What is the Fair Lending Act?

The Fair Lending Act is a law that is enforced in the state of Tennessee and across the US. This law protects consumers from discrimination when it comes to obtaining credit. Lenders must treat all applicants equally regardless of race, national origin, sex, marital status, age, or other personal characteristics. The law also ensures that lenders make credit available in a fair manner and assess fees, interest rates, and other costs in a reasonable manner. The Fair Lending Act exists to ensure that the lenders do not discriminate against any prospective borrowers. This includes not making decisions based on arbitrary criteria that can differ from one application to the next. It is also against the law for lenders to target certain customers based on their personal characteristics. In addition to protecting consumers from discrimination, the Fair Lending Act also provides consumers with rights when it comes to their credit report. For example, consumers have the right to dispute information on their credit report if they feel it is inaccurate or incomplete. Similarly, consumers also have the right to receive a free credit report from each of the three major reporting agencies each year. Overall, the Fair Lending Act is an important law that helps to protect consumers from discrimination when it comes to obtaining credit. It ensures that lenders make decisions based on the merits of each application and cannot favor particular individuals based on their personal characteristics. Additionally, it helps to ensure that credit reports remain accurate and up to date.

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What is the Fair Lending Act?

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