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MLO Exam Review - FACTA FCRA & GLB Act Questions Graded A+
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MLO Exam Review - FACTA FCRA & GLB Act
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MLO Exam Review - FACTA FCRA & GLBAct
The Fair Credit Reporting Act (FCRA) provides what rights to consumers? - answerThe
right to an adverse notice, copy of credit report being used by lender, right to dispute
inaccurate information, the right to request credit score and limited prescreened offers
The consumer reporting agency does not need to remove a _____, it only needs to be
investigated. - answer Dispute
According the FCRA, what business does not have a legit need to access a person's
credit report? - answerDoctors office.
Primary purpose of the Fair & Accurate Credit Transaction Act - answerProtect
consumer from identity fraud.
According to Regulation V, a credit is: - answerSomeone who grants credit.
Regulation V is: - answerFair Credit Reporting Act
Requires that borrower's information is disposed in a manner that protects the data. -
answerFACTA
Borrower Frank makes an application for a loan with ABC Mortgage, According to
_____, Frank is a consumer. - answerGLB Act
When an MLO reviews the credit report, he notices an alert for mismatched address.
MLO is required to address the discrepancy under ______. - answerFACTA
Credit entry remains on report for 10 years when it is a mismatched address, according
to: - answerFCRA
Borrower notices a delinquent auto loan payment that is an error, According to ____,
the borrower can dispute this error with the credit agency to be corrected. -
answerFCRA
An adverse of action notice is required by: - answerFCRA
Frank receives the credit reporting information used to determine his score as required
by: - answerFCRA
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