Processing and Underwriting - Chapter 4 Flashcards
1
Q
What is the main purpose of the Fair and Accurate Credit Transaction Act?
A
Improves consumer access to credit information;
provides avenues for the resolution of consumer disputes
helps to prevent and detect identity theft
2
Q
True/False - FACTA gives consumers the right to two free credit reports per year.
A
FALSE - 1 free credit report per year.
3
Q
The disclosure requirement for FACTA can be met by delivering which disclosure?
A
Notice to Home Loan Applicant Disclosure.
4
Q
How long can fraud alerts stay on the borrower’s credit report?
A
1 year
5
Q
TRUE/FALSE - For a charge, the borrower can freeze their credit.
A
FALSE - it is free to freeze credit
6
Q
What Regulation is FCRA?
A
Reg V
