Anthony Anderson hosted the “34th Annual An Evening With the Stars” event. via UNCF promo

Wells Fargo presented the United Negro College Fund with a check for $3 million during the “34th Annual An Evening With the Stars” event, which will air on BET on January 27. This is the latest contribution from Wells Fargo to educational programs and, specifically, the UNCF and programs benefiting minorities on the path to college.

The money will be distributed over three years ($1 million each year) with the donation going towards pre-college programs including: raising awareness about the importance of college; helping families with financial planning, working with the UNCF Empower Me Tour; and financial aid for college students, such as those who are taking part in the Wells Fargo Scholarship Program.

Wells Fargo is a sponsor of the two-hour “Evening With the Stars” program. Chaka Khan, Usher, Trey Songz, and Yolanda Adams are among the performers and presenters at this year’s event.

iStockphoto

If you’ve ever tried to make any kind of major purchase — a house or car, for instance — then you know that your credit score will quickly come into play. Some companies are even using a credit score as an indication of a candidate’s fitness for a job.

“An employer might rightly consider a low credit score to be a sign of poor decision-making, irresponsibility, or inability to meet deadlines. Plus, it [likely] won’t make you a sterling candidate for any job that requires handling money,” Forbes reports.

It’s a sentiment seconded by Rod Griffin , the director of public education at credit score reporting company Experian.

“I talk about credit information , so I should have good credit,” Griffin says, as a for instance. He’s been with Experian for 15 years.

With so many things dependent upon a good credit score and so many people trying to either maintain or rebuild good credit, it’s a good time to go over some of the basics of that all-important document — the credit report.

In terms of its use as a tool for assessing a job candidate, Griffin estimates that that’s done in “only five to 15 percent of hiring decisions,” he told us. Besides its use to determine a person’s competency for a job, it’s also a way for employers to confirm your identity and other information provided during the vetting process. No matter how it’s used, “in order for a potential employer to get a copy of a credit report, you have to give written permission,” Griffin reminds us.

Overall, he adds, your credit report isn’t pulled as often as you would think. Credit scores can be impacted by the number of times that a report is requested. A “hard” inquiry, for example, would be an application for a credit card. “You’ve initiated a transaction. This will be shown to other lenders. It can represent new debt that isn’t shown as an account,” says Griffin. In other words, be careful with the number of credit cards you apply for.

However, if a number of requests are made because you’re seeking a car loan or mortgage, the inquiries are lumped together into a single inquiry, in which financial institutions and others looking at the report will understand that the consumer is looking for the best deal. “Inquiries will never be the reason for someone being denied credit,” Griffin says.

And, of course, your credit report speaks to how you manage your debt. “The most important piece of information is whether you’re paying on time,” says Griffin. “If you’re late, that will have a big impact on credit score.”

Don’t forget the basics either. According to Michelle Thornhill, SVP of diverse segments at Wells Fargo bank, just looking over the basic data — name, address, and account numbers — is a big deal. Making sure it’s correct is critical, and if you’ve gotten married or moved, there could be confusion that needs to be cleared up. (She also says you should pay special attention to that aforementioned section on inquiries. “People might be applying under your name,” she warns.) If you find errors, contact the companies that have made them immediately.

Raised Awareness

In recent months, it seems there’s no shortage of concern over personal credit scores and credit reports. In part, that has to do with raised awareness about the importance of having a good bill of financial health.

“Certainly, the financial crisis we’ve been in in the past few years has led customers to want more access to their information,” Thornhill tells us. “Consumers are more diligent.”

You should take a look at your credit report yearly to make sure it’s accurate. Understanding what’s on your credit report is also important for rebuilding your credit.

“Take an honest look at where you’re spending your money, what can be changed and what can’t,” says Thornhill. “First and foremost, it’s about understanding your household budget.”

