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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of F
Fair Credit Reporting Act
Establishes procedures for correcting mistakes on a person's credit record and requires that a consumer's record only be provided for legitimate business needs. It requires that the record be kept confidential. A credit record may be retained 7 years for judgments, liens, suits, and other adverse information except for bankruptcies, which may be retained 10 years. If a consumer has been denied credit, a cost free credit report may be requested within 30 days of denial. For more information on federal credit regulations and consumer rights go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.
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