Exam (elaborations)
FCRA and FACT Act Questions and Answers 2024
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Exam of 3 pages for the course FCRA at FCRA (FCRA and FACT Act)
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FCRA and FACT ActFCRA Stands for.. - answer-Fair Credit Reporting Act
FCRA is what regulation - answer-regulation v
-"Vanity FAIR"
This law is most significant for.. - answer-has significant responsibilities for consumer
reporting agencies
-Less for those who are not
FCRA requires.. - answer-requires creditors to provide accurate credit information to the
CRA's
-CRA's have ultimate responsibility for protecting a borrower's credit information
FCRA gives permission to.. - answer-gives permission to pull a consumer's report
-you must have "permissible purpose"
--Ex: application or employment
Are prescreened credit offers allowed under FCRA - answer-yes, lender have to request
specific criteria from CRA's and then offer a pre-approved credit offer based on those
standards
Prescreen opt out - answer-Consumers can opt out of getting offers for up to 5 years by
going to www.optoutprescreen.com
-When the opt out period ends, the consumer must be given a chance to extend the
period for another 5 years
FCRA states that negative info can only stay on a credit report for.. - answerMax of 7
years
FCRA states that a bankruptcy can only stay on the credit report for... - answerMax of
10 years
FCRA states that if a person is on SSi or disability, they can - answerThey can receive a
free copy of their credit report
FCRA states that if a person is denied credit, they can - answerThey can receive a free
copy of their credit report
FCRA states that if a person is unemployed, they can - answerThey can receive a free
copy of their credit report
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