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FCRA Exam Questions and answers, rated A+/ LATEST EXAM PREDICTIONS UPDATES, APPROVED.

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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 repo...

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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 credit file information, including other lenders' information from a cre dit bureau report d. A bank's report to a contractor with credit information on a mutual customer, including references from retailers gathered by the bank at the customer's request - ✅✅ -a. A report telephoned by a Bank A loan officer to a Bank B loan offi cer, describing Bank A's lending experience with a borrower Fair Credit Reporting Act, Section 603(d) and 15 USC CH 41 1681a Outline I B A consumer report does not include a report that only contains information about experiences between the person making the report and the consumer. Therefore, a bank can provide information about its own lending experience and not be covered by the Fair Credit Reporting Act. Mrs. Williams applies to rent an apartment from Better Living Apartments. She has been a customer of First National Bank for several years, so she lists the bank as a credit reference. Better Living sends the bank a credit inquiry letter, and the bank sends Better Living a list of Mrs. Williams's bank transactions. The report states that she has had s everal insufficient checks on her account over the last two months and that she has satisfactorily paid off a car loan. Better Living calls the bank and speaks to Consumer Loan Officer George Dillon. Mr. Dillon states that Mrs. Williams applied for a loan three months ago, and he denied the loan because of a slow -pay report from ABC Department Store that appeared on Mrs. Williams's credit report. Did the bank give Better Living a consumer report under the Fair Credit Reporting Act? a. No. Providing limite d amounts of information from others will not cause the bank to b - ✅✅ -c. Yes. The bank gave credit information it received from another source. Fair Credit Reporting Act, Section 603(d) and 15 USC CH 41 1681a Outline I A and B In which of the following circumstances is it NOT permissible for a financial institution to obtain a consumer report from a consumer reporting agency? a. The bank requests reports on all delinquent borrowers for collection purposes b. The bank requests prescreen lists on prospect ive credit card applicants to solicit credit card accounts

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