FCRA - Regulation V

Question 1

What is the purpose of FCRA?

Answer 1

This is about a credit report and credit reporting agencies

Question 2

What does FACT Act or FACTA stand for?

Answer 2

Fair and Accurate Credit Transition Act

Question 3

FACT Act or FACTA is all about

Answer 3

identity theft and it has section 114 rules which are red flag identity rules

Question 4

FACT ACT requires the following:

Answer 4

Business to truncate credit/debit card receipts
Consumer can place fraud alters and credit freezes
Requires measures to secure and dispose of sensitive consumer credit information (burn, shred, or keep locked)

Question 5

Under FACTA, Get your Free Credit Report annually at

Answer 5

annualcreditreport.com

Question 6

What are FTC Red Flags Rules?

Answer 6

Section 114 rules or identify theft rules

Question 7

What do Section 114 Rules require?

Answer 7

card issuers to assess the validity of change of address requests.

Question 8

What did Fair and Accurate Credit Transaction Act amend?

Answer 8

Regulation V

Question 9

What is the purpose of FACTA?

Answer 9

Intended to help consumers fight identity theft

Question 10

What does FACTA or FACT Act stand for?

Answer 10

Fair and Accurate Credit Transaction Act

Question 11

Under Reg V consumers 5 have rights:

Answer 11

1. Right to an adverse action notice or denial letter
   
   2. Request credit score (although score is not free and they can charge)
   3. Free copy of consumer credit file/credit report
   4. Right to dispute incomplete or inaccurate information
   5. Right to limit prescreened offers

Question 12

Consumers are entitle to a free copy of credit file or report under regulation V if:

Answer 12

1. Information resulted in adverse action or denial
   
   2. Victim of identity theft (w/ fraud alert)
   3. Inaccurate information as a result of fraud
   4. On public assistance or unemployed

Question 13

Credit reporting agencies may not report outdated negative credit information. What is the reporting time items can stay on the report?

Answer 13

Bankruptcies more than 10 years
Negative credit more than 7 years
Unpaid federal tax liens - do not expire
Criminal conviction - does not expire

Question 14

Under Reg V, Must limit access to a credit file to only those with

Answer 14

legitimate business need

Question 15

What does FCRA stand for

Answer 15

Fair Credit Reporting Act

Question 16

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

Answer 16

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