Part-V

“Pointers to help individuals protect and repair by themselves their Credit, improve their Credit Scores and eliminate incorrect and obsolete information that could affect their Credit Reports and Credit Scores.”

The following excerpts do not pretend to cover the legislation in all its aspects. It is only a summary of what we believe are the most relevant features of these acts.

The information herein given is only for your general knowledge and is not intended and does not pretend to be a legal advice. Legal advice can only be given by your legal advisor.

WARNING!

It is illegal to dispute information in one’s Credit Report, knowing that the information therein is correct.

REGULATIONS:

Consumer protection is regulated by the Consumer Credit Protection Act 0f 2004.

THE CREDIT REPORT:

“ What affects my Credit Score and…

… For how long will it show on my Credit Report?”

• Neutral and positive information could remain in your Credit Report indefinitely. Nevertheless, negative information can only remain for a specific time:
• Bankruptcies can remain on you record for 10 years and Chapter 11 bankruptcies for 7 years.
• Back taxes will remain indefinitely and for 7 years after you have paid them in full.
• Collections and Charge Offs (Losses) can remain on your Credit Report for 7 ½ years after the first day considered late, if and when they are not insured by the Federal Government, such as student loans, which can be removed if they have been paid in time for one year.
• Food Pensions in arrears may show for 7 years
• Criminal records, and arrests, maximum 7 years. Imprisonment are indefinite.

… “How does my Score affect me?”

• Your Score is the “measurement scale” with which creditors determine whether they will extend you credit or not as well as what it will cost you in terms of interest and what amount of up-front or deposit will be required.
• Interest rates could vary directly proportional to your score. For example, approximate variations could vary as follows:

Cr. Score: Int. Rate:

• 760-850        5.73%
• 700-759        5.95%
• 680-699        6.13%
• 660-679        6.34%
• 640-659        6.77%
• 629-639        7.32%

How much will  bad Credit Score cost me? As an example, a $100,000 loan for 30 years would as follows: Score: Int. Mo.Pmnt. Total Cost: Additional Cost: Good 6%      $608              $117,832     $0 Regular 8%      $816              $192,891     $75,059 Damaged 12%    $1,044           $274,867     $157,539 How could a Score Rating affect me:

• Your Credit Score could be the factor that gets you or not an employment in trust sensitive industries. For example, if you are seeking employment in companies specializing in insurance, investments or financing, a high score could the deciding factor.
• It could also be a blessing when purchasing your home, or on the other hand a nightmare you won’t like to go through.

MORE TO FOLLOW, Next: “Credit Repair at your finger tips” ……..

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Part-IV

“Pointers to help individuals protect and repair by themselves their Credit, improve their Credit Scores and eliminate incorrect and obsolete information that could affect their Credit Reports and Credit Scores.”

The following excerpts do not pretend to cover the legislation in all its aspects. It is only a summary of what we believe are the most relevant features of these acts.

The information herein given is only for your general knowledge and is not intended and does not pretend to be a legal advice. Legal advice can only be given by your legal advisor.

WARNING!

It is illegal to dispute information in one’s Credit Report, knowing that the information therein is correct.

REGULATIONS:

Consumer protection is regulated by the Consumer Credit Protection Act 0f 2004.

CREDIT REPORT “ CODES”

Type of Account:

• • R= Revolving (Payment and balances vary depending on its use, e.g. Credit Cards
  • UR= Revolving Unused (Card approved but not used)
  • O= Open Account (Paid in full every month)
  • I= Installment (Loan with fixed payment amount)
  • M= Mortgage

Numeric Codes:

• • 00 = New, unused
  • 01 = Pays well
  • 02 = 30 days late
  • 03 = 60 days late
  • 04 = 90 days late
  • 05 = 120 days late
  • 06 = 150 days late
  • 07 = payment agreement
  • 08 = Repossession
  • 09 = Account closed for non-compliance in payments

Credit Score “FICO”:

• • Is the score granted by the agencies to persons, based on their credit histories, and is the result of a mathematical formula developed by “Fair, Isaac and Co.”

