Congress enacted this in 1970 to - answer ensure the accuracy, fairness, and privacy of
consumer's personal information that is assembled and used by consumer reporting
agencies.
Regulations for FCRA are known as – answer Reg V
Consumer report - answer the communication of any information from a consumer
reporting agency that relates to a consumer's credit worthiness, credit standing, credit
capacity, character, personal characteristics, or mode of living which is used or
expected to be used in order to determine the consumer's eligibility for credit or
insurance to be used for personal, family, or household purposes or to evaluate a
consumer for employment.
Consumer reporting agency (CRA) - answerany person who regularly engages for fees
or on a cooperative nonprofit basis in the practice of assembling or evaluating of
consumer credit information in order to provide consumer reports to third parties. The
Dodd-Frank Act authorizes the CFPB to supervise "larger participants" in the market for
consumer products and services (12 US.C. §5514(a)(1)(B)).
Creditor - answerany person who regularly extends, renews, or continues credit; any
person who regularly arranges for the extension, renewal, or continuation of credit; or
any assignee of an original creditor who participates in the decision to extend, renew, or
continue credit (15 U.S.C. §1681(r)(5)).
Investigative consumer report - answera consumer report containing information about
a consumer's character, general reputation, personal characteristics, and mode of living
that is obtained through personal interviews.
File - answerall the information about a consumer that is recorded and retained by a
CRA.
Fraud Alert - answera statement in the file of a consumer that notifies all prospective
users of a consumer report relating to the consumer that the consumer may be a victim
of fraud, including identity theft, and that is presented in a manner that facilitates a clear
and conspicuous view of that statement.
Adverse Action - answerthis term is given the same meaning under FCRA as under
ECOA, meaning a denial of credit or an extension of credit in a substantially smaller
amount, or for terms substantially different, than that requested by the loan applicant. It
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 £10.70. You're not tied to anything after your purchase.