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Checklist: Do I Need to Replace My Chimney Cap?
As you are cleaning leaves out of your home’s gutters, dealing with Christmas lights, or adjusting a satellite dish, don’t forget to evaluate your chimney caps while you’re on the roof. Chimney caps are those mesh-sided enclosures (usually made of ...
Choosing The Right Garage Door
A garage is home to your personal automobiles and usually a large selection of sporting goods and tools. Therefore in order to keep these possessions safe the right choice of garage door is vital. A garage door is one of the most important components of ...
Golf Course & Waterfront Living: Live, Play, Relax
With today’s planned lifestyle communities, golf and boating enthusiasts have an opportunity to purchase the home of their dreams just a chip shot away from the green or stone’s throw from the marina. In addition to an ideal home setting, golf and ...
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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 applicant’s 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 can’t be viewed, then credit can’t 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 buyer’s 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.
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Alan Simpson is more wrong than ever on Social SecurityLos Angeles Timeswho has long been the go-to guy for obnoxiously know-nothing takes on Social Security, this week uncorked yet another spectacularly misinformed "factoid" about the program's history. In a letter to Max Richtman, a former Senate staffer who now heads ...and more » |
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