14:43] Speaker B: So we really look at it as five key factors and there are different scoring models. If you get a score from TransUnion, it'll be Vantage score 3.0 and we have four factors or five factors. Sorry, but there are two that we really focus the most on. So when I just have a couple minutes with someone, I tell them, make your payments on time and watch your utilization.
So make your payments on time. Pretty self explanatory. Anything that's reported to the bureaus, like a mortgage, a credit card, a student loan, an auto loan, those will be, you know, you need to make a monthly payment and it'll be reported to the bureaus. Just one missed payment can have a negative impact.
The second big factor is that utilization piece and so that's on your revolving debt on a credit card. How much of your total credit limit are you using?
We typically Recommend you use 30% or less because the higher utilization can have a negative impact on your score.
[00:15:39] Speaker A: Yeah, so a couple of easy things there, especially the whole paying on time thing, I feel like is, is super, super important because that's going to be something where, you know, the lender is going to look at that and say, oh, can I actually count on this person to pay back what they owe is pretty huge.
All right, well, well, Margaret, just about time for us to wrap things up here. Anything else that you wanted to mention though, or maybe some online resources where people can maybe find those? I know that you mentioned the one, the annual credit report.com, but any others that, that you would like to mention? Before we run.
[00:16:15] Speaker B: I'd recommend that folks check out Credit Essentials, that's our free monitoring product from TransUnion. You can find
[email protected] and there you'll see the report and score like I mentioned. But you'll also see your letter grades on each of those five factors. So you'll see exactly where you might have some room for improvement, where you're doing well. And we'll have some tips embedded in there too.
[00:16:38] Speaker A: Very good. Well, Margaret Poe with TransUnion, the head of consumer credit education there, really do apprec it. This has been great, great conversation and we'll look forward to having you again sometime soon.
[00:16:50] Speaker B: Yeah, thanks a lot. Have a good one.
[00:16:52] Speaker A: Such a great conversation there with Margaret. I hope that you found it really helpful and I want to really bring it home specifically for LGBTQ plus folks. For my LGBTQ plus listeners out there, you know, for many people in our community, your credit report is more than just, you know, like some words on a page or on a screen and numbers in your credit score. Right.
It tells a bigger story. It goes beyond the bills, it goes beyond the balances.
If you have maybe rebuilt your life after a tough chapter, let's say you've gone through a relationship situation where you were, you know, with someone that, that didn't work out for whatever reason, maybe it was you were someone who later in life realized that they were part of the LGBTQ + community. You've had to maybe go through the divorce or something like that.
Maybe you've changed your name on your identification, your legal name change, you've changed your gender marker. Maybe if you've moved across the country for acceptance, that could be another big thing because, you know, you've got to, you got to pay the movers, you got to pay the, you got to get a mortgage, maybe you've got to rent a place. Perhaps all of those things are just big, big factors. Maybe you've some been someone who's been denied housing or jobs or financial support because simply of who you are or who you love.
You know, your credit can either open doors or it can reinforce those barriers.
You know, earlier on in my life, I faced some really big credit issues because of losing a job based on who I am.
And, you know, I, I budgeted. I, I based the fact that I could afford a home.
This is in my. And I was in my early 20s. I could afford a home based on the two jobs that I had. Well, one of those jobs, they found out that I am a gay man and they said bye bye.
And I eventually had to say bye bye to that home. And it was just not, it was not a good time. It was not a good time for me or anybody in my life then at the time. So it can really reinforce those barriers that you have tried so hard to overcome. And so as we get closer to retirement, you know, strong credit is freedom.
You know, freedom to maybe downsize or to relocate to that more, you know, affirming or safer place that I mentioned a minute ago. It may be freedom to qualify for better insurance rates. Freedom to choose a retirement lifestyle that you want instead of just retirement lifestyle that you feel stuck in or stuck with.
Right.
And so I wanted to leave you with a few really focused action items here.
