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by T.B. Collins
There is an old statement that holds true when trying to restore your credit rating, and the statement is “knowing is half the battle.” This statement exemplifies what consumers who have had past credit problems should do, and that is to learn everything they can about credit repair.
Repairing or rebuilding your credit is not a simple task, and knowing what laws protects the consumer and how to use them is the first step in this process.
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The Federal Trade Commission has established a set of laws to protect the consumer from abuses by credit reporting agencies. These laws are designed to make sure that the consumer’s credit file is accurate and up-to-date; this law is commonly known as the Fair Credit Reporting Act. The F.C.R.A. is the strongest tool the consumer has to ensure that what is reported by credit reporting agencies truly reflects what is contained in their credit file.
Before these laws were enacted, the consumer was at the mercy of the credit reporting agency, not to say that there were abuses, but finding out what was contained on your credit file was almost impossible. This is why under these laws the consumer has the right to request a copy of there credit file at anytime they choose, also there is a new law that requires credit reporting agencies to provide a free annual credit report to consumers in certain states.
The importance of knowing what is contained on your credit is that you have an opportunity to correct any inaccuracies contained in the credit file. The most common of the inaccuracies is out of date information including incorrect address, employment, and repayment history. This information can decrease your credit score dramatically, and have a negative impact when viewed by credit grantors, so knowing what is contained on your credit file is a major benefit provided by this act.
Now that you know what is contained on your credit file, it is time to repair some of the negative comments contained in the file. The Fair Credit Reporting Act gives the consumer the ability to dispute inaccurate information contained within the report, and this can include entries that are not yours, entries that are past the time limit, and entries that have been corrected but not reported.
You as a consumer have the right to repair your own credit, but as stated before this is not a simple task, and will require a lot of time and patience. That is why there are agencies that are willing to help you repair your credit, and these agencies are also regulated by a federal law call the Credit Repair Organizations Act, this act provides safeguards to protect the consumer when dealing with credit repair companies. To find a credit repair company to assist you to repair your credit, just do a search on your favorite search engine, a recommended repair organization is, Millennium Credit Service their website address is http://www.millennium-credit.com.
Another important act passed by the Federal Trade Commission concerns what actions are legal for debt collectors and collection agencies. This act known as the Fair Debt Collection Practices Act was created to stop harassment by debt collectors, it outlines when and at what time collectors can contact the consumer. It also covers what actions can be taken by the consumer if they feel they are being harassed by collection agencies, and how report harassment if it occurs.
These two acts, the Fair Credit Reporting Act, and the Fair Debt Collection Practices Act are intended to protect the consumer against abuses, but if you are unaware of these acts, then they will not be able to benefit you in restoring or rebuilding your credit. To find out more information on these acts visit the Federal Trade Commission’s website at http://www.ftc.gov. Once you are familiar with what rights you have under the law, you will be able to take control over what is contained in your credit file, and if necessary dispute any inaccuracies contained in the file. T.B. Collins is the president of Millennium Credit Service, and has been offering credit repair advice for over 10 years. To find out more visit http://www.millennium-credit.com |
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Home Mortgages (AP)
AP - Home Mortgages
ETFs Reach a New Milestone in 2004 (AP)
AP - It wasn't a bad year for conventional mutual funds, but exchange traded funds experienced dramatic growth in 2004, raking in an unprecedented amount of new cash.
Mortgage Applications Fall, Rates Ease (Reuters)
Reuters - During a holiday-shortened week, U.S.
consumer's applications for home refinancing and purchasing
fell in spite of a drop in fixed mortgage rates, an industry
group said on Wednesday.
Fannie Mae Chooses Deloitte & Touche (AP)
AP - Mortgage giant Fannie Mae said Tuesday it had chosen Big Four accounting firm Deloitte & Touche as its new outside auditor and that J. Timothy Howard, the chief financial officer forced out last month in the accounting crisis, had resigned from the board of directors.
In Defense of Mortgage Brokers (The Motley Fool)
The Motley Fool - A while back, I wrote an article offering "9 Facts About Mortgages." It didn't get nominated for a Pulitzer Prize, and it hasn't been made into a movie (yet). But I did hear from several readers who had some thoughts to share on it. One of them, Courtland Moores, offered a detailed rebuttal to one of my points. I'd like to share it with you.
Finance: the Point of No Returns (Reuters)
Reuters - (Linda Stern is a freelance writer who covers personal
finance issues for Reuters. Any opinions in the column are
solely those of Ms. Stern. You can e-mail her at
lindastern(at)aol.com.)
Sallie Mae Goes Solo (The Motley Fool)
The Motley Fool - Mark your calendars, SLM Corporation (NYSE: SLM - News), or Sallie Mae as you probably know it, is no longer a government-sponsored entity. Wayne Abernathy, an assistant secretary at the U.S. Treasury, signed the papers on Wednesday to make it official. The plan has been known for a while, but CEO Al Lord and his team pulled off the effort four years ahead of schedule.
