Exam (elaborations)
FCRA QUESTIONS WITH SOLUTIONS
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Exam of 2 pages for the course FCRA at FCRA (FCRA)
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FCRAFair Credit Reporting Act (FCRA) - answer Regulates consumer credit information
Any private employer seeking a credit report on an applicant or employee (private
sectors with > = 1 employee, all public) - answer Covered employers under FCRA
Consumer Credit Report - answer Any communication of information by a consumer
reporting agency bearing on a consumer's credit worthiness, character, or reputation,
which is to be used as a factor in assessing eligibility for employment purposes
(including criminal background)
Investigative Report - answer Report containing similar information, but also based on
personal interviews with friends, neighbors, and other associates
Federal Trade Commission - answerGoverning agency that ensures compliance and
responsible for enforcing FCRA
1.) Written notice to obtain and use information for decisions related to employment
2.) Written consent
3.)Certify compliance to the company from which you are getting information -
answerFCRA Employer Obligations
1.) Notice that includes copy of consumer report you relied on to make decision
2.) Copy of report and "Summary of your Rights Under FCRA" -FTC version -
answerBefore you take adverse action (terminate, deny promotion), you must give
applicant or employee (2):
5 day (probably) - answerIf you take adverse employment action against the applicant
or employee based on the information in a consumer report you must give the individual
notice within how many days?
1.) Agency name use
2.) Statement that agency did not take adverse action
3.)Right to contest any information and seek a free credit report within 60 days -
answerWhat must the notice state according to FCRA? (3)
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