Fair Credit Reporting Act (FCRA) Flashcards
1
Q
The purpose of the FCRA and Regulation V is to:
A
- regulate agencies that provide consumer reports.
- ensure the fairness, accuracy, timeliness and privacy of the information used in a consumer report; employment purposes; or any other purpose authorized under section 604 [§ 1681b].
- impose disclosure requirements on persons who use consumer reports.
2
Q
Define Consumer Reporting Agencies:
A
Persons that, for monetary fees, dues or on a cooperative nonprofit basis, regularly assemble or evaluate credit information or other information on consumers in order to furnish consumer reports to third parties
3
Q
A Consumer Reporting Agency can report negative information on a consumer report up to 7 years except:
A
-A bankruptcy which will be shown up to 10 years on the report