Exam (elaborations)
FCRA QUESTIONS AND ANSWERS 2024
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- Institution
Exam of 3 pages for the course FCRA at FCRA (FCRA QUESTIONS)
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FCRA QUESTIONSIn response to a court order or Federal Grand Jury subpoena;
In accordance with the written instructions of the consumer;
To a person which the bank has reason to believe intends to use the report in
connection a number of items, such as credit transactions or employment purposes;
In response to a request by the head of a State or local child support enforcement
agency. - answer What are the three legally permissible purposes to obtain consumer
reports under Module 1?
The bank discloses to the consumer than investigative consumer report may be
obtained;
The disclosure contains the consumer's right to request other information about the
report, and a summary of the consumer's rights under the FCRA;
The disclosures is in writing and is mailed to the consumer not later than three business
days after the date on which the report was first requested;
The bank procuring the report certifies to the CRA that it has complied with the
disclosure requirements. - answerIf a bank procures an investigate consumer report, the
bank must meet the following requirements:
Obtaining information and Sharing Among Affiliates? - answerWhat does Module 2
pertain to?
i) The information is the type of info routinely used in making credit eligibility
determinations;
ii) The creditor uses the medical info in a manner and to an extent that is no less
favorable than it would use comparable information that is not medical information in a
credit transaction; AND
iii) The creditor does not take the consumer's physical mental, or behavioral health,
condition or history, type of treatment, or prognosis into account as part of any such
determination. - answerThe rules allow a creditor to obtain and use medical information
pertaining to a consumer so long as:
expiration date, more than the last five digits - answerThe FCRA prohibits banks from
printing the _ _ of a debit or credit card, or ___________ of the account number on an
electronic receipt.
Equifax, Experian, TransUnion. - answerWhat are the three nationwide CRAs?
That the credit score was used in making the credit decision;
The range of possible credit scores under the model to generate the credit score;
Up to four key factors that adversely affected the credit score;
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