FCRA - Fair Credit Reporting Act. EXAMS BUNDLE, VERIFIED

CR4 - Fair Credit Reporting Act. Exam Questions and answers C 3D905EB356FB48CBADABC7D80365B981 Not answered. The correct answer is c. A is incorrect because only consumers must receive risk based pricing notices. B is incorrect because risk based pricing notices must be provided when a lender...

Fair Credit Reporting Act (FCRA), Questions and answers, verified/ What is a consumer reporting agency? - -Any person or organization that 1. Regularly engages in the practice of gathering or evaluating credit or other information on consumers. 2. Provides this information to third parties. 3...

The Fair Credit Reporting Act, Questions and answers, Graded A+ What first step must any information user take when requesting a consumer report from a consumer reporting agency? It must certify that the reason for wanting the report is a permissible reason If a person harmed files and wins a...

The FCRA Questions and answers, Graded A+ Before taking any adverse action in regards to a credit report, the user must provide to the consumer: - - a notice of adverse action and information on the reporting agency the bank used to obtain the report T/F: Banks are permitted to get a prescree...

CRCM Exam Prep - FCRA Focused. Questions and answers, VERIFIED. Reg V- FCRA - Credit Reporting Permissable Purposes - -If authorized in writing by consumer. Response to Court Order. Must be in connection with credit or insurance transaction. Employment Purposes. Any person who has a business ...

FCRA - Fair Credit Reporting Act. Questions and answers. VERIFIED/ What does FCRA stand for - -Fair Credit Reporting Act What regulation is used with FCRA - -Regulation V (V for Visa) What is FCRAs regulatory body - -FTC (Federal Trade Commission) Who enforces the FCRA - -CFPB and FTC What is...

Fair Credit Reporting Act: Exam Review Questions and answers, VERIFIED. In addition to requirement related to financial institutions acting as CRAs, FCRA requirements also apply to who? (4 categories) - -1- procurers and users of information 2- furnishers and transmitters of information 3 - ...

Fair Credit Reporting Act: Exam Review Questions and answers, verified/ Reg V - -What regulation is associated with FCRA? the ensure the accuracy, fairness, and privacy of consumer's personal information listed on credit reports - -What is the purpose of FCRA? CFPB - -What agency oversees FC...

MLO Exam Review - FACTA FCRA & GLB Act. Questions and answers. VERIFIED/ The Fair Credit Reporting Act (FCRA) provides what rights to consumers? - -The right to an adverse notice, copy of credit report being used by lender, right to dispute inaccurate information, the right to request credit ...

FCRA Reg V, Questions and answers, rated A+ Define a consumer report under FCRA - -Any written or oral communication bearing on a consumer's individual creditworthiness or general reputation that is collected to establish the consumer's eligibility for credit or insurance, employment, or ot...

Ch 6-(Test 3)-Fair Credit Reporting Act (FCRA) Questions and answers/ A negligent action occurs when the employer... - -doesn't know that it is violating the law but should know. A willful action occurs... - -when the er knowingly and intentionally violates the law. adverse action - -any dec...

FCRA Certification Exam Questions and answers, VERIFIED/ When was the FCRA originally enacted - -1970 What does the FCRA cover? - -Credit reporting and all consumer reports What is a "consumer report"? - -Any written, oral or other communication of information by a CRA bearing on a consumer...

FCRA Exam Questions and answers, rated A+ 1. Which of the following communications is NOT a consumer report regulated by the Fair Credit Reporting Act? a. A report telephoned by a Bank A loan officer to a Bank B loan officer, describing Bank A's lending experience with a borrower b. A repo...

Fair Credit Reporting Act (FCRA) - CRCM Study Guide. Questions and answers, VERIFIED/ A consumer's opt-out must be effective for ____ years beginning at the time the consumer's notice is received. - -five A Credit Reporting Agency may report negative information for no longer than ____ yea...