Exam (elaborations)
FCRA. Consumer Reports Questions with Solutions
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FCRA. Consumer Reports
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FCRA. Consumer ReportsBefore taking any adverse action in regards to a credit report, the user must provide to
the consumer: - answer a notice of adverse action and information on the reporting
agency the bank used to obtain the report
T/F: Banks are permitted to get a prescreened consumer report as long as they are
making a firm offer of credit. - answer True
T/F: Banks are prohibited from obtaining a consumer credit report for employment
purposes. - answer False
T/F: Banks that furnish information to consumer reporting agencies do not have any
specific legal responsibilities under the FCRA. - answer False
T/F: The FCRA permits banks to obtain credit reports from consumer reporting agencies
if the report is to be used in relation to a credit transaction. - answer True
The FCRA requires banks to note the nature of the information they received that led to
a denial of __________. - answerCredit
T/F: Generally, banks are prohibited from denying credit to consumers on prescreened
lists. - answerTrue
T/F: Banks are not permitted to ask for an identifying number (SSN) in the offer of credit
to a customer whose name appears on a prescreened list. - answerFalse
Banks that furnish information to consumer reporting agencies are prohibited from
furnishing information the bank knows to be________________. - answerInaccurate
T/F: Consumer reporting agencies are prohibited from reporting information older than 7
years old in connection with an extension of credit, unless the extension is of credit is in
excess of $150,000. - answerFalse
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