Listing Courtesy of KELLER WILLIAMS REALTY
You may have wondered why there are credit repair companies out there, since the credit reporting agencies have to allow any Lewes consumer to dispute incorrect line items on their own. The big Credit Reporting Agencies (“CRAs”) even have online systems for challenging erroneous information. The Agency must act speedily to investigate and correct any false information. Soooo, why pay someone else to just fill out their form?
The answer seems to be the same one that makes practitioners in the legal profession permanently in demand: it’s in the fine print. And in this case, it could be that some of that fine print is written in invisible ink.
As you can well imagine, speed is vital when a would-be Lewes mortgage applicant finds a credit score that’s lower than expected. The mortgage companies will decide whether you qualify (and how much interest to charge) based largely on that credit score. The actual details about how speedily the CRA must act are all contained in the fine print located in the FDIC’s Consumer Protection regulations, “Procedure in case of disputed accuracy” (6500, § 611). Once you notify the CRA, they have to investigate the validity of your claim and (without charging you a dime) determine within 30 days whether the item is accurate. More fine print describe further protections you have—
PARAGRAPH 2: The CRA has but 5 days to notify the company or person who provided the information about your challenge.
PARAGRAPH 6: The CRA has to provide you the results of their investigation in writing, and, if you’ve asked for it, describe the steps they took to arrive at their decision.
PARAGRAPH 7: If you didn’t know that you had the right to receive the above description, they must furnish it within 15 days after you later request it.
Those sound like pretty solid protections—vitally important, since the CRA can’t just sweep your dispute under the rug, stall, or ignore you altogether. After all, they have to detail in writing how strenuously they worked to protect you! Right?
Except for one problem, which is in PARAGRAPH 8. If the CRA simply drops the disputed item from your current report within the first 3 days, that’s officially considered an expedited dispute resolution. Since the item has been dropped, that might seem to be a solid win. But PARAGRAPH 8 says that if the CRA does that, it no longer has to do anything demanded in Paragraphs 2,6, and 7! It’s as if those protections were written in invisible ink…so that next month, if the company or person just reports the same thing, voila! your credit report might once again go back to Square One. The CRA is supposed to notify you 5 days in advance; but let’s face it, the phrase ‘Catch-22’ comes to mind…or ‘Credit Score Whack-a-Mole’…
What can you do, short of hiring repair agency experts to fix your credit score? Most commentators are in agreement: just stay away from the online dispute forms. Send a registered letter with your dispute, because it usually takes the CRA longer than three days to act on it, so they can’t skip the protections.
And while you’re waiting, why not give me a call? We can start scouting for your new Lewes home! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com.
“Bitcoin Fever Hits US Real Estate Market” screamed last week’s headline—but like most of the other news stories about bitcoin, the details were less than convincing. Certainly, Delaware real estate has yet to be diagnosed with a serious case of bitcoin fever.
Yet, if you are a local homeowner who has begun to wonder if one day you might see “bitcoin accepted” messages in Delaware listings, you may have been tempted to check into what the hubbub is all about. Is bitcoin some get-rich-quick Ponzi scheme cloaked in technological mumbo-jumbo? Or is it destined to be the dominant exchange medium for all future electronic transactions?
One problem is that the bits and pieces of information that keep dribbling out through the media are often contradictory. If a single bitcoin is worth $11,000 (or $18,000, depending on the wildly fluctuating market), how could it possibly be used for buying a six-pack of Coke? Typical is the guidance offered by the CEO of the U.S.’s largest bank, JPMorgan Chase:
· Jamie Dimon: “If you’re stupid enough to buy bitcoin, you’ll pay the price one day.”
· Jamie Dimon: (a little later): “I’m not going to talk about bitcoin anymore.”
· Jamie Dimon: (a little later): “I regret calling bitcoin a fraud.”
My guess is that most of our Delaware neighbors don’t have much time to delve into the nuts and bolts of whether various cryptocurrencies may come to play a role in Delaware real estate transactions. Still, you can’t be too careful when it comes to future 21st-century reality. If self-driving cars are certain to arrive sooner rather than later (they are), who knows how soon digital currency will be the norm? With that in mind, here is a quick sketch of three basic bitcoin features:
1) Its power is based on “the blockchain.” The details of a bitcoin purchase are transmitted out onto the network, where it is added to a list of the latest transactions in a “block.” If the block is found to be legitimate by enough participating auditors (“miners”), the block is added to the public ledger (“the blockchain”). The blockchain contains the entire verified ledger—from the first transaction to the latest. No one can “cook the books” or counterfeit bitcoins because every transaction is set in stone forever. It’s like being able to put your trust in a group of bookkeepers who can never cheat.
2) Every block must adhere to the rules—the bitcoin computer protocols—precisely. If anything differs by so much as a gnat’s eyelash, that block will be rejected by the other miners and discarded. This prevents scams.
3) The rules include a limit to the total number of bitcoins that will ever be created (21 million), so each one should gain value if more and more people around the world accept bitcoin as payment. Most transactions will be made in tiny fractions of a bitcoin (this morning, $100 equaled nine-thousandths of a bitcoin). Since no central authority can print up more bitcoins when it needs extra cash, unlike traditional currencies, bitcoin is inflation-proof.
Of course, these are simplifications—and presented without possible drawbacks—but they do point to some of bitcoin’s appeal. Whether it will be widely adopted for everyday trade is completely unknown. At least for the moment, most Delaware listings will continue to do nicely without a “bitcoin accepted” notice.
For more of the latest in the Delaware real estate market, give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.