FCRA REG V

Question 1

227. The Fair Credit Reporting Act (FCRA) was passed in 1970 to protect an individual’s privacy rights and to ensure accurate and fair credit reporting.

Answer 1

protect an individual’s privacy rights and to ensure accurate and fair credit reporting.

Question 2

228. FCRA is known as

Answer 2

Regulation V.

Question 3

229. FCRA’s primary intent is to protect consumers from the willful and/or negligent -

Answer 3

inclusion of inaccurate information on their credit reports.

Question 4

230. The Fair Credit Reporting Act is enforced by the

Answer 4

FTC (the Federal Trade Commission.)

Question 5

231. The three national credit reporting agencies (CRAs) are -

Answer 5

Experian, Trans Union And Equifax

Question 6

232. Credit Reporting Agencies (CRAs) compile databases of -

Answer 6

information received from creditors.

Question 7

233. FCRA gives consumers access to the same information about -

Answer 7

themselves that lenders use when making credit decision

Question 8

234. Gives consumers access to the same information about themselves that lenders use when making credit decisions

Answer 8

FCRA

Question 9

235. FCRA states that the consumer has the right to

Answer 9

an Adverse Action Notice (Denial Letter)

Question 10

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

Answer 10

Credit REPORT (NOT Credit SCORE)

Question 11

237. FCRA states that the consumer has a right to

Answer 11

request his/her Credit SCORE (Although the score IS NOT FREE).

Question 12

238. FCRA states that the consumer has the right to

Answer 12

dispute incomplete or inaccurate Information found on his/her credit report.

Question 13

239. FCRA states that the consumer has the right to LIMIT Prescreened Offers of credit and insurance based on information in their credit report.

Question 14

240. The credit report must be based on data provided by

Answer 14

the following national credit repositories—Equifax, Experian, or TransUnion.

Question 15

241. A traditional credit report must include both _________________ for each locality in which the borrower has resided during the most recent two-year period.

Answer 15

credit and public record information

Question 16

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

Answer 16

10 years in the Credit Report

Question 17

243. FCRA requires that credit reporting agencies inform Consumers about NEGATIVE information that is in the process of __________

Answer 17

being placed, or has already been placed, on a consumer’s credit report within one month.

Question 18

244. Credit Reporting Agencies, users of consumer REPORTS , and furnishers of information may be held civilly liable for violations under FCRA. The statute of limitations to bring a lawsuit is two years after the violation is discovered or five years after it
     occurs, whichever is sooner. The penalty is up to $1,000.

Question 19

245. Paid tax liens can be kept in the credit report for

Answer 19

7 years from the time they were paid

Question 20

246. Unpaid tax liens stay on your credit report ______

Answer 20

forever

Question 21

247. A Judgment remains on credit report for ______.

Answer 21

7 years.

Question 22

248. Criminal convictions DO NOT expire once (and if) they are entered onto a consumer’s credit report.

Answer 22

THEY DO NOT EXPIRE

Question 23

249. Consumers should contact their “LENDER” if they have questions about their“ APPLICATION”, and they should contact the

Answer 23

“Credit Reporting Agency” if they have questions about their “credit” scores.

Question 24

250. The range of possible FICO credit scores are

Answer 24

300 to 850

Question 25

251. Borrowers are entitled to a free credit report if

Answer 25

the lender takes adverse action against them.

Question 26

252. 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 name, address and phone number of the agency that provided that information.

Answer 26

provide the consumer with the name, address and phone number of the agency that provided the credit information.

Question 27

253. Consumers are Entitled to free copy of credit REPORT/FILE under Regulation V if:

Answer 27

Information resulted in adverse action (denial),
the consumer is a victim of identity theft(with fraud alert),
there is inaccurate information as a result of fraud on the credit report or
the consumer is receiving public assistance or unemployment benefits.