FCRA Flashcards

1
Q

FCRA stands for ______.

A

Fair Credit Reporting Act

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2
Q

FCRA was passed to protect an individual’s _________ and to ensure accurate and fair _______.

A

Privacy rights / Credit reporting

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3
Q

FCRA is also known as __________.

A

Regulation V

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4
Q

FCRA’s primary intent is to protect consumers from the willful and/or negligent inclusion of inaccurate information on their _________.

A

credit reports

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5
Q

FCRA is enforced by the _____.

A

Federal Trade Commission (FTC)

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6
Q

FCRA states that consumers have the right to what 5 things?

A
  • 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
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7
Q

Bankruptcy information is kept on your credit report for __ years.

A

10 years

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8
Q

Unpaid tax liens remain on your credit report ____.

A

indefinitely

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9
Q

A judgement remains on your credit report for __ years.

A

7 years

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10
Q

Paid tax liens can be kept on your credit report for ___ years from the time they were paid.

A

7 years

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11
Q

Borrowers are entitled to a free credit report if the lender takes __________ against them.

A

adverse action

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12
Q

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.

A

name, address and phone number

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13
Q

Consumers are Entitled to free copy of credit file (report) under Regulation V if:

A
  • 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.
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14
Q

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.

A

1 month

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15
Q

Under FCRA, the statute of limitations to file a lawsuit is __ years after the violation is discovered or __ years after it occurs.

A

2 years / 5 years

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16
Q

The three major credit reporting agencies are:

A

Experian, TransUnion and Equifax

17
Q

The range of possible FICO credit scores is ___ to ___.

A

300 to 850