Exam (elaborations)
FCRA TEST QUESTIONS AND ANSWERS LATEST UPDATED
- Course
- Institution
Exam of 4 pages for the course FCRA at FCRA (FCRA TEST)
[Show more]
Content preview
FCRA TESTWhat does the FCRA cover? - answer
WHat is the purpose of the adverse action notice? - answerThe purpose of the notice is
to inform consumers about how information in consumer reports is used and also to
alert them that information in a consumer report may be inaccurate and should be
corrected.
How does the FCRA define adverse action? - answerDenying or canceling credit
Unfavorably changing credit or contract terms or conditions
Offering credit on less favorable terms than requested
Denying a deposit account or related services, such as an ATM or debit card
What are the three categories of adverse action? - answerAdverse action based on
information obtained from a consumer reporting agency (CRA)
Adverse action based on information obtained from third parties, including affiliates, that
are not consumer reporting agencies
Adverse action related to employment decisions, such as decisions not to hire or not to
promote
What are the required elements of an adverse action notice? - answer- The name,
address, and telephone number of the consumer reporting agency and a toll-free
telephone number if it is a nationwide consumer reporting agency
- A statement that the consumer reporting agency did not make the adverse decision
and is not able to explain why the decision was made
- A statement setting forth the consumer's right to obtain a free credit report from the
consumer reporting agency if the consumer requests the report within 60 days
- A statement setting forth the consumer's right to dispute directly with the consumer
reporting agency the accuracy or completeness of any information provided by the
consumer reporting agency
- The credit score and the reasons for the score, if the denial is based, in whole or in
part, on a consumer's credit score
When is the ECOA notice required? - answerThe ECOA notice is required for any
adverse credit decision, whether or not the consumer report impacted the decision.
the ECOA notice must include the reasons for the adverse action or a notice of the
customer's right to know those reasons.
- answerThe bank must provide the FCRA notice to each applicant whose consumer
report was used whereas it need only provide one ECOA adverse action notice when
there are multiple applicants.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now