Exam (elaborations)
FCRA EXAM QUESTIONS WITH CORRECT ANSWERS
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Exam of 1 pages for the course FCRA at FCRA (FCRA EXAM)
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FCRA EXAMFCRA Permissible Purpose - answer(1.) When a consumer gives written permission
(2.) In connection with a loan or insurance request
(3.) To review or collect an existing account
(4.) In connection with a business transaction initiated by a consumer
(5.) To provide a consumer with a prescreened firm offer of credit
FCRA - answer Regulation V
Opt-out requirements for affiliate marketing - answer Consumers may choose to opt-out
at any time.
The FCRA preempts state law and regulations relating to credit and insurance
prescreening and information sharing - answer To the extent that state law is
inconsistent with the FCRA
The opt-out must be effective for at least ______ from the date the consumers opt-out
notice was received an implemented - answerFive Years
A financial institution will not be subject to the FCRA substantial requirements that apply
to consumer reporting agencies if it communicates only ___________ or __________
___________ to third parties or among its affiliates. - answertransaction or experience
information
_______________________ that disclose consumer report information trigger the
classification as a consumer reporting agency. - answerNon-affiliated third parties
Alerts on Consumer Reports - answer· Initial Fraud Alert (One Year)
· Extended Fraud Alert (Seven Years)
· Active Duty Alert (Active Military Status)
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