tailieunhanh - myFICO Insider’s Guide to 2010 credit card reform and new FHA mortgage rules

In the following decades, the insurance regulators of the 48 (and eventually 50) states followed a similar path. State insurance regulators established minimum capital requirements that were geared to the ratings on the bonds in which the insurance companies invested—the ratings, of course, coming from the same small group of rating agencies. Once again, an important set of regulators had delegated their safety decisions to the credit rating agencies. In the 1970s, federal pension regulators pursued a similar The Securities and Exchange Commission crystallized the centrality of the three rating agencies in 1975, when it decided to modify its minimum capital requirements for broker-dealers, who include major investment. | myFICO Insider s Guide to 2010 credit card reform and new FHA mortgage rules FICQ Copyright 2001-2010 Fair Isaac Corporation. All rights reserved. FICO is a registered trademark of Fair Isaac Corporation. 2010 credit card reform The new credit card reform laws were created to protect consumers. The majority of these reforms prohibit credit card issuers from changing the terms of a consumer s credit card. Below is a summary of the changes you can expect as a result of the credit card reform. The majority of new regulations go into effect Feb. 22 2010. Significant changes to the terms of your credit card must be given 45 days prior to the change taking affect. Under current rules credit card companies only needed to give 15 days notice prior to making certain term changes. Over-limit fees will be prohibited unless you consent to pay for the privilege. Your credit card bill will now be due on the same calendar day every month. This means you can schedule payments each month knowing exactly when your bill needs to be paid. When you open a new account your interest rate must stay at the opening rate for at least 12 months. Even if a consumer s rates are raised after 12 months the increased rate only applies to new purchases - not the balance accrued in the first 12 months. There are a few exceptions that allow a rate increase such as a 60-day delinquency on the account a variable rate the completion of a workout plan or temporary hardship arrangement or an expiration of a specified period of time. Statements must be mailed at least 21 days ahead of when they are due. This provides you with more time between when you receive your statement and when your bill is due. If you re under 21 it will be difficult to open a new credit card account. You ll need a co-signer or show proof of income. You can opt-out if you don t like the terms your credit card companies send you. Your card may be closed but you will have multiple options for paying off your balance including having .