FCRA

Question 1

FCRA stands for ______.

Answer 1

Fair Credit Reporting Act

Question 2

FCRA was passed to protect an individual’s _________ and to ensure accurate and fair _______.

Answer 2

Privacy rights / Credit reporting

Question 3

FCRA is also known as __________.

Answer 3

Regulation V

Question 4

FCRA’s primary intent is to protect consumers from the willful and/or negligent inclusion of inaccurate information on their _________.

Answer 4

credit reports

Question 5

FCRA is enforced by the _____.

Answer 5

Federal Trade Commission (FTC)

Question 6

FCRA states that consumers have the right to what 5 things?

Answer 6

• An Adverse Action Notice (denial letter)
• A free copy of their credit report
• Request a copy of their credit score (not free)
• Dispute incomplete or inaccurate information found on their report
• Limit prescreened offers of credit and insurance based on their credit report

Question 7

Bankruptcy information is kept on your credit report for __ years.

Answer 7

10 years

Question 8

Unpaid tax liens remain on your credit report ____.

Answer 8

indefinitely

Question 9

A judgement remains on your credit report for __ years.

Answer 9

7 years

Question 10

Paid tax liens can be kept on your credit report for ___ years from the time they were paid.

Answer 10

7 years

Question 11

Borrowers are entitled to a free credit report if the lender takes __________ against them.

Answer 11

adverse action

Question 12

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 ______, _________ and _________ of the agency that provided that information.

Answer 12

name, address and phone number

Question 13

Consumers are Entitled to free copy of credit file (report) under Regulation V if:

Answer 13

• Information in the report resulted in adverse action
• The consumer is a victim of identity theft
• There is inaccurate information as a result of fraud on the credit report
• The consumer is receiving public assistance or unemployment benefits.

Question 14

FCRA requires that credit reporting agencies inform consumers about negative information that is in the process of being placed, or has already been placed, on a consumer’s credit report within __ month.

Answer 14

1 month

Question 15

Under FCRA, the statute of limitations to file a lawsuit is __ years after the violation is discovered or __ years after it occurs.

Answer 15

2 years / 5 years

Question 16

The three major credit reporting agencies are:

Answer 16

Experian, TransUnion and Equifax

Question 17

The range of possible FICO credit scores is ___ to ___.

Answer 17

300 to 850