July 22nd, 2011:

Florida made $63 million last year selling our personal information!

Channel 10 Miami reported that the Florida Department of Highway Safety and Motor Vehicles has been selling our names, addresses, dates of birth and a list of the vehicles that we drive …  $63 million in “legally” disclosed information and a Florida judge has even validated the practice!

 

So, who gets all this information and what are they doing with it?  According to Ann Howard of the Florida Department of Highway Safety and Motor Vehicles,  “Per federal mandate, there are companies that are entitled to this information. Insurance companies, for example, are entitled to this information. Employers are entitled to this information.”

 

Companies that buy this information from the state are then re-selling the data. Companies like Lexus Nexus and the nefarious sounding Shadow Soft.  The information is not supposed to be sold to any company that would utilize the information for marketing or solicitation purposes. And although Florida is not selling our driver’s license and social security numbers (yet), many are uncomfortable about this information being so freely disseminated.

 

One possible benefit … If a vehicle manufacturer issues a recall, the Florida database could help identify the whereabouts of the current vehicle owners. That information could be uploaded to the manufacturer who could in turn notify the owners.

 

How to improve your credit score?

If you are turned down for a loan, what to do? A provision of the Dodd-Frank financial reform law that went into effect last week mandates that should you be denied a loan, the lender must provide you with an “adverse action” notice that will include your credit score as well as explain why you were turned down.

 

Many factors can affect your credit score such as paying your bills on time, how much debt you have, your available credit limits, length of credit history and applying for new credit. The reason given for your denial will help assist you in improving your score. For more information on factors that impact your credit score,  you can visit: http://www.federalreserve.gov/consumerinfo/fivetips_creditscore.htm

 

For information on general real estate topics, short sales and bank foreclosures, please visit Ed and Terri Smith at http://www.FloridaBrokers.com

or email us at smith@realtor.com