Once you get a grip on what’s coming in and going out, you can make arrangements to pay off debt, decide whether you need to make more money either through a new job or something on the side, and determine whether you need help — maybe from an advisor or personal finance app — to keep your money in order.

And, more than anything, don’t get discouraged. When you have blemishes on your report, it’s easy to get down on yourself, or feel you’ve dug a hole you can’t get out of. For instance, a foreclosure or bankruptcy will stay on your record for seven years, generally speaking. Other public record information, like a tax lien, is also going to show up. But you can note special circumstances, Thornhill says, such as the death of a spouse, which may have impacted your financial status. Start saving, even if it’s just a little something for an emergency. To give your credit a little boost, there are times when positive rent payment information can be included. Or get a secure credit card and, as we mentioned, stay current.

“It’s keeping up and abreast and managing your finances so you’re not in that situation again,” says Thornhill.

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Banks are showing a little heart — finally. In wake of Hurricane Sandy several have announced that they are waiving bank fees.

JP Morgan Chase, which is the biggest bank in America, said they are do away with various fees until November 1, reports The Huffington Post. These fees include overdraft protection transfer and extended overdraft as well as late fees on credit cards, business and consumer loans, including mortgages, home-equity, auto and student loans.

Citibank, meanwhile, will not charge customers out-of-network ATM surcharges.

Wells Fargo, too, is offering relief from late fees through November 1 and waiving out-of-network ATM fees for customers in affected areas.

Bank of America said that if you incurred late fees because of the storm, contact the bank to have these fees dropped. This includes out-of-network ATM surcharges.

TD Bank customers can ask to have late-payment and out-of-network ATM fees waived.

And Barclays is waiving late fees as well through November 1.

So pay attention to your ATM receipts and online bank accounts to make sure you’re not incurring these charges.

Image: Creatas

By Marie Day, Residential Mortgage Default Servicing and Community Outreach Executive, Wells Fargo

The economy has had a detrimental effect on homeownership. Unemployment and underemployment have made it tough for many homeowners to maintain current mortgage payments. In attempts to get assistance and avoid foreclosure, vulnerable homeowners become prime targets for scam artists who are taking advantage of people through a wide array of mortgage scams. For homeowners in need of assistance, now is the time to be more vigilant than ever.

Through December 31, 2011, the Federal Bureau of Investigation (FBI) had more than 2,500 pending investigations into mortgage fraud around the country. Although the scope of losses for homeowners, legitimate businesses and to the economy caused by mortgage fraud are difficult to calculate, CoreLogic, a research and analytics company, has estimated that losses due to mortgage fraud in 2011 were $7.4 billion.

Scams from all sides

There are many variations of mortgage scams, but the goal is the same: take money and even property from unaware homeowners. Some scammers guarantee that they can negotiate a loan modification with your lender for an upfront fee. Others claim they are affiliated with government agencies and the new loan modification programs. Some fraudsters say they can conduct forensic loan audits to determine whether loans were made in accordance with federal and state mortgage lending laws. Other schemers convince homeowners to surrender the title or deed of their homes in exchange for a new “rescue” loan, or as part of a deal that would let the homeowners rent the home for a few years and then have the ability to repurchase the home in the future. Still others may claim that they could help expedite short sales.

Some swindlers have even used direct mail with prominent use of the lender’s name to gain the trust of customers and trick them into believing an offer for assistance is from their lender. Since homeowner names, addresses, lender names and original mortgage loan amounts are available to anyone through public real estate records, con artists use this information to create direct mail pieces that confuse potential victims into thinking that they are dealing with their lender.

Protect yourself and get assistance

In order to protect yourself from scammers, always be on the look-out for key warning signs. Fraudsters might:

• Request payment or charge fees in advance.
• Guarantee results.
• Direct homeowners to stop making mortgage payments and instead make a payment to a third-party organization.
• Tell homeowners that they cannot deal with their lender directly.
• Request that a homeowner sign over the deed or other papers.
• Ask for personal information over the phone or email.
• Pressure the customer to perform a specific action.

