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Flat Fee MLS Listings - Is this the future of real estate
Realtors are all a buzz about this new form of listing houses on the MLS (multiple listing service). Some feel it creates more work for the buyers agent, while others see this as a way to tap into the For Sale By Owner market.
It use to be...
Hire Divorce Lawyer or Use Online Divorce Forms?
Hire Divorce Lawyer or Use Online Divorce Forms?
When do you need to hire a family law attorney and when is it okay to just use an online divorce form website to save a little money? This article will provide a few pointers to help you decide...
How to Choose the Proper Entity for Your Business
First, let me state that I'm not an attorney and the rest of this article is just based on my experiences so I'd advise you to contact John Hyre at www.realestatetaxlaw.com to get some solid, specific advice on your particular situation.
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How to Work With Your Intellectual Property Lawyer
In many small businesses, intellectual property is an overlooked asset. The goodwill from your company name, computer programs you have written, articles, manuals, or books that you have written, logos, advertising copy, methods you have used or...
Universal Success Secrets
Are there any universal laws that most successful people seem to follow? Great question, huh? With that in mind, I began listing some common denominators in order to share them with others. I’ve been very fortunate to have had some success in my...
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Legislators Ponder New Credit Protection Laws
Legislators in Washington, D.C. are considering several credit-related consumer protections as outlined in The Fair and Accurate Credit Transaction Act of 2003 (H.R. 2622). If approved, consumers could benefit from the most wide-ranging changes to the rules covering consumers and credit in decades.
One of the most important changes would be the right to receive a free annual copy of your credit report, upon request, from the three major credit reporting agencies: Equifax, TransUnion and Experian. Currently only six U.S. states offer their residents this form of consumer protection. Federal law requires that a consumer may obtain a free copy of their credit report only if they have been denied a loan or credit based upon information contained in their credit reports.
Other highlights of The Fair and Accurate Credit Transaction Act of 2003 include:
~ special notifications whenever excessive inquiries (credit checks by potential lenders and creditors) are lowering your credit scores significantly;
~ notification by creditors whenever they are sending derogatory account information to any of the national credit reporting agencies;
~ blocking negative credit information caused by an identity thief from reappearing on credit reports;
~ mandating creditors to
establish guidelines to prevent them from issuing credit deemed likely to be fraudulent;
~ the disclosure of credit scores used in connection with loan application decisions and an explanation of the key factors that were used to determine that score;
~ requiring the disclosure of the name, address, and telephone number of businesses that supply information to credit bureaus.
At first glance this bill appears to offer valuable credit protections for consumers. However, there are others who feel this legislation either doesn’t do enough or even reduces consumer rights. The proposed federal law could replace tougher laws already in place in some states and that has consumer advocates concerned.
For an in depth analysis of H.R. 2622 by leading consumer advocates, visit http://www.privacyrights.org/ar/HR2622Analysis.htm
Lawmakers and consumer groups agree that changes need to be made to better protect consumers and their credit rights. Whether or not The Fair and Accurate Credit Transaction Act can address these concerns remains to be seen.
About the Author
© 2003, www.yourfreecreditreportnow.com
Author: James H. Dimmitt
James is editor of “To Your Credit” a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9
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