VIENNA, Va.—Strict new federal regulations governing how companies inform consumers that their credit scores were used to reject them will result in higher labor costs and other problems for alarm companies, said a legal advisor to the Central Station Alarm Association, which is based here.
The new requirements took effect this summer, and are a part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, a response to the economic recession. They essentially mean that security companies will have to spend more time and effort explaining to consumers why their poor credit ratings led to their being turned down as customers, said attorney John Prendergast, an advisor to the CSAA.
VIENNA, Va.—Utility companies are installing smart meters on homes and businesses around the nation to help the utilities and their customers better manage power usage. But the devices also appear to have some drawbacks—one of them being possible interference with property owners’ security alarm system.