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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. ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation and credit counseling information and HomeEquityHelp.net, a site devoted to information on mortgages and home equity loans.
MORE RESOURCES: Cambridge is the worst city in New England for first-time homebuyers, study says. Where’s the best? The Boston Globe The real estate market: 5 key themes to watch this week Real Estate News by RealEstateNews.com Blackstone's Wesley LePatner, a mentor to women and real estate investing leader, killed in NYC office shooting Business Insider AI Is Transforming Real Estate Marketing | Florida Realtors 18 months later, Blackstone still sees real estate comeback ahead Private Equity Real Estate | PERE Real estate: Condo prices rise in Indian River County; fall in Martin, St. Lucie counties Treasure Coast News Troy Furbay has been appointed Managing Director, Hospitality at Crescent Real Estate LLC Hospitality Net ‘Walking beside him’: Daughter continues stepfather’s real estate dream Mountain Home Observer Richland County property transfers recorded July 21-24 Mansfield News Journal Double digit price increases for Putnam real estate Mid Hudson News Alex MacWilliam of Alex MacWilliam Real Estate in Vero GlobeNewswire Haag-Brown Commercial Real Estate to open Bentonville office Talk Business & Politics RE/MAX revenue continues to slip despite agent gains Real Estate News by RealEstateNews.com US industrial real estate investor Terreno sells $82m portfolio IPE Real Assets Executive Killed in Manhattan Shooting Was CEO of Blackstone's $53 Billion Real Estate Megafund Realtor.com Inside Zillow’s summer launch: 5 new tools built for agents Real Estate News by RealEstateNews.com Real estate transfers: 7/30 Toledo Blade Anywhere revenue inches up despite ‘weird’ housing market Real Estate News by RealEstateNews.com Real Estate Transactions | July 14-18, 2025 Republic-Times Leading Arizona Real Estate Team JBRE Joins Real Brokerage, Bringing $310M Sales Portfolio Stock Titan Real estate office renovating former daycare The News-Enterprise Exclusive: Apple to buy another Silicon Valley campus for $365 million San Francisco Chronicle Ledge Road property in Newport sold for $3.3 million tops latest Newport County sales Newport Daily News Christie’s Debuts Crypto Real Estate Division The New York Times What’s Rising Across the Upstate? Updates on 7 Real Estate Developments - Upstate Business Journal What’s Rising Across the Upstate? Updates on 7 Real Estate Developments Upstate Business Journal Santa Monica Ranks Second Most Expensive for Rentals as Real Estate Market Shows Mixed Signals Santa Monica Daily Press Atlanta real estate tycoon Tom Cousins has died at 93 Rough Draft Atlanta Easton home on Sierra Drive that sold for over $1M 'epitomizes one-of-a-kind luxury' Enterprise News Population Growth in England and Wales: A Boon for Real Estate and Social Infrastructure Sectors AInvest Blackstone’s LePatner killed in NYC shooting Private Equity Real Estate | PERE With The Enolia, MCB Real Estate reinvents the residence hall for Morgan State University Baltimore Fishbowl Boardwalk Real Estate: Q2 Earnings Snapshot San Antonio Express-News RealPage buys Rexera, maker of 'AI agents' for real estate deals The Business Journals Apollo Commercial Real Estate Finance, Inc. Reports Second Quarter 2025 Financial Results Quiver Quantitative One of the world’s largest luxury real estate firms wants to help you buy a house — with crypto New York Post Lucky Strike Entertainment Buys Up Location Real Estate RePlay Magazine Gold Key Real Estate lewistownsentinel.com Commercial Real Estate Still Has a Software Problem Commercial Observer Brixmor Property Group's Q2 2025 Earnings: A Strategic Playbook for Resilient Retail Real Estate AInvest Fed Interest Rate Predictions: No Cut Expected Tomorrow, July 30, 2025 Norada Real Estate Investments Judge sides with LGBTQ+ Alliance in battle with ex-CEO Real Estate News by RealEstateNews.com The Future of AI in Real Estate Valuations: Understanding Tomorrow’s Appraisal Standards Appraisal Buzz WeWork Wants You to Know It’s a Grown-Up Real-Estate Firm Now The Wall Street Journal NexPoint REIT Offers Shareholders Choice in $0.15 Distribution: Cash or Stock Payment Options Stock Titan Real estate: Home prices climb in Martin, Indian River counties; fall in St. Lucie County Treasure Coast News Partners Real Estate names a new top executive in Austin The Business Journals Virgin Hotels Chicago Flagship Sold in Strategic Deal Amid Timeshare Real Estate Shift – What You Need to Know Travel And Tour World |
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