FCRA Flashcards
FCRA stands for ______.
Fair Credit Reporting Act
FCRA was passed to protect an individual’s _________ and to ensure accurate and fair _______.
Privacy rights / Credit reporting
FCRA is also known as __________.
Regulation V
FCRA’s primary intent is to protect consumers from the willful and/or negligent inclusion of inaccurate information on their _________.
credit reports
FCRA is enforced by the _____.
Federal Trade Commission (FTC)
FCRA states that consumers have the right to what 5 things?
- An Adverse Action Notice (denial letter)
- A free copy of their credit report
- Request a copy of their credit score (not free)
- Dispute incomplete or inaccurate information found on their report
- Limit prescreened offers of credit and insurance based on their credit report
Bankruptcy information is kept on your credit report for __ years.
10 years
Unpaid tax liens remain on your credit report ____.
indefinitely
A judgement remains on your credit report for __ years.
7 years
Paid tax liens can be kept on your credit report for ___ years from the time they were paid.
7 years
Borrowers are entitled to a free credit report if the lender takes __________ against them.
adverse action
Any entity that uses a credit report or another type of consumer report to deny an application for credit, insurance, or employment must provide the consumer with the ______, _________ and _________ of the agency that provided that information.
name, address and phone number
Consumers are Entitled to free copy of credit file (report) under Regulation V if:
- Information in the report resulted in adverse action
- The consumer is a victim of identity theft
- There is inaccurate information as a result of fraud on the credit report
- The consumer is receiving public assistance or unemployment benefits.
FCRA requires that credit reporting agencies inform consumers about negative information that is in the process of being placed, or has already been placed, on a consumer’s credit report within __ month.
1 month
Under FCRA, the statute of limitations to file a lawsuit is __ years after the violation is discovered or __ years after it occurs.
2 years / 5 years