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
Predetermined price for a contract that will be the same irrespective of the actual costs incurred to complete it. This contract is advantageous to the buyer because he knows beforehand ...
Also called earnest money. Money deposited with an individual for security for the performance so some contract. This is intended to show his/her willingness to follow through with the ...
The definition of property acquisition cost in real estate is the total recorded cost of a piece of real estate after reductions in price, incentives, closing costs and any other ...
Stated rate of interest on the face amount of a loan or installment note. ...
Location Analysis is the appraisal of a general geographic area for a particular use. A Residential Real Estate Market professional (or consumer) rarely deals with a Location Analysis ...
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 ...
Thin wood that is shaped in a wedge and laid together in rows. An example is a roof on a house. ...
Generally, a statute of frauds means a legal provision outlining that essential contracts, vulnerable to misrepresentation, must be fixed in a written form to be enforceable. Although ...
Percentage of a geographic location's population to the number of persons employable by a basic industry in that area. A basic industry is one that draws income from outside the locality ...
Have a question or comment?
We're here to help.