Fair Credit Reporting Act and Buying a Home in the LBI NJ Real Estate Market

Fair Credit Reporting Act and Buying a Home in the LBI NJ Real Estate Market

Long Beach Island New Jersey Real Estate Market Sales and Fair Credit Reporting Act

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Long Beach Island Real Estate

Buying a home in the LBI NJ real estate market can be challenging for many reasons. One of these reasons is that Fair Credit Reporting Act has some precise information about what you need to know before buying your new home. The Fair Credit Reporting Act is designed to protect people from discriminatory practices by providing them with more accurate and complete credit reports. This blog will discuss how Fair Credit Reporting Act affects buyers looking for their own home in the Long Beach Island NJ real estate market and landlords renting out their properties!

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Fair Credit Reporting Act and Buying a Home in the LBI NJ Real Estate Market

In general, Fair Credit Reporting Act protects consumers and business users by regulating the accuracy of credit reports. Fair Credit Reporting Act also requires creditors to provide reasons for not lending or extending credit in certain situations. All buyers in the Long Beach Island real estate market should be familiar with these practices, so they know what to look for. When obtaining a credit application, this act makes it illegal to discriminate against a person based on their race, color, religion, national origin, sex, or marital status. It makes it unlawful to discriminate against them based on age when obtaining an insurance application. Fair Credit Reporting Act also requires creditors to provide reasons if a consumer’s loan is denied or the interest rate increased due to their race, color, religion, national origin, sex, or marital status. Fair Credit Reporting Act allows consumers access to the file maintained by the consumer reporting agency and will enable consumers to dispute any inaccurate information. Fair Credit Reporting Act also requires creditors to provide written notice of their decision to take adverse action against someone who requests it within 30 days after receiving such information.

Long Beach Island New Jersey Real Estate Market Sales and Fair Credit Reporting Act

So what does Fair Credit Reporting Act have to do with buying a home? Fair Credit Reporting Act allows consumers to have a credit report they can trust before making a large purchase, such as buying a home in the LBI real estate market. This means that Fair Credit Reporting Act will help you know what lenders see on your reports so that you have more information when applying for financing for your Long Beach Island home. If you have any questions about buyingselling or investing in the LBI real estate market, please do not hesitate to contact me.

By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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