Fair Credit Reporting Act
Today’s real estate word of the day is Fair Credit Reporting Act, so the first thing we do today is we’re going to read the word and the description or the definition where you use it in a sentence and quickly discuss it.
Go ahead. Fair Credit Reporting Act, a consumer protection law that regulates the disclosure of Consumer Credit Reports by consumer credit reporting agencies and establishes procedures for correcting mistakes on one’s credit record. Very good. And so this year, the Fair Credit Reporting Act has a lot to do with your credit and for who you are and how people view you, and especially creditors. So each person is going to be putting something in on your credit and reporting it that you paid on time, you didn’t pay on time what your balances are and what your current balance is and how that kind of works.
And the Fair Credit Reporting Act goes ahead and gives rules on how that works. And it specifically is designed to kind of help protect the consumer. And I think it does a pretty good job. I think it could be better, but I think that’s a pretty decent job and I guess we have to use that in a sentence. Fair Credit Reporting Act is pretty good at protecting consumers. Pretty good, but not great. Thank you.