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New Credit Law Passed

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President Bush signed the Fair and Accurate Credit Transactions Act, H.R. 2622 in December. This law requires credit reporting agencies to disclose and explain credit scores, and to provide notice of any negative impact that multiple loan inquiries may cause on borrower credit scores. It also requires credit reporting agencies to quickly correct inaccurate information and to provide consumers with free annual credit reports.

Information from Realtor Magazine was used in this report.

~Dan Hoffman

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