tv [untitled] CSPAN April 4, 2010 9:00am-9:30am EDT
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separated. the divorce doesn't affect the contract. so that's important. that's an example of where we sometimes see a consumer that says that's inaccurate. the judge says i don't have to pay that. or we have consumers who personally guarantee add loan for somebody else. and gern, financial literacy month, make sure you know what you're doing. you are saying essentially if the original party to the contract doesn't pay the bills, that you will. host: so if you get a divorce and the person who is responsible for that loan doesn't pay, that will show up on your report. guest: it's going to. really, a better divorce result is that there's a clear sever rabble result. the contract is re-- renegotiated and assigned to one party. if it's joint credit, you and are both married, if we have a joint account then it's on mine and your credit report both. host: if you're looking at your report, you get a free report
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from one of the three or all of them, but as you said you don't get a score because the score varies depending on the company that puts it together. guest: right. host: can you look at your report and see problem areas or see good areas and decipher for yourself where you may end up in a score? guest: i think it's like anything else. the more you do it of course the better you are. the better you get. so a little bit of advice. always look for a missed payment. and in fact, the on-line tools, if you access the report on line, often will give you the option of actually clicking a button to say show me negative information on my report. in other words, have any of my lenders reported that i've been drink went on my accounts. and if you see that, you know that you have something a to look at. did i miss that payment or did the lender get that wrong and do i need to correct that
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credit report and say i actually avenue a quite of bit of credit. sure. lay away might be a good choice for a consumer and that's the beauty of the credit file. if i get the credit report it gives me the big picture. there's probably consumers that don't realize they have outstanding credit until they look at all the different accounts and balanced lined up to adding. >> why were you asking. what perspective did you bring to the table? guest: the hearing what was about credit scores and then there's other companies that are also credit score developers and to the last caller and the also - there was a consumer group to present consumers as well. we're consumers as well. the topic was credit scores
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essentially 101. how their built, where they come from. why and how they're used and et cetera. host: don on the independent line. caller: good morning and happy easter. my question and comment. i'd like to say first of all, i grew up in an era where people didn't have credit cards. you went to local businesses and they - to buy a couch or something and they would carry the credit. we didn't all have these credit cards but the industry. how much a year does that industry make? you know, all the trance union experience and forth. that's paid for by consumers so if that could be divulged as part of education month, that would be great. secondly, the industry advertises it's services to insurance companies, as you
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mentioned and it seems strange that the insurance industry uses that information to penalize you. if you never had a car accident or ticket the last four years but your credit score falls you pay more in insurance and can less afford higher insurance rates, so i think that's something that's little built out of line. host: stuart pratt. profit the companies make, do you know the numbers on average? guest guess let's start with that. i think two of the three large companies are publically traded. i don't have exactly what they make per year. the money they make though is rye marely come from the lenders we do business with. in other words they do make money and in america we're generally okay as long as system is fair. that's why we have these shows to talk about fairness and how
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that works. - but those companies make that money and build an incredible product. by way of example, we've been invited to other parts of the world to help stand up credit systems. maybe the caller would recall that. there was a lot of unfairness in the credit market if you were a woman, you might not get credit. the man in the household was the only one making income. if you were a person of color you might not. credit reports and scores inserted imperialism and facts into the lending process and over lied biases and opinions and viewpoints. the neighborhood might have been used for credit worthiness. that's what we're seeing in other countries. the facts, scores that were bias really have changed marketplace
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which sometimes gives rise to the credit it card. host: so consumers go to these different credit bureaus and pay to get for example, their credit score from them, and then a bank or somebody else who's looking at giving somebody a r loan als goes for the same score? are they paying different amounts for the two same services? it sounds like the lender is paying - that's where the companies get most of the money is from this lenders. guest: yes. all of our members have developed what we call these direct consumer services. they've created an incredible amount of transparency and knowledge. consumers are much more literate about scores. yes, they make their money and yes, there may be price differences but again if you went to a car dealership and
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said i'm byeing a hundred cars for my fleet, i'm going to get a single one than if i bought one. volume pricing has an effect like anything else in the marketplace. host: debt. bankruptcy, for closure and medical debt. those things on your credit report, what are you seeing? how long does that information stay on your credit report? guest: by law, any negative information is the word you would i would, stays on the credit report for no more than seven years. bankruptcy stays on a bit longer. that's different though, than what that means. what that data means to a lender - you'll find a lender for example, take a retailer. i'll do a small palace business. the caller talked about getting a retail installment account and that's great example.
