The FACT Act of 2003:  Notice and Request For Public Comment On the Effects of Credit Scores and Credit-Based Insurance Scores on the Availability and Affordability of Financial Products #514719-00006

Submission Number:
514719-00006
Commenter:
Deborah Clifton
State:
South Carolina
Initiative Name:
The FACT Act of 2003:  Notice and Request For Public Comment On the Effects of Credit Scores and Credit-Based Insurance Scores on the Availability and Affordability of Financial Products
Federal Trade Commission Title: Notice of Proposed Study on the Effects of Credit Scores and Credit-based Insurance Scores on the Availability and Affordability of Financial Products Subject Category: Fair and Accurate Credit Transactions Act of 2003 Implementation Docket Id: 3084-AA94 CFR Citation: To be Added Published: February 25, 2005 Comments Due: To be Added Insurance is more difficult to attain, Home Owners as well as auto Insurance. Some Insurance Companies refuse to insure, while others raise the premiums extremely high. It is important for someone who has credit dificulties to shop around. It can be really frustrating. I almost didn't find a company to Insure my Mortgage, but I finally did at the last minute. $1000.00 a year on a $120,000.00 home. Is that good? I wouldn't know because noone else would give me a quote. Mortgage companies will try to take advantage of you, thinking that you are desperate. I purchased my home through the S.C. State Housing Finance and Development Authority. They didn't kill me with a high interest rate. Thank you President Bush for keeping that program in place. With out it I would be paying almost half my take home pay on rent. I applied for a Consolidation/Home Improvement loan through a few Mortgage Companies. The variance between the Companies were interesting. But they all seemed to want to purchase my home, and shy away from a 2nd mortgage. One Company offered a refinace/2nd mortgage with the 2nd at 11% interest. I'm not buying...I'll wait. I'm not stupid or desperate. I can pay my bills. I really just wanted to fix up my home. My Mortgage has a 5.25% interest rate I'd be crazy to accept thier offers. The offer for credit cards I think is really funny. I just received an offer yesterday from Orchard Bank...3.9% FIXED INTRODUCTORY APR for 1 year...then a variable customary APR of 14.9%, and will NEVER be less than 14.9%. Annual fee of $39 per year Grace period 25 days. I file these offers in the Garbage, I pulled this out just for your study. I don't think the word FIXED applies, and they shouldn't be allowed to use it, especially since the Interest rate is variable. it is misleading to some people who don't look at details, and unfortunately alot of consumers don't. My credit scores are below 700. But my Credit Files are inaccurate and incomplete. If Capital One would start reporting my Credit limit my scores would be at least 700. But even with my Statement from Capital One that shows my Credit Limit is 1000.00 as proof, Equifax and TransUnion refuse to accept my statement as relevant. Experian did, Thank you Experian. What is a little ole consumer like me supposed to do? Sincerely, Deborah Clifton