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
One of the things that humanity aspires to is open spaces and outdoor recreation opportunities, a place where families can enjoy natural beauty in its most raw form. The open space ...
English style of architecture characterized by carving and paneling and flattened arches. ...
The minimum age required for legal competency ( in most states 18 years). ...
Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...
Founded in1934 and located in Chicago, IL with a 1993 membership of 8,300, the IAAO seeks to ameliorate assessment standards as well as to perform ongoing property assessment research. The ...
Day the attachment of property under a judicial order becomes effective. ...
Secondary written agreement to purchase real property in the event the initial contract is not signed. ...
Also known as SIOR, the Society of Industrial and Office REALTORS® is a professional commercial and industrial real estate association that works on an international level. In the US, ...
Securities supported by a pool of mortgages. The principal and interest are due monthly in the mortgages and are passed through to the investors who bought the pool. ...
Have a question or comment?
We're here to help.