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At the outset we should highlight that the FACTA is a federal law that was formed by the United States Congress in 2003 hence its explicit objective is to amplify consumer protections pertaining to identity theft. A FACTA disclosure encompasses revealing to customers the so-called ‘risk-based-pricing’ factors utilized in one’s decision also including any particular issues designated on the consumer’s credit report. As a consumer, one has free access to annual credit scores. According to this Act, credit unions and lending institutions are required to inform members in case they provides negative data to a credit reporting agency in relation to credit extended to the member or client. This data may be reported regarding your account to credit bureaus or nationwide consumer reporting agencies. Late payments, missed payments or other items on the account may be revealed in one’s credit report. Credit unions, banks and other lending institutions granting mortgage loans predicated upon credit scores are rudiment to provide applicants with their credit records.
Related Topics: Explain Information provided by the borrower regarding the right of refusal • Fair Credit Reporting Act (FCRA)/Fair and Accurate Credit Transactions Act (FACTA) 15 USC § 1681 et seq. What is a Credit Check What is a Credit Score
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