News: April 22, 2009
Bill Clears Financial Services Committee HR 627 Credit Cardholder’s Bill of Rights:Credit Cardholders' Bill of Rights would:

-  Protect cardholders against arbitrary interest rate increases

-  Prevent cardholders who pay on time from being unfairly penalized 

-  Protect cardholders from due-date gimmicks

-  Prevent companies from using misleading terms and damaging consumers' credit ratings

-  Empower cardholders to set limits on their credit

-  Require card companies to fairly credit and allocate payments 

-  Prohibit card companies from imposing excessive fees on cardholders

-  Protect vulnerable consumers from high-fee subprime credit cards

-  Bar issuing credit cards to vulnerable minors 

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Credit Card Debt Workout Solutions:
Suspended Debt Incremental Reporting™
Sdirt™
Industry members may opt-in to the Suspended Debt Incremental Reporting Treatment Program™ wherein consumers and consumer credit counseling organizations may enter consumers into the program to resolve potential and default payment and credit distress situations by avoiding bankruptcy or negative credit reporting at the outset of the rehabilitation of the consumer’s debt and credit situation.

Problems:
Consumers incur great damage to their credit when attempting to fix or repair their credit and debt distress situation. This causes many consumers Not to Act! Consumers are motivated Not to report the full truth of their financial situation to credit counselors. Credit representatives often report an industry-consumer savvy version of the consumer’s credit and debt situation to the creditor in order to comply with the varying creditor programs. The trouble is the whole truth is often not disclosed. Who will be responsible for defaults post workouts or Predatory Credit Counseling? The credit counselor? The consumer? The Creditor?

Sdirt™ Solutions!
Negative Credit is not reported when entering the program. A special temporary safe harbor credit category is reported that precludes the reporting of negative credit. A “Neutral” credit workout company organization will obtain the full financial and legal situation from the consumer to obtain an “affordable” workout plan. The creditor may not use this information against the consumer as the “Neutral” is a safe harbor organization, not a debt collector, acting for a specific narrow purpose for members who have waived any such disclosure unless the workout is successful. Negative and Positive Credit is reported incrementally as credit accounts are resolved, without waiting months or years to report positive credit for the consumer’s successful efforts.


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* CMIS Launches Four Task Forces:
Mortgageorb - Oxford,CT,USA
The AFN has chosen Richard Ivar Rydstrom, chair of CMIS,
to co-chair its CLAPT, which will focus upon identifying federal, state, local and practice ...Click Here.

CMIS Summit Success!
* On June 17, 2008, The Coalition for Mortgage Industry Solutions held its
Executive Leadership Summit in DC. Click here for more info.

AFN Conference July 2008:
* On July 18, 2008, Richard Ivar Rydstrom, Esq. will speak at the
AFN Annual Mortgage Conference in Lake Tahoe. Attendees will receive
The Zone of Insurance Coverage, Part 2. For more information or to register, click here.

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