Divorce Dex.com: Fair Credit Reporting Act (1997)

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Definition Fair Credit Reporting Act (1997) - a federal law that regulates credit bureaus and protects consumers.

Application in Divorce Credit reports are very frequently riddled with errors and mistakes. The Fair Credit Reporting Act given the borrow a right to annually receive a copy of his or her credit report and correct mistakes.

The Fair Credit Reporting Act makes certain that credit reports are accurately maintained. The purpose of this act is make certain that consumer reporting is conducted fairly and equitably, particularly with regard to privacy protections.

See Credit Bureau.

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For a person contemplating divorce, a copy of his or her credit report is a must. Very often one spouse going into a divorce -- usually the women -- may have no credit in her name, and establishing credit and a good credit report is a must. After her divorce, a good rating will help her start on her new single life. Circumstances vary, of course, but generally a person can establish credit by demonstrating a good record of repayment. Sometimes this means establishing credit with stores via so-called "minor" credit cards before getting a "major" credit card, such as MasterCard or Visa.

Contributed on 7/3/2007 by: DivorceDex.com Staff
Category: Debt Division (Applicable in All States)

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