• • Each agency has a different scoring range and a different name, namely:

Equifax                      Beacon Score     300 to 850

Trans Union             Empirica              150 to 934

Experian                    Emperian            340 to 820

What is “FICO” Composed of:

What Impacts Your FICO Score:

35% Payment History

30% Outstanding Balances

15% Credit History

10% Types of Credit

10% New Credit Cards

See: chart-pdf

Payment History (35%):

• • How have you paid your accounts
  • How long have you been overdue in debt
  • How frequently do you become overdue in debt
  • For how long are you overdue in debt

Outstanding Balances (30%):

• • This is the relation between  total debt and your maximum debt capacity or credit limit.
  • For example:
  • With a Credit Limit of $10,000, and
  • With an Outstanding Balance  of  $8,515, that is 8,515/10,000= 85.18%, this is your repayment capacity or Compromised Credit.

THE IDEAL COMPROMISED CREDIT IS BETWEEN 20 – 25%

Credit History (15%):

• • For how long you have had credit

Types of Credit (10%):

• • What types of credit have you established
  • What you have used your credit for:
    • Credit Cards
    • Mortgages
    • Personal Loans
    • Credit Lines

New Credit Cards (10%):

• • How many credit lines have you obtained in the last 12 months

MORE TO FOLLOW, Next: “Credit Report- {What affects my score and for how long will that information remain in my credit report?}” ………….

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Part-II

“Pointers to help individuals protect and repair by themselves their Credit, improve their Credit Scores and eliminate incorrect and obsolete information that could affect their Credit Reports and Credit Scores.”

The following excerpts do not pretend to cover the legislation in all its aspects. It is only a summary of what we believe are the most relevant features of these acts.

The information herein given is only for your general knowledge and is not intended and does not pretend to be a legal advice. Legal advice can only be given by your legal advisor.

WARNING!

It is illegal to dispute information in one’s Credit Report, knowing that the information therein is correct.

REGULATIONS:

Consumer protection is regulated by the Consumer Credit Protection Act 0f 2004.

SERVICES RENDERED BY THE CREDIT AGENCIES

• Experian alone maintains more than  100,000,000 credit files.
• This information is sold to creditors, and these in turn pay to have their client’s records updated with recent information.

THE CREDIT REPORT:

• The Credit Report is a photograph of people’s finances and how they manage their financial matters.
• It is utilized by creditors to make decisions whether or not to give credit.
• Occasionally employers check credit reports for internal security purposes.
• Also insurance companies occasionally inquire
• Also as well, insurance property renters and managers inquire your credit status.

HOW TO OBTAIN YOUR CREDIT REPORT

By law, you have the right to a FREE, once a year Credit Report (every 12 months).

You can obtain it through:

www.annualcreditreport.com or

1-977-322-8228

You can obtain the FREE Credit Report if you:

• Have been denied credit in the past 60 days. Copy of the rejection of credit must be

supplied.

• Are unemployed and are considering searching for employment during the next 60 days.
• Receive public assistance, or
• Have been a victim of identity theft, or
• Suspect to have been a victim of identity theft.

NOTE: This FREE Credit Report DOES NOT include your Credit Punctuation (FICO).

Credit Agency Addresses:

• EQUIFAX:

Consumer Information Services, Inc.

P.O. Box 74021

Atlanta, Georgia 30374

www.equifax.com

• EXPERIAN:

National Consumer Assistance Center

P.O. Box 2002

Allen, Texas  75013

1-888-397-3742

www.experian.com

• TRANS UNION:

Consumer Disclosure Center

P.O. Box 1000

Chester, PA 19022

1-800-888-4213

www.tuc.com

MORE TO FOLLOW, Next: “The Information Within The Credit Report”…………..

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Part-III

“Pointers to help individuals protect and repair by themselves their Credit, improve their Credit Scores and eliminate incorrect and obsolete information that could affect their Credit Reports and Credit Scores.”

The following excerpts do not pretend to cover the legislation in all its aspects. It is only a summary of what we believe are the most relevant features of these acts.

The information herein given is only for your general knowledge and is not intended and does not pretend to be a legal advice. Legal advice can only be given by your legal advisor.

WARNING!

It is illegal to dispute information in one’s Credit Report, knowing that the information therein is correct.

REGULATIONS:

Consumer protection is regulated by the Consumer Credit Protection Act 0f 2004.

THE INFORMATION WITHIN THE CREDIT REPORT

INCLUDES:

Personal information, such as;

• Name
• Social Security Number
• Date of birth
• Address
• Length of time at that address
• Work
• Length of time with that employer or work

Detailed information about your creditors, such as;

• Name
• Type of account
• Account Number
• Maximum credit allowed
• Original amount of debt
• Actual balance
• Payment history
• Payments in arrears, 30/60 & 90 days
• Uncollected amounts, or balances thrown to loss or uncollected by collection agencies

Requests for information; about who has requested the information:

• Employers
• Government agencies
• Public service companies (power, water, cellular, telephone, cable-tv, etc.)
• Renters
• Insurance companies

Inquiries:

• Who and how many times, you or other entities have requested credit (This info is reflected for a period of 2 years)
• Inquiries made by marketing agencies or for record maintenance (Does not affect you)
• Inquiries made as part of a purchase transaction. His type of inquiry does affect your credit and credit score.

