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.
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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

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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

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