News & Events
February Birthday Celebration!
Share with us the last pictures of the two main birthday celebration for Maria Rojas and Juan Orozco, We had a wonderful party at the office on monday, february 6th. Thank you for coming and hope we can have many more!
Transunion, Equifax cited for credit score deception
CFPB says the companies also lured consumers into costly recurring payments for credit-related products with false promises and ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services.
Between them, TransUnion and Equifax must pay a total of more than $17.6 million in restitution to consumers in addition to $5.5 million in fines to the CFPB.
“TransUnion and Equifax deceived consumers about the usefulness of the credit scores they marketed, and lured consumers into expensive recurring payments with false promises,” says CFPB Director Richard Cordray. “Credit scores are central to a consumer’s financial life and people deserve honest and accurate information about them.”
Chicago-based TransUnion and Atlanta-based Equifax are two of the nation’s three largest credit reporting agencies. TransUnion and Equifax collect credit information, including a borrower’s payment history, debt load, maximum credit limits, names and addresses of current creditors, and other elements of their credit relationships. These generate credit reports and scores that are provided to businesses.
Through their subsidiaries, TransUnion Interactive and Equifax Consumer Services, the companies also market, sell or provide credit-related products directly to consumers, such as credit scores, credit reports and credit monitoring.
One of the problems cited by CFPB: No single credit score or credit score model is used by every lender, and credit scores vary by score provider and scoring model. The scores that TransUnion sells to consumers are based on a model from VantageScore Solutions, and VantageScores aren’t typically used for credit decisions. Scores Equifax sold to consumers were based on Equifax’s proprietary model, the Equifax Credit Score, which is an “educational” credit score also not typically used by lenders to make credit decisions.
TransUnion, since at least July 2011, and Equifax, between July 2011 and March 2014, violated the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act CFPB says by:
- Deceiving consumers about the value of the credit scores they sold: In their advertising, TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions.
- Deceiving consumers into enrolling in subscription programs: In advertising, TransUnion and Equifax falsely claimed that their credit scores and credit-related products were free or, in the case of TransUnion, cost only “$1.” In reality, consumers who signed up received a free trial of seven or 30 days, after which they were automatically enrolled in a subscription program. Unless they cancelled during the trial period, consumers were charged a recurring fee – usually $16 or more per month. This billing structure, known as a “negative option,” was not clearly and conspicuously disclosed to consumers.
Equifax also violated the Fair Credit Reporting Act, which requires a credit reporting agency to provide a free credit report once every 12 months and to operate a central source – AnnualCreditReport.com – where consumers can get their report. Until January 2014, consumers getting their report through Equifax first had to view Equifax advertisements, a violation of the Fair Credit Reporting Act, CPFB says.
Under the Dodd-Frank Act, CFPB may take action against institutions engaged in unfair, deceptive, or abusive acts or practices, or that otherwise violate federal consumer financial laws. Under the consent orders, TransUnion and Equifax must:
- Pay more than $17.6 million in total restitution to harmed consumers: TransUnion more than $13.9 million and Equifax almost $3.8 million. The companies must send notification letters about the restitution to affected consumers.
- Truthfully represent the usefulness of credit scores sold: TransUnion and Equifax must clearly inform consumers about the nature of the scores they are selling to consumers.
- Obtain the express informed consent of consumers: Before enrolling a consumer in any credit-related product with a negative option feature, TransUnion and Equifax must obtain the consumer’s consent.
- Provide an easy way to cancel products and services: TransUnion and Equifax must give consumers a simple, easy-to-understand way to cancel the purchase of any credit-related product, and stop billing and collecting payments for any recurring charge when a consumer cancels.
- Pay $5.5 million in total penalties: TransUnion must pay $3 million to the Bureau’s civil penalty fund and Equifax must pay $2.5 million.
More information from CFPB about credit scores can be found online.
© 2017 Florida Realtors
3rd Annual Award and end of the Year dinner Celebration
Naples – Dec, 14/2016
This event is held each December in our office, “The annual Awards Celebration” is a unique opportunity to recognize Brokers and Sales Associates who have made significant results in sales, geographic farming, Marketing or special teams development. The recipients embody leadership and special values: collaboration, vision, comply with the requirement training and excellence customer service.
The evening celebration toke place at the Cypress Woods Golf & County Club; this year the Celebration has grown as well as the number of agents, We proudly award individuals with special character, self motivated and agents with important industry designations
Naples Dec, 6/2016 – After long days of extensive work, the dynamic team of agents in Xclusive Homes created a gingerbread house float. Strung with lights, the house played Christmas carols as the diligent agents walked through 3rd street and 5th ave, handing out souvenirs and smiles to the crowd of thousands alongside the float.
Xclusive home’s Family will be present at the Christmas Parade 2016
The Naples Christmas Parade sets out from Broad Avenue and Third Street South at 6 p.m. Tuesday, Dec. 6, proceeding north to Fifth Avenue South, then east on Fifth Avenue South and south on Eighth Street South, past City Hall and ending at Eighth Street South and Broad Avenue South.
This year’s theme — “A Naples Family, the Xclusive Homes Agents are diligent preparing their float and souvenirs to the famous annual Christmas Parade.
Xclusive Homes Agents are now Members of NAHREP- National Association of Hispanic Real Estate Professionals – Naples Chapter, Serving the hispanic community in all the Real Estate Needs.
We are The Voice for Hispanic Real Estate® and proud champions of homeownership for the Hispanic community. Homeownership is the symbol of the American Dream, the cornerstone of wealth creation and a stabilizing force for working families. Our role as trusted advisors and passionate advocates is to help more Hispanic families achieve the American Dream in a sustainable way that empowers them for generations to come.
Up to $50,000 for Low Income, 1st Time Home Buyers!
The Collier County SHIP program provides interest / Payment-free loans from $20,000 and up to $50,000 to assist qualifying first-time home-buyers with both down payment and closing cost expenses for the home being purchased.
Funds for Moderate Income Level (120%) may be available. Contact one of our agents today!!
Find out if you qualify for Down Payment Assistance in less than 24 hours!
|Household||Very-Low Income 50%||Low Income 80%|