Exam (elaborations)
Fair Credit Reporting Act Questions and Answers
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Fair Credit Reporting Act
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NMLS Test FCRA OverviewCongress enacted this in 1970 to - answer ensure the accuracy, fairness, and privacy of
consumer's personal information that is assembled and used by consumer reporting
agencies.
Regulations for FCRA are known as – answer Reg V
Consumer report - answer the communication of any information from a consumer
reporting agency that relates to a consumer's credit worthiness, credit standing, credit
capacity, character, personal characteristics, or mode of living which is used or
expected to be used in order to determine the consumer's eligibility for credit or
insurance to be used for personal, family, or household purposes or to evaluate a
consumer for employment.
Consumer reporting agency (CRA) - answerany person who regularly engages for fees
or on a cooperative nonprofit basis in the practice of assembling or evaluating of
consumer credit information in order to provide consumer reports to third parties. The
Dodd-Frank Act authorizes the CFPB to supervise "larger participants" in the market for
consumer products and services (12 US.C. §5514(a)(1)(B)).
Creditor - answerany person who regularly extends, renews, or continues credit; any
person who regularly arranges for the extension, renewal, or continuation of credit; or
any assignee of an original creditor who participates in the decision to extend, renew, or
continue credit (15 U.S.C. §1681(r)(5)).
Investigative consumer report - answera consumer report containing information about
a consumer's character, general reputation, personal characteristics, and mode of living
that is obtained through personal interviews.
File - answerall the information about a consumer that is recorded and retained by a
CRA.
Fraud Alert - answera statement in the file of a consumer that notifies all prospective
users of a consumer report relating to the consumer that the consumer may be a victim
of fraud, including identity theft, and that is presented in a manner that facilitates a clear
and conspicuous view of that statement.
Adverse Action - answerthis term is given the same meaning under FCRA as under
ECOA, meaning a denial of credit or an extension of credit in a substantially smaller
amount, or for terms substantially different, than that requested by the loan applicant. It
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