President Obama Signs The Dodd Frank Reform Bill And A New Consumer Protection Agency Will Be

Finance The Dodd-Frank reform bill was recently signed by President Obama. The Dodd-Frank reform bill sets up a Federal Consumer Protection agency that oversees credit, credit/debit cards, consumer loans, payday loans and credit reporting agencies. It will regulate fees and lending practices. American Financial Institutions will now be required to consider a borrowers income and job status in addition to their credit history. This is exciting news because irresponsible lending and borrowing was one large contributor to the US financial crisis. It is exciting because we have long advocated for financial reform and government should be playing a larger role to protect Americans but also to educate them. You can have a good credit score but still be in financial crisis. Job loss, failed businesses and divorce are just a few things that can lead to financial crisis. When financial crisis erupts, your credit is one of many things that could be impacted. The American governments move to require that banks consider an applicants job status and income in addition to a credit score will result in loans not being made to consumers who really should not be borrowing money. Naturally if you lose your job or are in a financial crunch, the first thing you will be tempted to turn to is your credit. This move will make doing so harder because if you are not working or dont have enough income, you have will have a more difficult time obtaining credit. This is a good thing, this protects you. If you are in financial crisis, the last thing you should do it turn to credit and the first thing you should do is look for other options. This could force you to have to make tough decisions like downsizing or scaling back on your budget. This could also involve turning to family for help. For more information about how to gain a better and true understanding of your entire current financial profile, please visit About the Author: Assure Assess Corp. is the leading provider of services to law firms, accounting firms, trustees, financial institutions, government and some private enterprise. Assure Assess has a presence both in Canada and the US and has three primary divisions: Communications, Financial Services and Technology Solutions. Article Published On: 相关的主题文章: