Congress credit to strengthen security measures

Home buyers and refinancers mortgage must be among the major beneficiaries of the new legislation of the nation for reform of consumer credit rules and practices, approved by the House of Representatives and the Senate shortly before Thanksgiving recess.

Mortgage candidates in all 50 States in a position to request and obtain a free copy a year of their credit reports from each of the three national credit Repositories - Equifax, Experian and TransUnion. Capita Currently, only a handful of countries have this right.

As an annual medical checkup, ordering your credit files once a year, you can use any place there are errors or omissions, the increase in mortgage interest rates and fees that the lender you mention in your next connection. Search for the Consumer Federation of America and the National Credit Reporting Association found that millions of Americans who are at risk, plus the fees charged by lenders, not only because of misinformation buried away in their credit reports.

Other files consumer credit are incomplete - Missing key data, including discs positive-time payments - because its lenders, he deliberately withholds the agencies. They face higher prices and taxes as a direct consequence.

The new law, the trade fair and accurate credit Act of 2003, also guarantees access to credit, scores of evaluation and the price of your mortgage. Although California residents have the right to obtain their comments over a year, the vast majority of American Home buyer is not.

Another new advance in consumer accounts: Mandatory declaration, if your loan application is negatively influenced by a risk-based pricing system will use your electronic files of credit to come, with your collective agreement. Most mortgage applicants have no idea if it saves a little more - say, one fourth to one-half percentage point higher than they deserve - because of misinformation or incomplete in institutions their credit files.

The risk of software-based systems at prices of most companies have the mortgage are not aware that the data contained in the files of your credit is bad. They believe your entries are correct, so they advise you to credit risk. With a higher risk borrowers pay more.

A recent example of this in Colorado, if a 31-year-old architect, was quoted a $ 200-a monthly payment higher in his country of origin of the loans not only because of a credit file glitch. The problem? The Student Loan provider, SLM Corp. or Sallie Mae, had withheld his impressive time payment history of two of the three national credit institutions for deposits over one year. The risk-based pricing system scores and its price mortgage quote saw as a much higher risk when it really was.

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