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Home Security Locks and Hinges
Having dealt with the doors on your home in article 3, next I
would like to take a look at locks and hinges.
Many homes use the lock-in-knob, this offers you convenience but
it does not offer security from break ins. The fact is that...
Home Security Systems Provide a Safe Environment for Family Members
There were 4 million household burglaries in the United States,
nearly 500,000 resulted in bodily injury, and 20,000 resulted in
homicides, frightening statistics. Additional statistics reveal
that a home without a security system is three times...
How To Buy Double Glazing in the UK
Double-glazing reduces heat loss through your windows. You can save money on your heating bills. *However, it will be a long time before you save enough money equal to the cost of the windows*. If you can't afford to replace *all* your windows,...
Store Seasonal Items in your own Self Storage Unit
For the small business owner, particularly for businesses which
require access to tools and heavy equipment, self storage can be
a real boon.
If you're a landscaper, carpenter, plumber, or electrician, you
need easy access to the tools of...
To Picket Fences
The "fence height" controversy has traveled to the California communities of Burbank, Los Angeles, Santa Monica, Richmond and Glendale where angry homeowners have flocked to city council meetings—often breaking attendance records--to...
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Home Loans – Identity Theft Protection Could Hurt Home Sales
Identity theft has been a hot topic in the news during the last few years. Just a month or so ago, forty million credit card numbers were compromised due to a computer attack on a credit card processor. Consumers are rightly concerned, as it can take years to unravel the problems created when someone’s identity is stolen. New legislation in Texas and California, also proposed elsewhere, is designed to protect consumers by letting them put a “freeze” on their credit reports. Those in the real estate industry are worried, however, that doing so may make it difficult for some people to buy homes.
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.
About the Author: ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a Website devoted to debt consolidation information and http://www.HomeEquityHelp.net, a site devoted to information on home equity loans.
Source: www.isnare.com
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