If you are having financial difficulties in paying your mortgage, you should contact your lender and a housing counselor approved by the U.S. Department of Housing and Urban Development (HUD). HUD-approved counselors can provide assistance free of charge, or for a nominal fee. A list of counseling agencies near you can be found at www.hud.gov. If you have doubts whether direct mail that claims to be from your lender is legitimate, call your lender directly and confirm it. And finally, if you think you have been scammed, you should file a complaint with the Federal Trade Commission online or call them at 877-FTC-HELP.

Scammers are working hard to take advantage of people in distress. It’s imperative that you get informed and take precautions to not become their next victim.

Photo: Valueline

Michelle Thornhill’s first trip abroad — in fact, her first time on an airplane — was for a visit to Finland when she was 17 years old. It was not only a voyage beyond her familiar surroundings, it was an eye-opening experience that Thornhill, now the senior VP of Diverse Segments for Wells Fargo, describes as “transformative.”

In a special guest column, Thornhill offers advice for making the international excursion of your dreams a reality. From the start, you have to be prepared for one thing above all else: “tradeoffs.”

 Click through to the next page to read on.

Michelle Singletary Photo: LancasterOnline.com

Tomorrow at 9 a.m. ET and 9 a.m. CT, One Solution (comprised of Radio One, News One and Interactive One) will air Aspirations: Helping You Empower Your Financial Future, an hour-long roundtable about credit, money management, and building wealth.

The panel will include author and Washington Post columnist Michelle Singletary; financial adviser and author Gail Perry Mason; Michelle Thornhill, SVP and African American segment manager at Wells Fargo; and Wells Fargo SVP Jeff Cosby. Wells Fargo is also sponsoring the event.

Radio One stations including WDMK-FM in Detroit, KMJQ-FM in Houston, and WTLC-FM in Indianapolis will broadcast the show. You can also catch it online and on TV One at different points this month and in August.

by Michelle Thornhill

Research suggests that African Americans are more likely than the general population to have small business aspirations. But I’m sure this is no surprise to you! Many of us grew up with dreams of “being our own boss” and becoming the next neighborhood success story. Owning a successful business can be a realistic goal for many, but it requires dedication, preparation, discipline and knowledge.

At several points during my career, I pursued entrepreneurial endeavors. When I first graduated from college, the job market was challenging – similar to what we are experiencing today. I decided then that if I couldn’t find a job I would create one.

First, I took the time to consider the skills I acquired in college to determine how best to capitalize on them. Given my studies in finance, I decided that I would start a tax service business. I knew that the field was competitive, so I created a niche for my new business by offering pick-up and delivery services.

I was very excited to become a small business owner, but not so eager that I didn’t take the time to deliberately plan and prepare for success. Before pursuing my first client, I made certain to develop a long-term business plan. Having a solid plan allowed me to define my business, outline my products and services, create my marketing strategy (including target audience and geography) and develop a financial plan. It also helped me look serious to potential clients, investors and lenders.

I learned that it is equally important to seek guidance from subject matter experts who specialize in small business. Most states have small business development centers or branches of the federal Small Business Administration (SBA) office that offer free business counseling and services for both startups and established businesses.

Having a relationship with a banker is also essential. You’d be amazed at what your bank has to offer. Whether your business is large or small, a banker can help provide general consultation on ways to help grow your business. While some new businesses don’t initially qualify for lending because of lack of collateral or poor credit history, most banks do offer other business products (like checking accounts), services (like overdraft protection) and tools (like online banking) to help new business owners better run their business.

My local bank became a great resource and provided me free tools and information to help me manage my business. For instance, my bank connected me with community agencies specializing in small business development. In fact, this led to a full-time employment opportunity with the NAACP Community Development Resource Center in Richmond, Va., where I was able to pursue my passion for helping individuals and families achieve financial success.