Ring In the Tax Changes! (The Motley Fool)
The Motley Fool - 2004 was busy year for the tax writers in Washington. On Oct. 4, the president signed into law The Working Families Tax Relief Act of 2004. And quickly on the heels of those tax changes, the president signed into law The American Jobs Creation Act of 2004 on Oct. 22. And let's not forget the passage (in late 2003) of the new laws allowing Health Savings Accounts as a tax-favored way to allow for payment of qualified medical expenses for those taxpayers covered by high-deductible health insurance plans. ...
The Reverse Mortgage Lowdown (The Motley Fool)
The Motley Fool - A reverse mortgage allows you to convert the equity in your home into a lump-sum payment, monthly income, or a line of credit.
Raines' Fall at Fannie Mae Stuns Friends (AP)
AP - Two months after swearing to Congress that Fannie Mae's accounting practices were beyond reproach, Franklin D. Raines was forced out as chairman and chief executive officer in a serious and possibly career-ending blow.
Sales of Existing Homes Surge on Low Rates (AP)
AP - Sales of previously owned homes in November posted their best month on record as low mortgage rates enticed buyers to live the American dream.
Fannie to Sell $5 Bln in Preferred Stock (Reuters)
Reuters - Fannie Mae , the embattled U.S.
home financing company, on Wednesday said it agreed to sell $5
billion in preferred stock to institutional buyers as part of
an effort to comply with regulatory demands to increase
capital.
Fannie Mae to Sell $5 Billion in Stock (AP)
AP - Fannie Mae, the nation's largest mortgage finance company, said Wednesday it has agreed to sell $5 billion in two private placements of non-cumulative preferred stock as part of a plan to boost its capital reserves.
Fannie May Sell $4 Bln Preferred Stock (Reuters)
Reuters - Fannie Mae, the largest U.S. home
funding company, said on Wednesday it may privately sell up to
$4 billion of preferred stock this week, which could help it
meet higher capitalization standards it faces after regulators
found it broke accounting rules.
Sallie Mae Concludes Privatization Plan (AP)
AP - Student loan provider Sallie Mae completed its separation from the federal government Wednesday, nearly four years ahead of schedule, and set aside enough money to pay off the outstanding debt obligations from its government-sponsored enterprise subsidiary.
Mortgage Rates Near Record Lows for 2004 (AP)
AP - Mortgage rates around the country moved up this week, but rates on 30-year mortgages for all of 2004 registered their second-lowest year on record.
Existing Home Sales Hit Record, Prices Surge (Reuters)
Reuters - Sales of existing U.S. homes rose
unexpectedly to a record high in November and prices surged as
low mortgage rates fueled home-buying, a trade association
report showed on Wednesday.
U.S. Existing Home Sales Rise in November (Reuters)
Reuters - Sales of existing U.S. homes
unexpectedly rose by 2.7 percent in November as low mortgage
rates fueled a record pace of home-buying, a trade association
report showed on Wednesday.
A New Year Jolt from Inflation? (BusinessWeek Online)
BusinessWeek Online - Inflation likes to get off to an early start, if the chain-price inflation measures in the U.S. gross domestic product (GDP) and personal income reports are any indication. These reports often reveal substantial seasonal strength in inflation in the first quarter of the year. That's mainly because of cost-of-living adjustments (COLA) for the year in labor contracts and government-entitlement programs that aren't fully offset by seasonal factors. The effect is concentrated in the government sector, but emerges elsewhere as well.
Protecting Yourself From A Housing Slump (BusinessWeek Online)
BusinessWeek Online - In many U.S. cities, the housing market looks as extravagant and top-heavy as a Dr. Seuss castle. In metro New York, the median price of a single-family house is up 78% since 1999, according to the Office of Federal Housing Enterprise Oversight. The gains are even bigger in Miami (87%), Los Angeles (97%), and San Diego (115%). For years house prices in these markets have risen faster than family incomes. The trend made sense when mortgage interest rates were falling, but rates hit bottom in mid-2003 and they're likely to rise. Put it all together, says Yale University economist Robert J. ...
Fannie Mae to Pay Ousted CEO $1.3 Million (AP)
AP - Franklin Raines, who was forced out as Fannie Mae's chief executive after five years, is due to receive a pension of $1.3 million a year for life, according to an agreement with the mortgage lending giant.
Pa. Student Loan Board Rejects Sallie Mae (AP)
AP - The board of Pennsylvania's state-run student loan program Monday emphatically rejected an unsolicited $1 billion takeover bid by industry giant Sallie Mae.
Six Defendants Convicted in Tax Scheme (AP)
AP - A federal jury convicted six people Monday in a tax shelter scheme that helped 1,500 people take $120 million in false income tax deductions from 1997 to 2001.