Public Registries:

• Bankruptcies
• Law suits
• Repossessions
• Federal debts-Student loans
• Food pensions
• Liens-Embargoes
• Tax debts

Notes:

• A space reserved for, and so a consumer may write and express on the record, a brief note stating his/her thinking or position relative to any negative aspect that shows on the report.

MORE TO FOLLOW, Next: “Credit Report “Codes” ………………………………………..

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This is an abstract from an article in Caribbean Business (CB) by James Ferré, published on 12/16/10

An exclusive interview with CB, Stephen Dubner, author of Freakonomics, took on a controversial topic, the “Underground Economy”. In the article he went on to analyze the topic stating the following:

• That the reason that there is a big Underground Economy is that it is easier for people to participate in it than in the legitimate economy.

• In it legal goods and services are produced illegally by the producers by not abiding to regulations or paying the corresponding taxes.

• The “Underground Economy” should not be confused with the illegal underground economy or “Black Markets” where the laws forbidding things (products or services) tend to drive up their prices and hence will work as an incentive to bring more and more people into those markets.

• In other words, the Underground Economy is an economy where legal goods are either produce or distributed “illegally” or not following all the government laws and regulations (legal goods, illegal procedures) while the “Black Market” has both illegal goods and illegal procedures.

• The author goes on to indicate that the underground economy surges because as a response to economic problems the government (or politicians) go on to introduce more and more new and complex regulations and that these regulations will have unintended effects since people will work to find a way around them. One of them is by going into “illegal distribution procedures” or the Underground Economy.

• That therefore, as it can be understood, this will cause problems worse than the one those regulations intended to solve (i.e. less protection to consumers, less government revenues, etc).

• He indicates that it has been observed that either under regulation or over regulation is ineffective.

• He concludes that the root of the problems is the incentives that Politian’s implement to solve societies’ problems. In order to cure this problem politicians stop looking for fast short term solutions and concentrate instead in legislation that solves long term problems. Long term performance of such legislation should be monitored and their results be made part of their compensation evaluation (either by their re-election possibilities and/or their salaries).

The article doesn’t give any specific solution to the many and complex problems driving people to the Underground Economy, but further analysis could be expected in future sequels to the authors’ books.

Therefore, we would like to hear your opinions on this topic.

DISCLAIMER: We at San Juan Vacations and Nelson Figueroa and Associates do not necessarily endorse or negate the following article. We publish it as a contribution from one of our readers/viewers. We do not claim to have proof of the experimentation performed or its scientifically sound procedures, methods and conclusions, nor of the veracity of same. We publish the following only as “Food for Thought” for your personal entertainment, consideration and evaluation.

People all over the world are paranoically concerned about the health hazards and harmful effects of global warming, unhealthy foods, meat consumption, cholesterol, refined sugar, alcohol, tobacco, etc., etc. Yet very few are concerned about the effects of microwave cooking.

Read this contribution from one of our readers/viewers and check out if you could be at risk!

Below the simple science Project: In this experiment, filtered purified water was taken and divided in two equal parts. The first part was heated to a boiling point in a pan above a stove. The second part was heated to a boiling point in a microwave oven.

Then, after allowing them to cool, both water samples were fed to two different plants to see if there would be a difference in the growth and apparent health between the plant fed with normally heated water and the plant fed with microwaved heated water.

The experimenter wanted to verify if the water could have been affected by the microwaves of the microwave oven.in such a manner that it in turn would affect the health and growth of the plants.

When the result was verified, she was astounded by the significant results.

BELOW HER OBSERVED RESULTS:

The above, after one week, the plant fed with microwaved water appeared sad, weak and unhealthy, whereas the plant fed with normal water looked strong and healthy.

DAY ONE: TO THE LEFT, THE PLANT WITH MICROWAVED WATER, TO THE RIGHT, THE PLANT WITH NORMALY HEATED WATER.

A pruning was performed on both plants in order to register new growth. To the left the plant with microwaved water, and to the right the plant with normally heated water.

