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New CARD ACT credit card laws - Essay Example

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New Card Act Credit Card Laws Name Instructor Task Date What is a credit score? According to Schultz (2010), a credit score is the financial worthiness of an individual in numeric values. Lenders who estimate individuals’ worth using data from the score normally focus on the information on the score…
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New CARD ACT credit card laws
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Download file to see previous pages However, a higher score in the United States indicate that an individual is creditworthy. According to Riley (2008), the scores are presented in digits created based on algorithmic techniques. The difference in the score determines an individual’s access to credit from financial institutions. Consequently, most Americans aim at higher scores to enable them access financial services with ease. Concurrently, a person having a low score cannot access certain services that are essential to their livelihood. For instance, credit facilities assist people to meet their education and housing bills. “Where does it come from? What are the names of the three credit reporting agencies?” Consumers always obtain information on credit score from credit reporting agencies. According to the federal laws, citizens have the right to assess credit information (Angela, 2010). In the US, the FICO model indicates the score for individuals. Institutions in American prefer the model because it is reliable. It is estimated that close to 90 percent of financial institutions in America use FICO in presenting credit scores. The scores in FICO influences housing, education and employment of individuals in America as discussed in this piece. According to Riley (2012), bureaus provide information on credit scores at both the national and the county level. ...
The two agencies relay information to clients through phones, the internet and mail. According to Arnold (2008), the agencies operate in accordance to the stipulations of the new acts that govern credit use in the US. How does it affect what a family can or cannot do? According to the new credit card laws, a score plays a fundamental role in the livelihood of Americans. For that reason, a person having a low score will be underprivileged according to the new Act (Schultz, 2010). For instance, the laws affect the financial capabilities of individuals in the states. Indeed, a person can be denied mortgage services for having scored lowly. Moreover, families with low scores will not be able to finance education for their members. However, the new laws have enhanced transparency in the issuance of credit facilities to low income households. Schultz (2010) notes that unemployed citizens can also apply for credit facilities in America. Credit services are widely used in the US because there are laws that safeguard creditors. Interestingly, the enactment of the new laws has increased the availability of credit to different people in the community. According to Angela (2010), the facilities are used in acquisition of health insurance and payment of medical bills. A part of the population in America depends on credit facilities for purchasing mortgages and other personal amenities. Therefore, denial of credit incapacitates those who desire to free themselves from debts. However, people with credit anomalies have to fix their records to meet the requirement of the new acts. This will aid in planning for the future needs for financial institutions (Arnold 2012). Moreover, laws have ensured that credit issuers do not manipulate creditors. Subsequently, the laws ensure ...Download file to see next pagesRead More
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