Fair Credit Reporting Act (FCRA)

Question 1

The purpose of the FCRA and Regulation V is to:

Answer 1

• 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.

Question 2

Define Consumer Reporting Agencies:

Answer 2

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

Question 3

A Consumer Reporting Agency can report negative information on a consumer report up to 7 years except:

Answer 3

-A bankruptcy which will be shown up to 10 years on the report