List the three Consumer Reporting Agencies - answer Equifax, Experian and
TransUnion
Consumer Report : - answerA consumer report is any written, oral or other
communication of any information by a CRA:
- bearing on a consumer's creditworthiness, credit standing, credit capacity, character,
general reputation, personal characteristics or mode of living
- to be used in establishing eligibility for credit or insurance to be used primarily
for personal, family, household or employment purposes
CRA can report negative info up to 7 seven years, subject to the following: - answer-
Information about a lawsuit or an unpaid judgment against the consumer can be
reported for seven years or until the statute of limitations runs out, whichever is
longer.
- Bankruptcy information may be reported for 10 years.
Use of Reports: - answerOnly people with a legitimate business need, as recognized by
the FCRA, can get a copy of a consumer's report
The written or electronic notice must contain: (Credit Report) - answer- the actual
numerical credit score;
- the range of credit scores possible under the model used;
- all key factors that adversely affected the credit score
- the date of the credit score; and
- the name of the entity that created the score or the credit file upon which the score
was based.
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