Fair Credit Reporting Act
Definition of "Fair Credit Reporting Act"
Stature regulating the use of credit information. Allows consumers such
as prospective homeowners access to their credit files. It requires a lender to explain how loan interest is computed.
First, banks and credit companies must make a consumer's credit file available to the person in question. Further, the consumer upon examining the file, has the right to correct any error that may appear in the credit reports. Second, if a creditor denies a loan to an applicant, the applicant must given the name and address of the credit bureau that supplied the credit information to the creditor.. Upon request, the credit bureau must supply the consumer with the pertinent information contained in the applicant's credit file. Finally, the act limits the access of the consumer's credit records to people who evaluate an applicant for insurance, credit, or employment; those secure the consumer's permission; or those who secure court permission.
Popular Real Estate Terms
The number of units currently occupied in a facility, neighborhood, or city, stated as a percentage of total capacity. For example, a hotel has 80 rooms available for guests. Its average ...
Need to know the Ad Litem definition after coming across this weird term? Ad litem is short for “Guardian Ad Litem” or “Attorney Ad litem”, a legal term that ...
Type of mortgage, which is not based on a constant interest rate. ...
The clause in a deed beginning with the words " to have and to hold" limiting or defining the ownership nature of the estate in the property granted by the deed. Declares the type of ...
Will not meeting all the requirements of a valid will. ...
Position taken by a real estate consultant representing the best interests of the client. ...
The definition of the term right of way is an easement or the right of another person to pass over land owned by someone else to reach a particular destination. An individual is typically ...
Decline in the credit status of a prospective homebuyer. ...
Roof having two slopes or pitches on each side. The lower slope is greater than the upper slope. ...
Have a question or comment?
We're here to help.