Exam (elaborations)
3.18 Fair Credit Reporting Act (FCRA) - Regulation V - Details Questions and Answers 2024
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3.18 Fair Credit Reporting Act (FCRA) - Regulation V - Details
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3.18 Fair Credit Reporting Act (FCRA) -Regulation V - Details
Fair Credit Reporting Act (FCRA) - Regulation V - was enacted to ensure the accuracy,
fairness and privacy of consumers' personal information used by consumer reporting
agencies (CRA). - answer- FCRA is a federal law dealing with the granting of credit,
access to credit information, the rights of debtors, and the responsibilities of creditors.
- A creditor is defined as "a person who regularly extends consumer credit that is
subject to a finance charge or is paid by written agreement in more than four
installments, and to whom the obligation is originallypayable".
- The three CRAs are: Equifax, Transunion and Experian.
- Requires credit reporting agencies to verify information that is under dispute and limits
how long negative information can remain on a credit report.
FCRA provides for the following rights: - answer• Right to request a copy of Credit
File/Report.
• Right to Request his/her credit Score - individuals may also request their credit score
from the credit bureaus, but the credit score is not free!
• Right to Dispute Negative or inaccurate information - the consumer reporting agency
must correct or delete inaccurate, incomplete, or unverifiable information within 30 days
of receipt of the dispute.
• Right to limit prescreened offers - Reg V gives consumers the right to limit
"prescreened" offers of credit and insurance based on information in their credit
report.
• Negative credit information of more than seven (7) years must be deleted (late
payments, foreclosures, collections, tax liens).
• Bankruptcies, judgments or other public records no more than ten (10) years must be
deleted. Chapter 7 provides for complete liquidation of the debtor's debts while Chapter
13 provides for the debtor to pay back their creditors through a payment plan decided
by thecourt.
• Unpaid federal tax liens may be retained on credit reports forever.
• Criminal convictions also remain forever (if the
State reports this information).
FCRA - answer- Must limit access to a credit file to ONLY those with
legitimate business need.
- May not give out consumer credit information to an employer, or a potential employer,
without written consent.
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