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retailer may say i'm not loaning a you a lot of money. maybe $500 from something that you want to bye from my store and i may be willing to look past a missed mortgage payment that's three or four or five years because i don't think that's predictive based on risk, but if you're a mortgage lender and they're applying the largest loan they'll probably ever acquire in their lifetime, that mortgage lender may be more interested the sum total extended toward the 7 year period. yes it says on the file, no it doesn't mean the same thing overtime. that's the beauty of a credit report. it's not what i did today, but the good news for consumers struggling, the credit history tells the full story and how i did leading up to the recession and will continue to tell that
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story coming out of the recession. history is a vast way to candidly give them credit for all the hard work they put in any way. host: martin on the republican line. good morning. caller: yes, good morning. our white house chief-of-staff, started off in his position by making comment that you should never let a serious crisis go to waste. with that comment, i'd like to is it that you understand why our air waves both on television and the radio are in undated with commercials for credit con sol day or thes and advocates who claim that they can reduce your debt, even to the irs, for example by more than 50%, and then they tell you that they can
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save you tens of thousands of dollars on your debt? can you tell me how reputable of them these are? guest: a great question during financial literacy month. i'm on the council for national credit counseling. this caller raise as good point. there's a lot of wheat and shaft out there. there's legitimate for profit credit services out there. obviously being on the advisory council if you go to i think, www dotnrc.org. that will give you access to credit counseling services part of this organization. it's one that works closely with the federal trade commission. the federal trade commission is investigating a whole raft of service providers that are fee for service.
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pay me something and i will do something for you. if you're going to deliver a good service, sure, maybe there's a deposit. so i would urge consumers to be caution and do homework and go to better business bureaus to see if there's complaints. see if they're legitimately licensed. many, nfc, their interest is more in so helping you workout a longer term plan to pay down debt rather than one short-term swing for the fence if i sounds too good, it's probably not true. host: last phone call. columbus, ohio. your up. caller: good morning. it seems to be now, while we're in a recession it seems unfair to the consumer wear judged on the basis to repay loans when lenders tend to give loans out
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or offer credit to someone they know can't afford to pay it out. it seems unfair when our own federal government seems adverse now. what's your feeling on that? guest: this goes back. the caller makes a great point and it gives us a chance to re-emphasize something. look at your free credit reports and it gives you the full picture of who you are. as consumers look at the credit report they will see they have enough credit already and maybe won't make application for the next loan if you have enough, you have enough. number two, i think we'll see some consumer was band of data indicative of the struggles they had during this recession. but it is in the context of credit history. that's why we don't just take a snap shot of last week or the week before or just for one year. a credit history extends over
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years. bad data falls off every 7 years for forgiveness. history tells the story how image my finances really from the first day i entered credit marketplace, to the last day. n'mhèjbyj they want to do that to manage risk for them and ultimately that's good for you as well. look at the credit report, make sure you're making good decisions about loans. do your homework and go on-line and if you don't have it available, go to the public library and there's a lot of good advice on how to bye, purchase alone and a loan is like any other product. you have to shop. make sure to get the best price, now more than ever. host: thanks for your time this morning. appreciate it. up next, discussion of the job
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of the presidency with historian stephen wayne. >> topics on the sunday shows include the economy, health care, politics and national security. national meet the press hosted by david gregory include the chair of the white house economic advisors chair and connecticut independent joseph lieberman that heads homeland security and governmental affairs committee and house homeland committee member and california democrat, jane harmon. on abs's this week. lauren summers the director of the national economic council and allan greenspan. guests on fox news sunday hosted by chris wallace include whip john kyle. senator or lean specter and republican representative kevin maccarthy the recruitment for
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the national republican committee. on face the nation, bob sheafer with michael erin dicen and with a "new york times" white house correspondent david sanger and cbs news correspondents and with cnn state of the union. candy krone energy will talk to the director of the economic counselor and israel's ambassador to the u.s.. listen to all five of the sunday morning talk shows starting at noon easter eastern. nation wide on xm satellite and on the web at c-span radio.com and follow us on facebook and twitter. >> all this month, see the winners of c-span's studentcam documentary. 45 states submitted the videos.
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watch the top winning at 6:50 eastern just before "washington journal" and meet the students who made them and for a preview of all the winners, visit studentcam.org. >> the minute that the wall street firms were in the business of harvesting middle class and lower middle class americans for their home equity value and making loans to them against it, there was a nastura risk of abuse. >> his latest, the big short and the author of, liar's poker the new, new thing and money ball and the blind side. the basis for the movie st starring san tra but lock. that's c-span's q & a. john dean is the guest on book
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t.v.'s in depth. author often books including updated version of blind ambitious takes your phone calls, e-mails and twits on c-span's two, book t.v. >> if you have a process where it takes years to get an answer, and your bogged down in the courts which is what's threatening the industry right now that's not a good answer for anybody. >> executive vice president and former congressman on calling for the government to take a fresh look at communications policy. monday night on the communicators on c-span 2. >> "washington journal" continues. >> the job of the presidency is our discussion for the last 45 minutes on today's "washington journal". stephen wayne of georgetown university is joining us this morning. welcome and thank you for being here. what's the learning curve in the first year for a president?
