FCRA Flashcards
FCRA stands for the ________________.
Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) was passed in 1970 to protect ___________________ and to ensure ________________________.
an individual’s privacy rights / accurate and fair credit reporting
FCRA is 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
The Fair Credit Reporting Act is enforced by the ___________________.
Federal Trade Commission
The three national credit reporting agencies (CRAs) are _________, ___________
and __________.
Experian, TransUnion
and Equifax
Credit Reporting Agencies (CRAs) compile databases of ____________________.
information received
from creditors
FCRA gives consumes access to the same information about themselves that lenders use when ________________.
making credit decisions
FCRA states that the consumer has the right to a Notice of _________, also known as a __________.
Adverse Action / Denial Letter
FCRA states that the consumer has a right to a free copy of their ________________.
Credit File/Credit Report
FCRA states that the consumer has a right to request his/her __________ (although it is not free).
Credit Score
FCRA states that the consumer has the right to dispute ________________ Information found on his/her credit report.
incomplete or inaccurate
FCRA states that the consumer has the right to __________________ of credit and insurance based on information in their credit report.
Limit Prescreened Offers
Bankruptcy information can be kept in the credit report for _________.
10 years
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 __________.
two-year period
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 ________.
1 month
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 _________.
2 years / 5 years / $1,000
Paid tax liens can be kept in the credit report for _______ from the time they were
paid.
7 years
Unpaid tax liens stay on your credit report ________.
forever
A Judgment remains on credit report for _________.
7 years
Criminal convictions ________ expire once (and if) they are entered onto a consumer’s credit report.
DO NOT
Consumers should contact their _______ if they have questions about their application, and they should contact the ________________ if they have questions about their credit scores.
lender / credit reporting agency
The range of possible FICO credit scores is ____ to ____.
300 / 850
Borrowers are entitled to a ___________ if the lender takes adverse action
against them.
free credit report
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 / phone number
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 ________________.
adverse action (denial) / identity theft / inaccurate information / public assistance / unemployment benefits
