FCRA-FACTA (Fair Credit Reporting Act)
(Fair and Accurate Credit Transactions
Act)
FCRA has significant responsibilities for? - answer Consumer Reporting Agencies
(CRA's) and lesser for those who are not
Fair Credit Reporting Act (FCRA) - answer Regulation V
Fair and Accurate Credit Transactions Act (FACTA) - answerAmended FCRA
The Fair Credit Reporting Act (FRCA) became effective on? - answerApril 25, 1971
FCRA requires creditors to provide accurate credit information to the CRA's. The CRA's
have ultimate responsibility for? - answerProtecting a borrower's credit information
FCRA requires any prospective "user" of a credit report to have a? - answerLegally
permissible purpose to obtain a report
The FCRA allows a consumer reporting agency to furnish a consumer report in
response to? - answerA court order or Federal Grand Jury subpoena
The FCRA allows a consumer reporting agency to furnish a consumer report in
accordance with? - answerThe written instructions of the consumer
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the report in connection with a
credit transaction involving the consumer (includes extending, reviewing, and collecting
credit) - answerTrue
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information for employment
purposes? - answerTrue
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with
the underwriting of insurance involving the consumer? - answerTrue
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with
a determination of the consumer's eligibility for a license or other benefit granted by a
, governmental instrumentality that is required by law to consider an applicant's financial
responsibility? - answerTrue
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information, as a potential
investor or servicer, or current insurer, in connection with a valuation of, or an
assessment of the credit or prepayment risks associated with, an existing credit
obligation? - answerTrue
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe otherwise has a legitimate business need for the
information in connection with a business transaction that is initiated by the consumer? -
answerTrue
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe to review an account to determine whether the
consumer continues to meet the terms of the account? - answerTrue
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe in response to a request by the head of a state
or local child support enforcement agency if the person certifies various information to
the consumer reporting agency regarding the need to obtain the report? - answerTrue
Prescreened credit offers are allowed under FCRA. Lenders have to request specific
criteria from the CRA's and then? - answerOffer a pre-approved credit offer based on
those standards, unless the consumers have elected to opt out of being included on
prescreened lists
The notice to opt-out must be clear and concise and offer the consumer the opportunity
to? - answerProhibit all solicitations, as well as the types of entities and information
covered and which delivery modes the consumer wants to prohibit
T/F: The opt-out notice cannot be included with any other notices required to be given to
the consumer by law? - answerFalse
Consumers can opt out of getting offers for up to 5 years. When the opt out period ends
the consumer must be given? - answerA chance to extend the period for another 5
years
Website for opt out of prescreened offers is? - answerwww.optoutprescreen.com
T/F: The opt-out rule does not apply to a MLO that has an existing business relationship
with the consumer to whom it is marketing? - answerTrue
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