subject: Home Loans – Identity theft protection may hurt sales home [print this page] Home Loans Identity theft protection may hurt sales home
Identity theft is a hot topic in the press in recent years. Simply pay a month or so forty million credit cards compromised by a virus attack on a processor card. Consumers are rightly concerned because it can take years to unravel the problems created when someone to steal identities. New legislation in Texas and California, is also proposed elsewhere, the consumer, protecting "freeze" your credit cardRelations. Those of the real estate industry are concerned, however, that if he can make it difficult for some people to buy a house.
The idea of freezing credit reports is easy. Every time someone asks for a loan, the creditor to three credit bureaus and request a copy of the credit file, which contains the applicant's FICO score. The guests, number 300-850, indicates how worthy the applicant is entitled to the loan orCredit. The new law, consumers can freeze credit reports to see effectively block any attempt on the part of all of your credit score too. If guests can be taken into account, then credit can be issued to protect the consumer against fraud.
The method is simple and can be started or terminated by a simple online transaction. The problem is, like the property sector, that this simple security measure in Maydifficult for a consumer who has blocked their credit to buy a house. In many markets, houses for sale sell within hours or days, and the process of issuing a credit report can take more than that. If you do not judge a seller of goods or the provider on the creditworthiness of a potential buyer, the sale of the house can be lost to another buyer. Certainly, this is a simple process of issuing a credit report, but some consumers may forget that froze their reports in the firstPlace, or they may forget or transfer your username or password for the website that allows the publication of the report.
On the surface, the new legislation to protect consumers, seems to be a good idea, and the real estate industry refers to May found that their fears are unfounded. This is a case in which benefit all parties time to determine whether the laws are effective, and if the damage of the property sector. Meanwhile, eachthinking of buying a home should be aware of the consequences of the credit squeeze, as it was completed in May, making it difficult to buy the house of your dreams.