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hos guest: that depends if they're initial actions are greeted positively or negatively. the extent to what they're willing to change views some times in contradiction to what they said during the campaign and it also relates to public opinion. so, you can't answer that except to say, every president, confident as he may be - as barack obama was when he became president has to rethink some things he said or anticipated things that would happen to him during the president. host: what's your thoughts on president barack obama compared to last presidents? guest: well, i think president obama has made adjustments in the presidency but he's been really over taken i think by events. the depth of the recession.
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the need to make a new decision with respect to afghanistan. - and the decision he made - somewhat contra versely to stick with his health care program after the expenditure of so much money to fight the recession and the election of a republican senator to replace ted kennedy in massachusetts. so events have driven this presidency, as they've driven path presidents. that's what you expect. you elect a president in part of his character. you don't know what's going to happen. you know what he said and you know not if you think he can do it or not, but you really don't know what will happen. look at his character closely and if that shows he can adopt and he's fairly confident of himself, he's likely to do fairly well. host: can you compare his first
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year to president-elect's first year? is there comparable analysis there? guest: well, i would certainly say if you look at the first year, in the case of george herbert walker bush, we have a president, who was really following through on ronald reagan's legacy. he made decisions really that were in accord answer with those and he was a very experienced man. he had been vice president for eight years and before that, head of the cia and representative and liaison to china. he knew what he was doing and knew he would adjust ever so slightly to the changes within the american economy. now the question that was raised about the first president bush was, was he tough enough. he chose to answer that question in the first year - by sending 24,000 troops down to panama to get mr. noriega.
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that showed his toughness. he did pretty well the first two years. when president clinton was an elected his job was to mainly mix the economy and he made a number of mistakess. one, his white house was not well structured or tightly run. two, he proposed programs to congress that lacked support. three, he said i'm willing to compromise and the republicans opposed him and the democrats rolled him and he had a tough time and he got stuck on gays in the military and his first year, i think, was basically, defense. trying establish himself and stepped up to the stature we expect presidents to do. in the case of george w. bush. when he was elected, you call in 2000 was a close election and he
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did not have the most popular votes. there was no major economic problem. the issue was, did he have the knowledge and experience to make presidential decisions. in his white house in the first three months. the so-called on moon period which he sad and clinton did not have. in the first three months they took president bush and made him go around the country and make statements on public policy to demonstrate he knew the issues. two, they kept the vice president highly experienced behind closed door this is the shadow and during the first three months, every major decision made, the white house leaked it to one of the prime news sources that it was the president that made it. he established himself in the presidency despite the election at the end of the first three months, and then he was able to
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get his tax cut through. then there was something he didn't anticipate the de text of james jackson from the senate turning it over to democrats. the economy was getting in some trouble and he waffled a bit. he came back early to fix the economy and 9/11 came and he redefined his presidency. host: what can prepare a candidate for the first year of presidency? anything? first year of presidency? guest: well, that's good question. i think the best thing to prepare a candidate is to have experience. certainly being vice president would but that would tie that candidate more closely to the predecessor making it more difficult for that candidate to change. of the executive experience, executive experience is preferable. he's chief executive even with a
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legislation role. thirdly a lot of information about how the system works. there's a hot of studies on what happens in the white house and how to get the ground running. historians and split political scientists and the like. i think president obama was aware of the literature. host: chief-of-staff has become under criticism for the way he runs the white house. give a historical view of what he's done so far and how that compares? guest: well he runs a very tight white house. the chief-of-staff has four jobs to run the white house, make sure the trains operate on time, to make sure the president is never behind sided to give him a broad range of advice and to be an honest broker and not to necessarily favor one faction
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over the other and to be a spear catcher for the president. now, ronald had the reputation of being really a tough guy, mind the scenes guy that used language that might make some professional football players and basketball players blush. and he had at one point working for clinton, to somebody he opposed sent a dead fish. now with obama, the problem with emmanuel has been that he's been a chief negotiator for health care in the house of representatives where he had been the fourth ranking democrat so he tends to apply muscle in ways that obama does not and some people recent that. but secondly, emmanuel is a guy who basically believes that half
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a loaf is better than no loaf at all. at various points he's urged the president to go slow and take a portion of this rather than go for the whole thing and he's been criticized from that particularly from liberal democrats that wanted more comprehensive health care program than he was alledgedly advised by his chief-of-staff. in the end, the president prevailed. emmanuel is still working there. the first high five after the passage of health care went from obama to emmanuel. that was assign this man is okay. being chief-of-staff is a very, very tough job and while he's brought his family here to washington, you know, the white house begins at 6 in the morning and ends in the evening pretty late and then there's social events. it goes and there's only so long
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you can do that with young children like emmanuel has. i wouldn't expect him to last more than another year but i think he's done a good job. host: we're talking about the job of the presidency and how it works. baltimore, elaine. republican line. your first. caller: i'd like to ask, there's so much anxiety appearing in the general public. i feel it. everybody is kind of talk about it. you have governors challenging the health care bill. you have some - kind of like renegade groups challenging some of the governors to get out of office. there's just a lot going on. i think when we had the first tea party nobody realize that was a revolution until later. is this country officially in revolt now?
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