DAY THREE:

DAY FIVE:

DAY SEVEN:

DAY NINE:

The experimenter states: “I Have known for years that the problem with microwaved foods is not the radiation of which people are concerned about, but how microwaves corrupt de DNA in foods¸ making them urecognizable to the body.

The body’s response to this unrecognizable food intake is to envelop them in fatty (grease) cells in order to protect itself against these mortal foods and to eliminate them promptly. Think about all those Mothers heating their children’s milk in those “Safe” appliances.

How about that nurse in Canada who warmed in a microwave blood for a patient that needed a blood transfusion and killed him when the blood died. And still the manufacturers claim a safe appliance.

You may say, “I don’t care”. Ask your Doctor and I’m sure he will also say that the microwave is “Safe.” The Proof is in these dying plants!

REMEMBER, YOU TOO ARE LIVING BEINGS. TAKE CARE OF YOURSELVES.”

DOCUMENT OF FORENSIC INVESTIGATION

Prepared by: William P. Kopp A.R.E.C. Investigational Operations

TO61-7R10/10-77F05 PRIORITY FOR DISCLOSURE: CLASS IROO1a

Ten Reasons to discard your Microwave Ovens:

The following were obtained from the conclusions of scientific studies by scientists from Switzerland, Russia and Germany.

We cannot keep ignoring the microwave ovens in our kitchens.

The experimenter states: “BASED ON THE ABOVE REFFERED STUDIES OF SCIENTIFIC INVESTIGATION, WE WILL CONCLUDE THIS ARTICLE WITH THE FOLLOWING”:

1. Continuously eating food processed in microwave ovens causes permanent brain damage due to “Short Circuits” of the electric impulses of the brain (de-polarization or de-magnetization of the brain tissue)

2. The human body cannot metabolize or break products unknown to the body, which have been created in foods heated in microwave ovens.

3. The body’s Masculine and Feminine hormone production is cut short and/or altered as a result of continuously ingesting foods heated in microwave ovens.

4. The effects of foods processed in microwave ovens are residual (permanent and long range) within the human body.

5. Minerals, vitamins and nutrients of all microwaved foods are reduced or altered, and as a consequence, the human body obtains little or no benefit at all from them, or the human body absorbs altered compounds which cannot be broken down for adequate absorption.

6. Minerals in vegetables are altered by microwaves and become free radicals which are cancerigenous.

7. Microwaved foods cause cancerigenous tumoric growths in the stomach and intestines. This could explain the everyday more frequent cases of colon cancer in the U.S and other countries as well.

8. Prolonged consumption of foods processed in microwave ovens causes increment of cancerous cells in human blood.

9. Continuous ingestion of microwave processed foods causes deficiencies in the immunologic system by alterations caused in lymphatic glands and blood plasma.

10. The consumption of microwaved foods causes loss of memory, loss of concentration, emotional instability, and decrease of the intelligence.

HAVE YOU NOT YET DISCARDED YOUR MICROWAVE OVEN?

After you get rid of your microwave oven you can use a toaster/oven as a substitute. It works as good and is almost as fast.

A conventional oven is even better because it cooks faster and more even besides browning foods very well. Conventional ovens are cheaper and have ventilators which distribute heat in a more even form.

Conventional ovens are almost as fast as microwaves and are MUCH MORE SAFE!

For a different version of the conclusions of these experiments see the review:

snopes.com: Microwaved Water – See What It Does to Plants

Bienes Raíces en Puerto Rico y proyectos de construcción.”

Llevar un proyecto de construcción de la idea a la acción podía conllevar tantos trámites y tomar tanto tiempo que era capaz de desalentar a casi cualquier desarrollo. Con el estreno del Sistema Integrado de Permisos (SIP), el Gobierno de Puerto Rico busca atender las reiteradas críticas que durante años se han hecho en torno a la falta de diligencia y el grado de dificultad del proceso de permisología. Desde la semana pasada, los proyectistas no tienen que visitar hasta 28 agencias en busca de un endoso ni verán su proyecto fragmentado en numerosos expedientes en los que cada agencia emitía comentarios que, en ocasiones, hasta resultaban contradictorios.

Para tramitar todo tipo de permisos, sólo necesitan acudir a:

• la Oficina de Gerencia de Permisos (OGPE), que junto a
• la Oficina del Inspector General de Permisos (OIGP),
• la Junta Revisora y la Junta de Planificación completan el SIP.

