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FCRA-FACTA (Fair Credit Reporting Act) (Fair and Accurate Credit Transactions Act) Questions with Correct Answers 2024 £12.28   Add to cart

Exam (elaborations)

FCRA-FACTA (Fair Credit Reporting Act) (Fair and Accurate Credit Transactions Act) Questions with Correct Answers 2024

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  • Module
  • FCRA
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  • FCRA

FCRA-FACTA (Fair Credit Reporting Act) (Fair and Accurate Credit Transactions Act)

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  • September 27, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FCRA
  • FCRA
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FCRA-FACTA (Fair Credit Reporting Act)
(Fair and Accurate Credit Transactions
Act)

FCRA has significant responsibilities for? - answer Consumer Reporting Agencies
(CRA's) and lesser for those who are not

Fair Credit Reporting Act (FCRA) - answer Regulation V

Fair and Accurate Credit Transactions Act (FACTA) - answerAmended FCRA

The Fair Credit Reporting Act (FRCA) became effective on? - answerApril 25, 1971

FCRA requires creditors to provide accurate credit information to the CRA's. The CRA's
have ultimate responsibility for? - answerProtecting a borrower's credit information

FCRA requires any prospective "user" of a credit report to have a? - answerLegally
permissible purpose to obtain a report

The FCRA allows a consumer reporting agency to furnish a consumer report in
response to? - answerA court order or Federal Grand Jury subpoena

The FCRA allows a consumer reporting agency to furnish a consumer report in
accordance with? - answerThe written instructions of the consumer

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the report in connection with a
credit transaction involving the consumer (includes extending, reviewing, and collecting
credit) - answerTrue

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information for employment
purposes? - answerTrue

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with
the underwriting of insurance involving the consumer? - answerTrue

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with
a determination of the consumer's eligibility for a license or other benefit granted by a

, governmental instrumentality that is required by law to consider an applicant's financial
responsibility? - answerTrue

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information, as a potential
investor or servicer, or current insurer, in connection with a valuation of, or an
assessment of the credit or prepayment risks associated with, an existing credit
obligation? - answerTrue

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe otherwise has a legitimate business need for the
information in connection with a business transaction that is initiated by the consumer? -
answerTrue

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe to review an account to determine whether the
consumer continues to meet the terms of the account? - answerTrue

T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe in response to a request by the head of a state
or local child support enforcement agency if the person certifies various information to
the consumer reporting agency regarding the need to obtain the report? - answerTrue

Prescreened credit offers are allowed under FCRA. Lenders have to request specific
criteria from the CRA's and then? - answerOffer a pre-approved credit offer based on
those standards, unless the consumers have elected to opt out of being included on
prescreened lists

The notice to opt-out must be clear and concise and offer the consumer the opportunity
to? - answerProhibit all solicitations, as well as the types of entities and information
covered and which delivery modes the consumer wants to prohibit

T/F: The opt-out notice cannot be included with any other notices required to be given to
the consumer by law? - answerFalse

Consumers can opt out of getting offers for up to 5 years. When the opt out period ends
the consumer must be given? - answerA chance to extend the period for another 5
years

Website for opt out of prescreened offers is? - answerwww.optoutprescreen.com

T/F: The opt-out rule does not apply to a MLO that has an existing business relationship
with the consumer to whom it is marketing? - answerTrue

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