Some of the best advice I ever received was to make sure I never comingle my personal and business finances. When you’re just getting started, it’s typical to use your personal accounts for business expenses. However, establishing accounts in the name of your business creates a clearer financial picture, allowing you to more easily track and manage business expenses. It also helps lenders and investors when making decisions regarding financing and investments.

Last but certainly not least, make it official. African Americans are infamous for “side hustles,” and finding ways to earn extra income beyond your regular nine-to-five is generally encouraged. If you find yourself with a profitable business venture that is marketable and has the potential for long-term success, go ahead and file the appropriate paperwork to legally establish your business. This could create opportunities to grow your business and increase revenue by providing access to bank and government financing options, as well as other resources.

Long story short, over several years my business grew to serve over 100 clients and I was able to sell it and move on to other career aspirations. I know that this success came from careful planning and management and a willingness to seek advice. I also gained quite a few gems of wisdom as a small business owner that continue to benefit me today:

• Good service breaks down barriers.
• Follow through on what you promise.
• Deliver your best.
• Network and seek guidance – no matter how much you think you know, there is always something new to learn.
• Regardless of whether you work for a company or are self-employed, leverage the skills you have to capitalize on opportunities.

For free tips, tools and resources to help you reach your entrepreneurial dreams, visit the Wells Fargo Business Insights Resource Center at wellsfargobusinessinsights.com. This site offers an extensive library of expert advice, videos, podcasts, articles and more to help manage and grow your business – regardless of the stage.

Michelle Thornhill is senior vice president, Diverse Segments for Wells Fargo & Company. Visit www.wellsfargo.com/aspirations for more information.

 This article has been prepared for informational purposes only. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each individual’s financial situation is unique, you need to review your financial objectives to determine which approaches might work best for you. 

Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.

This financial tip is sponsored by Wells Fargo. Here’s Michelle Thornhill.

Along with stocks and bonds, real estate is one of the most common forms of investments. There are various types of investment real estate. They include residential, commercial, industrial, retail and mixed-use. Profits are generated in numerous ways. One is when the real estate appreciates. That means the value of the property has increased. You receive cash flow income when you collect money in the form of rent. You receive commission income from buying or selling property and ancillary income is earned when additional ways to make a profit are developed within the property. Providing coin laundry services inside an apartment building is an example of this kind of profit. If you’re interested in real estate investing, there are many lending options available to consider.

For more financial tips and information, visit wellsfargo.com/mortgage  

Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.

This financial tip is sponsored by Wells Fargo.  Here’s Michelle Thornhill.

If you are facing foreclosure, communicate with your lender right away.  There may be options available to assist you with your mortgage challenges.  Many mortgage lenders offer loan modification programs, where monthly payments can be adjusted. 

If you cannot or don’t want to stay in your home there are still options for you.  If there is equity in your home, you may be able to sell the property.  Or, if you you owe more than the home is worth, consider a short sale.  Another option is to offer your deed in lieu of foreclosure, this may help with your primary mortgage and avoid a foreclosure sale. For more information on how Wells Fargo is helping customers who are facing financial challenges, visit www.wellsfargo.com/homeassist.

For more financial tips and information, visit wellsfargo.com/mortgage  

Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.

As you prepare to buy a home, you may be applying for financing.  Consider your current and future financial situation when deciding how much you can afford in a mortgage payment.   Think about the type of loan you may want. Are you comfortable with an adjustable interest rate or do you prefer a fixed rate?

Although adjustable interest rates tend to be lower, you might be more comfortable with a mortgage payment that is stable and predictable, as with a fixed interest rate.  Take into consideration how you will be using the loan.  Someone buying a fixer-upper might need a different loan than someone buying a newly constructed home.  Wells Fargo’s Home Loan Workbench is an online tool that can help you find the right mortgage to fit your needs.  You can compare loan scenarios and request a free consultation.

For more financial tips and information, visit wellsfargo.com/mortgage.