“La OGPE se convierte en un centro único de trámite para los permisos de proyectos nuevos en Puerto Rico. Todos esos permisos se integraron en uno solo. En esencia, todos esos permisos eran un proyecto, no había razón de que tuvieran que estar separados”, indicó a “Negocios” Jorge García Faneytt, director ejecutivo interino de la OGPE.

El SIP comenzó a operar en una primera fase, y se espera que a finales de mes esté funcionando el sistema electrónico con el que se podrá realizar todo tipo de trámites en línea. La empresa puertorriqueña Xtrategit está a cargo de su implementación. La nueva estructura debe estar operando por completo durante el verano del 2011.

La evaluación que bajo el antiguo modelo recaía en las 28 agencias ahora está en manos de los gerentes de permisos, divididos en seis áreas:

1. infraestructura,
2. medio ambiente,
3. evaluación de cumplimiento ambiental,
4. salud y seguridad,
5. arqueología y
6. gerentes de usos.

García Faneytt resaltó que todos los proyectos se someterán a la evaluación de cumplimiento ambiental, y se hará mediante exclusiones categóricas si son propuestas “sin impacto ambiental”, una evaluación ambiental si supone algún efecto en el ambiente, y una Declaración de Impacto Ambiental (DIA) para los casos con mayores repercusiones. Las determinaciones en torno a la DIA recaerán en la Junta Adjudicativa de la OGPE -compuesta por un presidente y tres miembros adicionales- y no en el Director Ejecutivo de la agencia.

Según la nueva reglamentación, la tramitación de un permiso de uso podía tomar alrededor de 90 días en ARPE, y ahora el término es de 35 días, mientras que el plazo para decidir sobre una solicitud de permiso de construcción convencional se redujo de 30 a cinco días, y de permisos de construcción certificado, de cinco a un solo un día.

El tiempo de evaluación de querellas se acortó de 60 a 15 días, y las recomendaciones de las distintas divisiones deben emitirse en 35 días y no en los 180 que disponía el antiguo sistema.

Los proyectistas también podrán realizar pre consultas, un nuevo mecanismo mediante el cual podrán discutir con los gerentes de permisos sus proyectos durante la etapa de planificación, antes de radicar su solicitud, para conocer si es viable o qué ajustes debe realizar para poder materializarlo.

Otro elemento novel incluido en el SIP es la figura de los profesionales autorizados, que al igual que la OGPE, están facultados para emitir permisos, siempre y cuando sean ministeriales, es decir, que cumplan con todos los requisitos en el área de desarrollo y uso de terrenos.

Los profesionales autorizados serán
• ingenieros,
• arquitectos,
• agrimensores,
• geólogos y
• planificadores del sector privado, y
• deberán ser certificados por la OIGP, precisó la jefa de esa agencia, Jennifer Mayo.

Cuando era evaluado en la Asamblea Legislativa, este proyecto levantó la oposición de grupos que argumentaban que la propuesta limitaba la participación ciudadana y que su estructuración se concebía sólo en función del desarrollo económico de la Isla, relegando otros criterios como los de protección ambiental y el desarrollo sustentable.

Sin embargo, María Palou, presidenta de la Junta Revisora, entidad que examina las determinaciones de la OGPE, opina todo lo contrario. La funcionaria asegura que, bajo este modelo, a aquellas personas que deseen impugnar una decisión de la agencia pública, el trámite les resulta más accesible que cuando esa responsabilidad recaía en el Tribunal de Apelaciones. La parte afectada por una decisión de la OGPE tiene 20 días para presentar un recurso ante la Junta Revisora, y esa dependencia deberá tomar su determinación en un plazo de 120 días, prorrogables por 30 días en casos excepcionales.

“A este foro, cualquier persona puede acudir, no necesita ir representado por un abogado, puede comparecer por derecho propio, se le proveen los formularios, es bien accesible”, indicó Palou, quien añadió que existe la posibilidad de celebrar vistas públicas en esa instancia si los términos para apelar un permiso concedido por la OGPE vencieron o si no se ha cumplido con los requisitos contenidos en ese documento, los ciudadanos podrán presentar una querella ante la OIGP.

García Faneytt, incluso dijo que existe un paso adicional que permite a los ciudadanos presentar una moción de intervención cuando el caso está siendo evaluado por la OGPE, lo que lo convierte en parte de ese proceso y obliga a esa agencia a informarle cualquier autorización o recomendación que se emita respecto a ese expediente.

