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MLO Exam Review - FACTA FCRA & GLB Act Questions Graded A+ £10.70   Add to cart

Exam (elaborations)

MLO Exam Review - FACTA FCRA & GLB Act Questions Graded A+

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  • Module
  • FCRA
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  • FCRA

MLO Exam Review - FACTA FCRA & GLB Act

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  • September 27, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FCRA
  • FCRA
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MLO Exam Review - FACTA FCRA & GLB
Act


The Fair Credit Reporting Act (FCRA) provides what rights to consumers? - answerThe
right to an adverse notice, copy of credit report being used by lender, right to dispute
inaccurate information, the right to request credit score and limited prescreened offers

The consumer reporting agency does not need to remove a _____, it only needs to be
investigated. - answer Dispute

According the FCRA, what business does not have a legit need to access a person's
credit report? - answerDoctors office.

Primary purpose of the Fair & Accurate Credit Transaction Act - answerProtect
consumer from identity fraud.

According to Regulation V, a credit is: - answerSomeone who grants credit.

Regulation V is: - answerFair Credit Reporting Act

Requires that borrower's information is disposed in a manner that protects the data. -
answerFACTA

Borrower Frank makes an application for a loan with ABC Mortgage, According to
_____, Frank is a consumer. - answerGLB Act

When an MLO reviews the credit report, he notices an alert for mismatched address.
MLO is required to address the discrepancy under ______. - answerFACTA

Credit entry remains on report for 10 years when it is a mismatched address, according
to: - answerFCRA

Borrower notices a delinquent auto loan payment that is an error, According to ____,
the borrower can dispute this error with the credit agency to be corrected. -
answerFCRA

An adverse of action notice is required by: - answerFCRA

Frank receives the credit reporting information used to determine his score as required
by: - answerFCRA

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