Fcra questions - Study guides, Class notes & Summaries

FCRA Exam Review Questions and answers, rated A+ FCRA Purpose, - -Fair Credit Reporting Agency // Regulation V *applies to any transaction using a credit report, consumer investigatory reports and employment backgrounds. Enacted in 1970 to ensure accuracy, fairness, and privacy of consumer's personal information used by CRA. CFPB (main) and FTC shares rule making and enforcement authority. Consumer Report - -Credit Report Consumer Reporting Agency - -CRA Primarily Equifax, Experi...

CR4 - Fair Credit Reporting Act. Exam Questions and answers C 3D905EB356FB48CBADABC7D80365B981 Not answered. The correct answer is c. A is incorrect because only consumers must receive risk based pricing notices. B is incorrect because risk based pricing notices must be provided when a lender increases a consumer's rate based on a credit report. D is incorrect because a risk-based pricing notice is not required when the lender approves a loan on the terms requested by the consumer. -...

FCRA and FACT Act, Questions and answers, rated A+ FCRA Stands for.. - --Fair Credit Reporting Act FCRA is what regulation - --regulation v -"Vanity FAIR" This law is most significant for.. - --has significant responsibilities for consumer reporting agencies -Less for those who are not FCRA requires.. - --requires creditors to provide accurate credit information to the CRA's -CRA's have ultimate responsibility for protecting a borrower's credit information FCRA gives permission t...

Fair Credit Reporting Act (FCRA), Questions and answers, verified/ What is a consumer reporting agency? - -Any person or organization that 1. Regularly engages in the practice of gathering or evaluating credit or other information on consumers. 2. Provides this information to third parties. 3. Receives fees, dues, or other compensation for providing such reports, or 4. Provides reports and uses any means of interstate commerce for the purpose of preparing or furnishing consumer reports...

Fair Credit Reporting Act: Exam Review Questions and answers, VERIFIED. In addition to requirement related to financial institutions acting as CRAs, FCRA requirements also apply to who? (4 categories) - -1- procurers and users of information 2- furnishers and transmitters of information 3 - Marketers of credit or insurance products 4 - Employers For FCRA, is there a difference between a "consumer" and a "person"? - -yes. A consumer is an individual. A person can be a "individual...

USAA Auto Insurance Terms Exam Questions and Answers Terrorism Risk Insurance Act (TRIA) - ️️ In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it happen - ️️ In 2005 legislation was modified and coverage was extended by the Terrorism Risk Insurance Extension Act FCRA- when, what, and what it stands for - ️️ In 1970 the Fair ...

CIPP/US EXAM QUESTIONS WITH CORRECT ANSWERS- LATEST UPDATE 2024 What are 5 elements that must be in a security program under GLBA - Answer-1. Designate an employee to coordinate the safeguards 2. Identify and assess the risks to customer information in each relevant area of the company's operation and evaluate the effectiveness of the current safeguards for controlling those risks 3. Design and implement a safeguard program and regularly monitor and test it 4. Select appropriate service p...

CIPP/US QUESTIONS AND ANSWERS RATED A+ Access The ability to view personal information held by an organization. This may be supplemented by allowing updates or corrections to the information. U.S. laws often provide for access and correction when the information is used for any type of substantive decision making, such as for credit reports. Americans with Disabilities Act (ADA) Bars discrimination against qualified individuals with disabilities; places restrictions on pre-employment medical sc...

FCRA Exam Questions and answers, rated A+ 1. Which of the following communications is NOT a consumer report regulated by the Fair Credit Reporting Act? a. A report telephoned by a Bank A loan officer to a Bank B loan officer, describing Bank A's lending experience with a borrower b. A report from a credit bureau to a bank containing general credit information on a consumer c. A bank's written credit reference sent to a department store as requested by the individual with bank credi...

FCRA Certification Exam Questions and answers, VERIFIED/ When was the FCRA originally enacted - -1970 What does the FCRA cover? - -Credit reporting and all consumer reports What is a "consumer report"? - -Any written, oral or other communication of information by a CRA bearing on a consumer's credit worthiness and standing, character, general reputation, personal characteristics or mode of living which will be used for credit purposes, employment purposes, tenant screening. 3 Eleme...