Exam (elaborations)
My FCRA Questions with Solutions 2024
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Exam of 9 pages for the course FCRA at FCRA (My FCRA)
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My FCRAWhich of the following are permissible purposes for obtain consumer reports?
1) Child Support
2) Court Order
3) To a bank which it has reason to believe intends to use info for employment purposes
4) Written instructions from consumer
5) none of the above
6) all of the above
7) all of the above except #3 - answer6) all of the above
additional permissible purposes
*intends to use credit report
*underwriting of insurance
*eligibility for licenses/other benefit
*potential investor in connection w/existing credit
*legitmate business need
*business transaction inititated by consumer
*determination of consumer meeting terms of the account
All of the follow are requiremnets that must be meet if bank procures an investigative
consumer report EXCEPT:
1) clear and accurate disclosures
2) consumers rights to request info about report
3) disclosure in writing no later than 3 biz days before date report is requested
4) statement with rights under FCRA
5) bank certifies consumer reporting agency that it has complied with disclosure
requirements - answer3) it must be in writing no later than 3 biz days AFTER date report
was requested.
If a bank communicates a consumers credit score with an affiliate and does not provide
the consumer with a notice and an opportunity to opt out of this sharing before info is
first communicated is this a violation? - answerYes - must provide opt out notice when
sharing "other" info such as application form info concerning other bank account, and
credit score.
If a bank communicates information provided by a consumer on an application form
concerning accounts w/ other banks to affiliates AND uses info recieved from a different
affiliate to market 3P product to the consumer, which of the following is NOT a violation?
1) Bank does not need to provide opt out notice
2) bank only needs to provide an opt out notice to share info about application regarding
accounts w/ other banks
, 3) bank only needs to provide an opt out notice to market affiliates product to consumer
4) bank provides a consolidated opt out notice with both sharing and marking opt outs -
answer4) Under FCRA, certain consumer info will be subject to 2 opt outs, a sharing opt
out and a marketing use opt out. These 2 opt out mays be consolidated.
Do banks have to give opt out notice if consumer has homeowners insurance policy
with insurance co. Insurance co. shares eligibility info with affilitated depository
institution. Depository institution wants to make a solicitation to the consumer about its
home equity loan products. The depository institution doesn't have pre-existing biz
relationship w consumer and no other exceptions apply. - answerYES. the depository
instiution may not use eligibility info it recieved from insurance affiliate to make
solictations to the consumer about its home equity loan products unless insurance co
gave the consumer a notice and opportunity to opt out and the consumer does not opt
out.
Do banks have to give opt out notice if bank provides criteria to an affiliate to use in
marketing the bank's product and the affiliate uses the criteria to send marketing
materials to the affiliate's own customers that meet the criteria? - answerNO. bank is not
using shared eligiblity info to make solicitations.
Affiliate Marketing requires opt out unless:
1) pre existing biz relationship
2)perfrom services on behalf of affiliate (unless consumer opt out)
3) initated by consumer
4) all of the above
5) #1 & #3 - answer4) all of the above. There are six exceptions to notice and opt out for
affiliate marketing.
Can a bank consolidate Affilate Marketing opt out notices with GLBA Privacy Notices? -
answerYES. opt out and renewal notices (renewal of opt out bc there is a 5 year
minimum) may be consolidated with any other notice or disclosure required under any
other provision of law. Renewal notieces may be consolidated with annual GLBA
privacy notices also.
all of the following are true regarding obtaining consumer reports for employment
purposes EXCEPT:
1)requires written permission of the consumer to procure a consumer report for
"employment purposes"
2) disclosures can be given orally
3) must be disclosed in writing that consumer report may be obtained for employment
purposes after procuring report
4)all of the above are incorrect
5)only #1 and #3 are correct
6) #2 and #3 are incorrect - answer6) #2 and #3 are incorrect
disclosures must be in WRITING & PRIOR to procuring report
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