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
There’s a lot of confusion regarding the hazard insurance definition. Many people think it’s a synonym for homeowners insurance but they’re wrong. Hazard insurance is ...
Lender has an equity interest in the property that is the subject of the loan. The lender shares in the increase in market price of the property as well as any net income generated. ...
Owned by one individual or sole ownership. ...
Roof having two slopes or pitches on each side. The lower slope is greater than the upper slope. ...
Inappropriate and possibly harmful use of land. For example, a factory located on the shore of a river discharges toxic pollutants into the waterway. ...
Standard precut lumber sizes for lumber industry needs. The typical sizes are 2 to 5 inches thick by 5 to 12 inches wide. ...
Structure have two dwelling units under the same roof. Two-story apartment unit. ...
The definition of cooperative housing is well known by real estate agents because they are often involved in the selling process, in most cases. Cooperative housing is a form of ...
Determines the ability of soil to absorb and draw down water. A percolation test is essential to determine the location of a drainage field for waste disposal. ...
Have a question or comment?
We're here to help.