Exam (elaborations)
MLO Exam Review - FACTA FCRA & GLB Act Questions Graded A+
- Course
- Institution
MLO Exam Review - FACTA FCRA & GLB Act
[Show more]
Content preview
MLO Exam Review - FACTA FCRA & GLBAct
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
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 or Stuvia-credit 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 $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77764 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
