FCRA

Question 1

What is FCRA?

Answer 1

Fair Credit Reporting Act

Question 2

What regulation is FCRA?

Answer 2

V “VCRA”

Question 3

Who regulates the FCRA?

Answer 3

FTC

Question 4

Who enforces the FCRA?

Answer 4

CFPB and FTC

Question 5

What is the purpose of FCRA?

Answer 5

To ensure accuracy, fairness, and privacy of consumer information that is assembled by the credit reporting agencies

Question 6

Credit furnishers have…

Answer 6

30 calendar days to investigate and rectify any inaccuracies

Question 7

If a borrower receives an Adverse Action due to Credit, what must be disclosed?

Answer 7

1. Contact info for the CRA- name, number, address
2. Must include a state that the CRA did not make the lending decision and to contact the CRA to dispute any information that is not correct

Question 8

A consumer can OPT out of the prescreened list, how long will the opt out be effective?

Answer 8

5 years

Question 9

Consumers are entitled to a free copy of their credit report from the CRA if…

Answer 9

1. The information from the credit report resulted in an Adverse Action
2. The borrow was a victim of identity theft
3. The borrower added a fraud alert to their credit report
4. The borrower is unemployed or on public assistance