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Have You Heard

Sunday, October 1, 2006

Entrepreneurship Focus of New Online Project

The Social Science Research Network recently announced the creation of the Entrepreneurship Research & Policy Network (ERPN).

Sponsored by the Ewing Marion Kauffman Foundation, ERPN is an online community for research on entrepreneurship. The foundation also is providing free ERPN subscriptions to U.S. universities and not-for-profit institutions for the first year.

To learn more, visit and click on ERPN.

Federal Reserve Adjusts Reg Z Disclosure Trigger

The Federal Reserve Board recently made its annual adjustment to the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act (Reg Z) for home mortgage loans that bear rates or fees above a certain amount.

The amount of the fee-based trigger has been adjusted to $547 for 2007. The adjustment is effective Jan. 1, 2007.

The Home Ownership and Equity Protection Act of 1994 restricts credit terms, such as balloon payments, and requires additional disclosures when total points and fees payable by the consumer exceed the fee-based trigger or 8 percent of the total loan amount, whichever is larger.

Credit Reporting Firms Announce New Score

A new credit score was introduced earlier this year by the nation’s three consumer credit reporting companies: Equifax, Experian and TransUnion.

VantageScore was developed in response to market demand for a more consistent and objective approach to credit scoring methodology across the three credit reporting companies, a statement from the companies said. Under the new scoring system, credit score variance between the companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or data interpretation.

The new system is expected to provide consumers and businesses with a predictive, consistent score that is easy to understand and apply, the statement said. Scores will range from 501 to 990.