What does the Fair Housing Act do? The Fair Housing Act expressly prohibits discriminatory practices, policies and behavior among those involved with the housing rental, purchase and financing industry. Specifically, the law prohibits discrimination by landlords, real estate companies, lending institutions...
1988: The Home Equity Loan Consumer Protection Act amends TILA to require specific disclosures for home equity lending. 1994: The Home Ownership and Equity Protection Act is enacted as an amendment to TILA to address abusive mortgage lending practices. 2009: The Credit Card Accountability Responsi...
Lending (also known as "financing") occurs when someone allows another person to borrow something. Money, property, or another asset is given by the lender to the borrower, with the expectation that the borrower will either return the asset or repay the lender. In other words, the lender gi...
There are other credit scoring models but FICO is the industry standard, usedin 90% of lending decisionsin the U.S. There's also more than one FICO score: Your number might be different depending on whether you're applying for an auto loan or a credit card. ...
What are the benefits and drawbacks of peer-to-peer lending? If you’re considering taking out a personal loan through a peer-to-peer marketplace, know the pros and cons first. Pros Fair credit accepted: Some peer-to-peer marketplaces allow borrowers to have credit scores as low as 600....
Fair Lending: What To Do When The Government Comes KnockingPaul F. Hancock
Home Ownership and Equity Protection Act: The Home Ownership and Equity Protection Act is another federal law that aims to reduce predatory lending by ensuring that the lender discloses all pertinent information to the borrower. State laws: In addition to the federal laws, some states — includi...
And with laws like the CARD Act and Fair Credit Billing Act that help regulate the industry and provide higher levels of protection against fraudulent purchases, credit cards are more secure compared to other payment methods. Below,CNBC Selectreviews the pros and cons of credit cards, how they ...
What Is the Fair Debt Collection Practice Act? A creditor often seeks repayment through the process outlined in the loan agreement. TheFair Debt Collection Practices Act(FDCPA) protects the debtor from aggressive or unfair debt collection practices and establishes ethical guidelines for the collection ...
The Equal Credit Opportunity Act (ECOA) is a federal civil rights law that forbids lenders to deny credit to an applicant based on any factor unrelated to the person's ability to repay.