Exam (elaborations)
3.18 Fair Credit Reporting Act (FCRA) - Regulation V - Details Questions and Answers 2024
- Module
- Institution
3.18 Fair Credit Reporting Act (FCRA) - Regulation V - Details
[Show more]
Seller
Follow
Dreamer252
Reviews received
Content preview
3.18 Fair Credit Reporting Act (FCRA) -Regulation V - Details
Fair Credit Reporting Act (FCRA) - Regulation V - was enacted to ensure the accuracy,
fairness and privacy of consumers' personal information used by consumer reporting
agencies (CRA). - answer- FCRA is a federal law dealing with the granting of credit,
access to credit information, the rights of debtors, and the responsibilities of creditors.
- A creditor is defined as "a person who regularly extends consumer credit that is
subject to a finance charge or is paid by written agreement in more than four
installments, and to whom the obligation is originallypayable".
- The three CRAs are: Equifax, Transunion and Experian.
- Requires credit reporting agencies to verify information that is under dispute and limits
how long negative information can remain on a credit report.
FCRA provides for the following rights: - answer• Right to request a copy of Credit
File/Report.
• Right to Request his/her credit Score - individuals may also request their credit score
from the credit bureaus, but the credit score is not free!
• Right to Dispute Negative or inaccurate information - the consumer reporting agency
must correct or delete inaccurate, incomplete, or unverifiable information within 30 days
of receipt of the dispute.
• Right to limit prescreened offers - Reg V gives consumers the right to limit
"prescreened" offers of credit and insurance based on information in their credit
report.
• Negative credit information of more than seven (7) years must be deleted (late
payments, foreclosures, collections, tax liens).
• Bankruptcies, judgments or other public records no more than ten (10) years must be
deleted. Chapter 7 provides for complete liquidation of the debtor's debts while Chapter
13 provides for the debtor to pay back their creditors through a payment plan decided
by thecourt.
• Unpaid federal tax liens may be retained on credit reports forever.
• Criminal convictions also remain forever (if the
State reports this information).
FCRA - answer- Must limit access to a credit file to ONLY those with
legitimate business need.
- May not give out consumer credit information to an employer, or a potential employer,
without written consent.
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 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 £11.09. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84197 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now