Fair Disclosure Requirements

Fair Credit Reporting Act
If an lender or insurer uses a report from a consumer-reporting agency, that lender or insurer must comply with a state law relating to use and disclosure of credit and/or insurance information, as well as the federal Fair Credit Reporting Act. The Fair Credit Reporting Act is a federal law that regulates consumer reporting agencies and the use of consumer reports and investigative consumer reports provided by such agencies. The goal of the law is to help assure that credit reporting is accurate and current. The applicant must be notified in advance that a consumer report may be obtained by the insurer...
Read More...