FCRA Basic Certification Exam
Questions with Correct Verified
Solutions 100% Guaranteed Pass
1. 3 Key Elements of a Consumer Report - ANS ✔1. By a CRA
2. Bearing on a consumer's worthiness
3. Used to establish eligibility
2. 5 Basic Duties of CRAs - ANS ✔1. Maintain "reasonable procedure"
to assure "maximum possible accuracy"
2. Provide consumer reports to only those with a "permissible purpose"
3. Conduct "reinvestigation" in event of dispute
4. Make "disclosures" to consumers
5. Properly dispose of consumer info.
3. 5 Groups Affected by FCRA - ANS ✔CRAs
End Users
Furnishers
Resellers
Consumers
4. Adverse Action - ANS ✔Any action that is _ to the interests of a
consumer:
FCRA Basic Certification
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FCRA
Denial, cancellation, or unfavourable change in insurance
Denial of employment
Denial of rental application
Denial of credit or offer of credit on less favourable terms
5. Class Action - ANS ✔One or more plaintiffs brings a lawsuit on
behalf of a group or "class" of people.
6. Completeness or Accuracy - ANS ✔Consumers are permitted to
dispute the _ or _ of any information in their file.
7. Consumer Report - ANS ✔Any written, oral, or other
communication of any info by a CRA bearing on a consumer's credit
worthiness, standing, capacity, character, general reputation,
personal characteristics, or mode of living used or expected to be
used or collected for establishing consumer's eligibility:
8. Consumer Reporting Agency - ANS ✔Engages in the assembly or
evaluating of consumer credit information or other information on
consumers for the purpose of furnishing consumer reports to third
parties.
9. Consumers - ANS ✔Individuals protected under the FCRA
10. CRA required to provide consumer with - ANS ✔All info in
their file
The identity of the sources of that info the identity of each person who has
obtained a copy of the report
A summary of rights
FCRA Basic Certification
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