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 Exclusive Agency Listing is regularly confused with the Exclusive Right to Sell Listing, but they are not the same. True: on both Listings, only 1 Broker or Agent has the right to sell ...
Value of agricultural land as determined by its ability to produce crops and livestock. ...
" A metal plate attached to the lower end of a door to prevent marring from people "kicking" the door in order to open it. A metal plate mounted on the open edge of a stairs platform." ...
Process determining an individual's financial ability to meet the terms of a loan. When selling real estate, the sales broker must qualify the buyer to make certain he/ she has the ...
A person who dies without a will and having unknown intentions regarding his estate. In such case, a court administrator is typically appointed to act as an executor in distributing any ...
Municipal ordinance stating the distance from a curb or property line where the building of a structure is prohibited. Also states the distances from a boundary line where construction is ...
Charges incurred in making a sale of real estate such as real estate commissions and attorney fees. ...
In general terms, a licensee means a person or legal entity who has received authorization or permission to perform a particular activity through another party (the licensor in our case.) ...
Also called all inclusive trust deed (AITD). A mortgage (trust deed) that encompasses existing mortgages and is subordinate to them. The existing mortgages stay on the property and the new ...
Have a question or comment?
We're here to help.