FCRA

Question 1

FCRA stands for the ________________.

Answer 1

Fair Credit Reporting Act

Question 2

The Fair Credit Reporting Act (FCRA) was passed in 1970 to protect ___________________ and to ensure ________________________.

Answer 2

an individual’s privacy rights / accurate and fair credit reporting

Question 3

FCRA is known as _______________.

Answer 3

Regulation V

Question 4

FCRA’s primary intent is to protect consumers from the willful and/or negligent inclusion of _________________________.

Answer 4

inaccurate information on their credit reports

Question 5

The Fair Credit Reporting Act is enforced by the ___________________.

Answer 5

Federal Trade Commission

Question 6

The three national credit reporting agencies (CRAs) are _________, ___________
and __________.

Answer 6

Experian, TransUnion

and Equifax

Question 7

Credit Reporting Agencies (CRAs) compile databases of ____________________.

Answer 7

information received

from creditors

Question 8

FCRA gives consumes access to the same information about themselves that lenders use when ________________.

Answer 8

making credit decisions

Question 9

FCRA states that the consumer has the right to a Notice of _________, also known as a __________.

Answer 9

Adverse Action / Denial Letter

Question 10

FCRA states that the consumer has a right to a free copy of their ________________.

Answer 10

Credit File/Credit Report

Question 11

FCRA states that the consumer has a right to request his/her __________ (although it is not free).

Answer 11

Credit Score

Question 12

FCRA states that the consumer has the right to dispute ________________ Information found on his/her credit report.

Answer 12

incomplete or inaccurate

Question 13

FCRA states that the consumer has the right to __________________ of credit and insurance based on information in their credit report.

Answer 13

Limit Prescreened Offers

Question 14

Bankruptcy information can be kept in the credit report for _________.

Answer 14

10 years

Question 15

A traditional credit report must include both credit and public record information for each locality in which the borrower has resided during the most recent __________.

Answer 15

two-year period

Question 16

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 ________.

Answer 16

1 month

Question 17

Credit Reporting Agencies, users of consumer reports, and furnishers of information may be held civilly liable for violations under FCRA. The statue of limitations to bring a lawsuit is ________ after the violation is discovered or ________ after it occurs, whichever is sooner. The penalty is up to _________.

Answer 17

2 years / 5 years / $1,000

Question 18

Paid tax liens can be kept in the credit report for _______ from the time they were
paid.

Answer 18

7 years

Question 19

Unpaid tax liens stay on your credit report ________.

Answer 19

forever

Question 20

A Judgment remains on credit report for _________.

Answer 20

7 years

Question 21

Criminal convictions ________ expire once (and if) they are entered onto a consumer’s credit report.

Answer 21

DO NOT

Question 22

Consumers should contact their _______ if they have questions about their application, and they should contact the ________________ if they have questions about their credit scores.

Answer 22

lender / credit reporting agency

Question 23

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

Answer 23

300 / 850

Question 24

Borrowers are entitled to a ___________ if the lender takes adverse action
against them.

Answer 24

free credit report

Question 25

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.

Answer 25

name / address / phone number

Question 26

Consumers are Entitled to free copy of credit file (report) under Regulation V if: Information resulted in ____________, the consumer is a victim of __________, there is _____________ as a result of fraud on the credit report or the consumer is receiving public assistance or ________________.

Answer 26

adverse action (denial) / identity theft / inaccurate information / public assistance / unemployment benefits