Credit Laws: Fair Credit Reporting Act (as amended 1997) Federal law that covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone: states that obsolete information must be taken off (7 or 10 years): gives consumers the right to know what is in their credit report: requires that both a credit bureau and information provider (e.g., department store) have an obligation to correct incorrect information: gives consumers the right to dispute inaccurate information and add a 100-word statement to their report to explain accurate negative information: and gives consumers the right to know what credit bureau provided a report when they are turned down for credit.

 

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Credit Laws: Fair Credit Reporting Act (as amended 1997) Federal law that covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone . . . View Full Definition

Full Faith-And-Credit Obligations: Describes exchange and government regulations providing for the release and free exchange of all information pertinent to a given security.

Good Samaritan Laws: With respect to food and agriculture programs, these laws are designed to encourage the donation of food and grocery products to nonprofit organizations serving the needy by minimizing the r . . . View Full Definition

Full Faith And Credit: Federal and municipal governments can promise repayment of debt securities they issue because they can raise money through taxes, borrowing, and other sources of revenue. That power is descr . . . View Full Definition