Credit and the La
credit standards to all the consumers no matter what their race, sex,
marital status, national origin, religion, age, or public assistance
program that is involved. This does not say for sure that the loan
approved or credit will be given to you. It will give you an equal chance
to obtain credit. The only good measurement for creditors to use is your
ability to pay the debts that you owe.
Many of the applications will have questions about some of the above
things. However you are not required to answer them on an application for
credit. These may be asked because of the fair housing laws or affirmative
action laws but these are at your discretion. You should not be asked
about your material status, unless your partner will help you secure the
loan. You may be asked your age because of the Equal Credit Opportunity
Act , but only to determine if you are old enough to have the credit. This
means that you have to be over the age of 18 in the U.S.
Creditors must tell any applicants of their decision within 30 days. If the
application is not approved, the creditor must provide a written statement
that has full detail of the outcome or decision along with the reason for
the denial and the information on the applicant′s rights. This act will
help to seal for certain it is kept with all applications for credit no
matter who the applicant is.
The Fair Credit Reporting Act will also give people the right to see their
credit report. To make this better, everyone is entitled to a free credit
report every 12 months. This act will help people to receive their credit
history for all three national credit-reporting agencies. When you are
reviewing your credit, you can dispute items on the credit report and this
will allow the consumer to control some of what the credit reporting
agencies have against them. If the correction to your credit in not right,
you can also add a statement of 100 words or less to help clarify the item
that you want to dispute.
The act was started to uphold the accuracy and privacy of a person’s
private information in the credit report. It was passed with the intention
of preventing identity theft, which has become more popular in recent
years. By reviewing one’s credit report each year, he or she will be able
to determine if any kind of identity theft has happened.
Both of these acts will protect you by helping the fairness of the lending
industry while allowing you to take control of your credit history and
making sure that it is accurate. If you want to maintain good credit, you
need to learn as much about it as you can. Understanding these laws means
that you are taking a good and positive step in creating good credit for
yourself and making it possible to have a more stable financial future.
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Tags: Affirmative Action Laws, Credit History, Credit Opportunity Act, Credit Reporting Act, Credit Reporting Agencies, Creditor, Creditors, Debts, Denial, Equal Credit Opportunity, Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Housing, Free Credit Report, Full Detail, Marital Status, Material Status, National Origin, Public Assistance Program, Religion Age