8444 - FCRA and FACT Act Basics Exam Questions and Answers
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8444 - FCRA and FACT Act Basics
Institution
8444 - FCRA And FACT Act Basics
8444 - FCRA and FACT Act Basics
An investigation would be required for a dispute
A. initiated by a credit repair organization.
B. related to the unauthorized use of a consumer's account.
C. over information derived from public records. - Answer- B. related to the unauthorized use of a co...
8444 - FCRA and FACT Act Basics
An investigation would be required for a dispute
A. initiated by a credit repair organization.
B. related to the unauthorized use of a consumer's account.
C. over information derived from public records. - Answer- B. related to the
unauthorized use of a consumer's account.
Second Street National routinely shares with its affiliates eligibility information about
its account holders taken from consumer reports. When its affiliates will be using this
information for marketing purposes, the institution _______________ give account
holders the opportunity to opt out of this information-sharing before it occurs.
A. must under special circumstances
B. need never
C. must always - Answer- C. must always
Under the FCRA, what would NOT be a "permissible purpose" for obtaining a
consumer report?
A. A man trying to determine the creditworthiness of the woman he is considering
marrying
B. An institution trying to determine a consumer's eligibility for credit or insurance, or
for employment
C. A potential investor trying to assess the risks associated with a business's existing
loan - Answer- A. A man trying to determine the creditworthiness of the woman he is
considering marrying
A consumer must be informed of factors adversely affecting his credit score but,
assuming the number of inquiries is NOT one of those factors, the number of factors
reported to him must be limited to:
A. Two
B. Four
C. Six - Answer- B. Four
Your institution extended credit to an identity thief. You notified the victim, who then
requests a copy of the application and all related transaction records under your
control. Within how many days following her request must you provide this
documentation?
A. 20 days
B. 30 days
C. 45 days - Answer- B. 30 days
Which of the following could result in criminal penalties?
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