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Fair Credit Reporting Act (Regulation V) Questions and Answers
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Fair Credit Reporting Act (Regulation V)
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Fair Credit Reporting Act (Regulation V)The Fair Credit Reporting Act (FCRA) was passed in 1970 to protect an - answer
individual’s privacy rights and ensure accurate and fair credit reporting.
FCRA is known as - answer Regulation V.
FCRA's primary intent is to - answer protect consumers from the willful and/or negligent
inclusion of inaccurate information on their credit reports.
The Fair Credit Reporting Act is enforced by - answer the Federal Trade Commission.
The three national credit reporting agencies (CRAs) are - answer Experian, TransUnion
and Equifax.
Credit Reporting Agencies (CRAs) compile databases of - answer information received
from creditors.
FCRA gives consumers access to the same - answerinformation about themselves that
lenders use when making credit decision.
FCRA states that the consumer has the right to - answerAdverse Action Notice (Denial
Letter).
FCRA states that the consumer has a right to a free copy of - answerConsumer Credit
File/Credit Report.
FCRA states that the consumer has a right to request his/her - answerCredit Score
(although the score is not free)
FCRA states that the consumer has the right to dispute - answerincomplete or
inaccurate information found on his/her credit report.
FCRA states that the consumer has the right to Limit Prescreened Offers of -
answercredit and insurance based on information in their report.
The credit report must be based on data provided by the following national credit
repositories: - answerEquifax, Experian or TransUnion
A traditional credit report must include both - answercredit and public record information
for each locality I which the borrower has resided during the most recent two-year
period.
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