Otros críticos han cuestionado cómo este nuevo modelo para conceder permisos puede afectar a los municipios autónomos que cuentan con sus respectivas oficinas de permisología. García Faneytt fue enfático al afirmar que este proyecto de ninguna manera lacera la autonomía municipal, y dijo que el estatuto dispone que aquellos ayuntamientos que se quieran integrar al SIP pueden hacerlo voluntariamente mediante una ordenanza municipal.

Part-I

“Pointers to help individuals protect and repair by themselves their Credit, improve their Credit Scores and eliminate incorrect and obsolete information that could affect their Credit Reports and Credit Scores.”

The following excerpts do not pretend to cover the legislation in all its aspects. It is only a summary of what we believe are the most relevant features of these acts.

The information herein given is only for your general knowledge and is not intended and does not pretend to be a legal advice. Legal advice can only be given by your legal advisor.

WARNING!

It is illegal to dispute information in one’s Credit Report, knowing that the information therein is correct.

REGULATIONS:

Consumer protection is regulated by the Consumer Credit Protection Act 0f 2004.

THE CREDIT REPORT:

I. The Credit Report contains important information about the subject, such as, among other things,

• Identity by social security number,
• Date of birth,
• Home address,
• Work information,
• Payment habits, etc.

II. It also contains a list of:

• Creditors,
• Accounts,
• Mortgages,
• Automobile loans,
• Personal loans, etc.

III. It contains a chronological history of your credit experience.

CREDIT AGENCIES

• Credit Agencies are businesses as any other business adventures. They make their earnings by selling your credit information to people and companies that are considering loaning you money, extending your credit and nowadays even considering giving you an employment. This fecet has become very popular since employers consider that if you are responsible in your credit affairs you will be a responsible employee and money needs will not tempt the employee in participating in money fraud schemes against the employer.

• When an individual applies for credit, the creditor requests a report of that person to the Credit Agency. This immediately generates a report which is sent to the different credit agencies and these then generate a list of historic information which they have on that person.

• The data is searched by your social security number and/or name.

• Where does that information in the credit report come from?  Credit Agencies collect the information from three basic sources:

1. You,
2. Your Creditors,
3. Public Registers.

• Every time you apply for credit you fill a document declaring that you are voluntarily giving information relative to your:

1. name,
2. social security number,
3. address,
4. employment,
5. income,
6. assets,
7. liabilities,
8. pensions, etc.

• Creditors then pass this information to the Credit Agencies, particularly about your promptness and punctuality in making payments or on the other hand your non-compliance to the payment terms and conditions.

• The Credit Agencies also gather information from public registry records. Said Information is basically relative to bankruptcies, repossessions, divorce, law suits, loan collaterals and liens.

• Some agencies investigate and collect such information to later sell them to Credit Agencies.

• There are many information gathering agencies. The principal ones are:

1. Experian Credit Information Services,
2. Trans Union, LLC, and
3. Equifax Credit Information Services.

MORE TO FOLLOW, Next: “Services Rendered by the Credit Agencies” ……………………..

Part Four
Equal Credit Opportunity Act (ECOA)
and Related Laws and Regulations of Puerto Rico

“Pointers to help individuals protect and repair by themselves their Credit, improve their Credit Scores and eliminate incorrect and obsolete information that could affect their Credit Reports and Credit Scores.”
The following excerpts do not pretend to cover the legislation in all its aspects. It is only a summary of what we believe are the most relevant features of these acts.
The information herein given is only for your general knowledge and is not intended and does not pretend to be a legal advice. Legal advice can only be given by your legal advisor.
WARNING!
It is illegal to dispute information in one’s Credit Report, knowing that the information therein is correct.

REGULATIONS:

Consumer protection is regulated by the Consumer Credit Protection Act 0f 2004.
This act is divided into four sections, namely;
1. Fair Credit Reporting Act (FCRA),
2. Fair Credit Billing Act (FCBA),
3. Fair Debt Collection Practices Act (FDCPA), and
4. Equal Credit Opportunity Act (ECOA).

Equal Credit Opportunity Act (ECOA):
This law protects against discrimination by race, sex, origin, religion, physical disability, family status and age, at the time of applying for a loan.

PUERTO RICO

1. Puerto Rico Law Number 236 of August 31, 2004 regulates Credit Repair Agencies.
2. Departamento de Asuntos al Consumidor (DACO) regulates consumer matters.
3. Comisionado de Instituciones Finacieras, regulates financial institutions.

MORE TO FOLLOW, NEXT: The Credit Report …………….