C.A.R. s Governmental Affairs team works hard every year to represent your interests before state government by preserving your ability to do business and protecting private property rights. The following represents just a few of C.A.R. s state legislative successes over the past year. This C.A.R.- sponsored bill requires lenders to disclose to homebuyers their credit score and credit score related information , when they apply for a loan in connection with the purchase of residential property. SB 1607 will provide homebuyers with the information they need to manage their credit better and to be responsible consumers.
Many consumers receive low credit scores with no guidance as to how to raise that score responsibly.
It will also substantially enhance a consumers right to dispute incorrect credit information. Currently, consumers are not legally entitled to receive this information , nor are they allowed to dispute their credit score. As a consequence, consumers whose credit scores are based on incorrect credit information are not able to improve their credit standing. The bill is co-sponsored by Consumers Union. The law will go into effect on July 1, 2001.