FCRA (Regulation V)

Question 1

What is FCRA?

Answer 1

Formerly FACTA (Fair and Accurate Credit Transactions Act) this act regulated credit reporting agencies

Question 2

What does FCRA stand for?

Answer 2

The Fair Credit Reporting Act (Regulation V)

Question 3

How long can a reporting agency report negative information about an individual?

Answer 3

For up to 7 years

Question 4

How long can a reporting agency report bankruptcies about an individual?

Answer 4

For up to 10 years

Question 5

How long can a reporting agency report criminal convictions about an individual?

Answer 5

There is no limitation

Question 6

How long can a reporting agency report negative information about an individual for response to a job application with a salary of more than $75,000,?

Answer 6

There is no limitation

Question 7

How long can a reporting agency report negative information about an individual for response to a credit or life insurance in an amount exceeding $150,000?

Answer 7

There is no limitation

Question 8

A consumer report may be requested by whom?

Answer 8

• By the consumer
• By a potential investor, servicer, or current insurer to determine the value of the credit or the prepayment risk associated with an existing credit obligation
• By a creditor or insurer in the solicitation of credit or insurance offers

Question 9

A consumer report may be used for what?

Answer 9

-To assist in the evaluation of an application for credit

Question 10

What must a lender provide if it denies an application based on information obtained from a consumer credit reporting agency?

Answer 10

It must provide the consumer with an adverse action notice.

Question 11

What information must an adverse action notice have?

Answer 11

• That the adverse action was taken based in whole or in part on information received from a credit reporting agency
• The name, address, and telephone number of the credit reporting agency providing the information
• Notice that the credit reporting agency does not know particular information regarding the adverse action
• A statement advising that the consumer is entitled to a free copy of the consumer report, if the request is made within 60 days, and to contest any information contained in the report

Question 12

Can a consumer dispute the content of a credit report?

Answer 12

Yes

Question 13

What must a reporting agency do if a consumer disputes the contents of a credit report?

Answer 13

In general, investigate and make a determination within 30 days of its receipt of the dispute

Question 14

How often may consumer obtain free credit reports?

Answer 14

Consumers may obtain free credit reports annually from www.annualcreditreport.com