Often consumer credit scores are called “FICO scores.” Occasionally the term "FICA Score" is used, but this terminology is incorrect. FICA refers to a federal income tax and FICO is the term used regarding an individuals personal credit score.
Read more at Suite101: Credit Score, FICO Score, and FICA Score: What is the Difference Between these Credit Rating Terms? http://consumereducation.suite101.com/article.cfm/credit_score_ratings_fico_score_and_fica_score#ixzz0tiLgkKkZ
Tuesday, October 12, 2010
Sunday, October 10, 2010
What is the Federal Truth in Lending Act
Truth in Lending Act (TILA): Federal law which aims at protecting the public against unfair and erroneous credit card practices and credit billing. TILA requires creditors to disclose loan terms, such as interest rates, outstanding loan payments and their due dates, and the total loan amount
What is the Uniform Consumer Credit Code
Uniform Consumer Credit Code (UCCC): This law sets guidelines for credit transactions, limits wage garnishment, and protects consumers from predatory lenders. The UCCC requires lenders to disclose loan terms to borrowers and oversees some debt collectors. It establishes the maximum amount that borrowers may be charged for credit and makes it unlawful for lenders to discriminate on the basis of marital status or gender when extending credit.
Which are 23 states where courts have jurisdiction over foreclosure?
Three major mortgage lenders — Bank of America, GMAC Mortgage and JPMorgan Chase — have said they are suspending foreclosures in the 23 states where they first need a judge’s approval. They are also waving off Fannie Mae from selling any of the foreclosed homes whose loans they sold to Fannie.
- Connecticut
- Delaware
- Florida
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- New Jersey
- New Mexico
- New York
- North Dakota
- Ohio
- Oklahoma
- Pennsylvania
- South Carolina
- South Dakota
- Vermont
- Wisconsin
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