According to the fcra - Study guides, Class notes & Summaries

1) The purpose of the Equal Credit Opportunity Act (ECOA) is which of the following: A. To protect the credit history of consumers. B. To minimize discrimination in the obtaining of credit. C. To ensure that all consumers have an equal opportunity to obtain credit. D. To help consumers fight the growing crime of identity theft. - ANSWER-The correct answer is C.This is the purpose of ECOA. ECOA is also known as which of the following: A. Regulation B. B. Regulation C. C. Regulation ...

Fincert – Credit Exam Questions With 100% Correct Answers. Is a contractual agreement whereby a borrower receives something of monetary value now and agrees to repay the lender at a later date. - answerCredit Credit addresses what? - answerThe concepts of obtaining and utilizing credit wisely True or False: Good credit can take years to establish yet only months to destroy. - answerTrue What is the FCRA? - answerThe Fair Credit Reporting Act Why is the FCRA is important? - answerIt giv...

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? - Answer-FCRA Which agency manages the National Do Not Call Registry? - Answer-Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? - Answer-The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? - Answ...

A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? Answer Wednesday, Jan. 6 Who manages the National Do Not Call Registry? Answer Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? Answer FCRA What is not prohibited to be included in the loan terms f...

A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? - FCRA What is not prohibited to be included in the loan terms for HOEPA covered i...

A ABC INSURANCE -ANSWER JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? A ABC INSURANCE B JOHN C JANE D NONE D ADMITTED -ANSWER A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN INSURED -ANSWER WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE BROKER? A A PERSO...

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? correct answers FCRA Which agency manages the National Do Not Call Registry? correct answers Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? correct answers The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy ...

Types of Credit Used - ANSWER Student loan or credit cards only FAKO scores - ANSWER purchase score which are educational score Fair Credit Reporting Act FCRA - ANSWER what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA - ANSWER free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA) - ANSWER dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 d...

The Home Mortgage Disclosure Act requires you to collect info about a customers race. If they do not wish to provide info for that section what do you do? Answer Have them check the box indicating they do not wish to disclose information and fill it out according to visual observation once they leave. A customer meets with ABC Mortgage to inquire about loan options. His name is on the Do Not Call Registry. ABC Mortgage can call for up to how many months from the meeting date? Answer 3 months ...

is a contractual agreement whereby a borrower receives something of monetary value now and agrees to repay the lender at a later date. - Answer- Credit Credit addresses what? - Answer- The concepts of obtaining and utilizing credit wisely True or False: Good credit can take years to establish yet only months to destroy. - Answer- True What is the FCRA? - Answer- The Fair Credit Reporting Act Why is the FCRA is important? - Answer- It gives people the right to access their credit repo...