Home,Loans,Identity,Theft,Prot finance, share, loan Home Loans Identity Theft Protection Could Hurt Home Sales
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
The concept of freezing credit reports is a simple one. Every time someone applies for credit, the lender contacts on of the three main credit bureaus and requests a copy of his or her credit report, which contains the applicants FICO score. The score, a number ranging from 300 to 850, indicates how worthy the applicant is to qualify for the loan or credit. The new laws allow consumers to freeze their credit reports, effectively blocking any attempts by anyone to view his or her credit score. If the score cant be viewed, then credit cant be issued, thus protecting the consumer from fraudulent activity. The process is a simple one, and can be initiated or canceled with a simple transaction on the Internet. The problem, according to those in the real estate industry, is that this simple security precaution may make it difficult for a consumer who has blocked their credit to buy a home. In many markets, homes put up for sale sell in a few hours or days, and the process of unfreezing a credit report can take longer than that. If a home seller or lender cannot assess a potential buyers credit rating, then the home sale may be lost to another buyer. True, it is a simple process to unfreeze a credit report, but some consumers may forget that they froze their reports in the first place, or they may forget or misplace their username or password for the Website that allows them to unfreeze their report. On the surface, the new laws to protect consumers seem to be a good idea, and those in the real estate industry who are concerned may find that their worries are unjustified. This is a case where all parties would benefit from taking the time to see if the laws are effective, and whether or not they actually hurt the real estate industry. In the meantime, anyone considering purchasing a home should be made aware of the ramifications of freezing their credit, as doing so may make it more difficult to purchase the house of his or her dreams.
Home,Loans,Identity,Theft,Prot