Some things to consider as an LGBTQ plus person, some really actionable steps. Number one, if you've gone through a legal name or document change, double check all three of the credit bureaus, make sure everything is correct there. Because, you know, administrative errors, they do happen.
Mismatches can create problems later. You know, people be looking at, oh, this credit report, I pulled this up, but this is not your name. That's weird. You know, you don't want that to happen.
Number two, if you're partnered or if you're married. Consider reviewing your credit together the last episode. I want to, if you haven't listened to it, I want to encourage you to go back and listen to the previous episode, the immediately previous episode of Take Pride in retirement, because I talk about this very thing for that entire episode. It's communication.
You know, if you and your partner or your, you know, your husband, your wife, spouse, whatever, don't ever sit down and look at the big picture or even the, the minutia of things together, how in the world are you going to know what's up and how to make things better, where to improve? There's always room for improvement, right? You may even think you're in a great place financially, but there's room for improvement no matter what your situation. So, you know, joint planning, that, that open line of communication and it goes both ways, right? The joint planning helps both of you. Especially important in states with LGBTQ + protections that may be a little uneven or may not exist at all.
Number three, if you are planning a major move, you know, whether it is for your retirement, maybe you want to downsize, maybe you want to move to somewhere that's more LGBTQ plus friendly, to a different community altogether, different state altogether.
Get ahead of those credit checks. I mean, landlords and even like homeowners associations and stuff, they still rely heavily on that credit information. So make sure that everything is correct there and make sure that it's in good shape before you take that big step.
And number four, if chosen family, like it does for so many of us, if chosen family plays a big role in your life, make sure that your financial identity is guarded. Because scammers target people a lot of the time that they assume are isolated.
So if they can tell somehow, some way that you are, you know, maybe unpartnered or that you don't have a big family, that kind of thing, they're gonna be like, oh, this person's isolated, they're lonely, they're more vulnerable. So I am going to target them and just, just not good.
So be aware of that. Make sure that your financial identity is guarded and just take better care of yourself. Take some of those steps. And of course, you know, if you want help sort of weaving that credit protection into a broader retirement strategy. So, so focusing more on your health financially today so that you can have a better financial future and get yourself that retirement, you can take pride in a retirement that reflects your identity, your relationships, your long term goals, all of that stuff. I would love to talk with you.
The initial consultation, it's Absolutely free of any cost and any obligation. You don't have to work with me unless we both determine mutually that you want to continue working with me. Right. And you don't pay a penny for the consultation at all.
So take pride in retirement.com is the place to go for that. Take prideinretirement.com or you can give me a call if that's your preferred method of contact.
8552-4692-1185-5246-9211. And by the way, if you go to the website, you can schedule a consultation directly with me.
My real time availability is there on the calendar that is linked on the website. So you can see that and you can make your appointment right there. And we can do it via Zoom, we can do it via, you know, whatever other means you would like to do. Phone. If you happen to be in the metro Atlanta area. I've got a couple of offices we can meet at there as well. So try and make it easy for you as easy as humanly possible.
Well, that is going to do it for this particular edition of Take Pride in Retirement. I really do hope you've enjoyed it. I hope that you have gotten something out of it and this, this great conversation with Margaret Poe just a little bit earlier.
Remember that you can always find all the episodes of the show wherever you get your podcasts and on the
[email protected] your financial future is something that you can take pride in and I want to help you get there. That's the point of the show. That's the point of what I do each and every day. And I would love to do that for you, you as well. So until next time, take pride in yourselves and take care of each other. We'll see you then.
Thanks for listening to Take Pride in Retirement. Members of the LGBTQ community deserve to work with a fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call 855-246-921 or go online to take PrideInRetirement.com investment advisory services offered through Brookstone Capital Management, LLC. BCM, a registered investment advisor. BCM and Active Wealth Management, Inc. Are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.
Registered investment advisors and investment advisor representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosures of any conflict of interest, please refer to our firm brochure, the ADV2A, item 4, for additional information.