Summary Box: Fannie Mae Payout to Ex-CEO (AP)
AP - THE PAYOUT — Franklin Raines, Fannie Mae's former CEO, will get a $1.3 million pension for life, plus benefits, even though he was forced to retire.
Fannie Mae Says Regulator OKs Dividend (Reuters)
Reuters - U.S. mortgage finance giant Fannie
Mae , which on Tuesday removed two top executives over
major accounting problems, said on Thursday its regulator has
approved a December preferred stock dividend.
Sallie Mae CIO Robert S. Autor: Creating Value from I.T. (NewsFactor)
NewsFactor - Robert S. Autor serves as senior vice president and CIO at SLM (commonly known as Sallie Mae), the nation's leading provider of education funding, which manages more than US$98 billion in student loans for more than seven million borrowers. As CIO, Autor leads the company's I.T. division, headquartered in Indianapolis, Indiana.
Outspoken Hong Kong lawmaker calls in police after REIT death threat (AFP)
AFP - Police are investigating a death threat against a Hong Kong legislator following accusations he was to blame for halting a huge government property privatisation, a statement said Thursday.
Stocks Up; Oil Prices, Economic Data Help (Reuters)
Reuters - U.S. stocks rode their Santa rally
higher on Wednesday, as oil prices tumbled more than a dollar,
third-quarter economic growth rose more than previously thought
and mortgage finance company Fannie Mae rallied.
Investors Still Buying Fannie Mae (The Motley Fool)
The Motley Fool - Is there a Santa Claus rally under way? Look no further than Fannie Mae (NYSE: FNM - News). The stock has traded up as much as 5% on news that the CEO and CFO have left the company and the auditors have been dismissed. Ah, investment euphoria at its best!
Before-the-Bell: Fannie Mae Rises 1 Pct. (Reuters)
Reuters - Shares of Fannie Mae climbed 1
percent before the bell on Wednesday a day after the chief
executive and chief financial officer of the U.S. mortgage
finance giant stepped down.
US mortgage giant Fannie Mae fires CEO, CFO (AFP)
AFP - US mortgage finance giant Fannie Mae announced the retirement of its chief executive officer Franklin Raines and the resignation of its chief financial officer Timothy Howard, in the wake of accounting errors that will force a massive earnings restatement.
Fannie Mae Confirms Top Executives Out (Reuters)
Reuters - U.S. mortgage finance giant Fannie
Mae confirmed on Tuesday night that two top executives
under fire over accounting problems were leaving the company
and that it has fired its independent auditor, KPMG.
NASD Fines H&R Block for Market Timing (Reuters)
Reuters - H&R Block's broker affiliate
was censured and fined $500,000 for enabling a hedge fund
customer in its Orlando office to engage in deceptive practices
to market-time mutual funds, regulators said on Tuesday.
Fannie Mae's Institutional Arrogance (The Motley Fool)
The Motley Fool - One would think that the news that the Securities and Exchange Commission had ordered mortgage giant Fannie Mae (NYSE: FNM - News) to restate earnings downward by more than $9 billion would have caused investors to think very, very carefully about their faith in the company and its accounting. Instead, the stock drifted a little lower this morning, about 4%, and has since proceeded to recover.
Housing Starts Dive Unexpectedly in Nov. (Reuters)
Reuters - U.S. housing starts unexpectedly
plummeted 13.1 percent last month, the biggest dive in nearly
11 years, as groundbreaking activity fell sharply across the
nation, a government report showed on Thursday.
HK delays Link REIT by 3 days (TheDeal.com)
TheDeal.com - The offering, which would be the world's largest this year, is now scheduled to float Dec. 20.
SEC Calls on Fannie to Restate Earnings (Reuters)
Reuters - The U.S. Securities and Exchange
Commission on Wednesday said Fannie Mae misapplied accounting
principles and called on the mortgage finance company to
restate earnings.
Fannie Mae Warns on Capital Position (Reuters)
Reuters - U.S. mortgage finance giant Fannie
Mae said on Wednesday a Securities and Exchange Commission
decision that it must restate earnings over accounting problems
is likely to cut into its capital position.
Allianz sells British life insurance activities to Britannic (AFP)
AFP - German banking and insurance giant Allianz said Wednesday it has sold its the life insurance activities of its British unit Allianz Cornhill to rival group Britannic for 110 million pounds (about 159 million euros, 211 million dollars).
Mortgage Myths (The Motley Fool)
The Motley Fool - If you're thinking about buying a home, do yourself a favor and don't fall for these myths:
HHG sells British life insurance business (AFP)
AFP - British-based wealth management and insurance group HHG Plc. is to sell its Life Services business to a venture capital group for 1.025 billion pounds (1.97 billion US dollars).
NASD Warns of Risky Home-Equity Investing (Reuters)
Reuters - Too many house-rich Americans are
borrowing money against their homes to play the stock market,
brokerages regulator NASD warned on Wednesday.
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