Fcra basic - Study guides, Class notes & Summaries

FCRA Basic Certification Exam 2024 Qs & As.

What is a peril? - Answer A Peril is a cause of loss What is a hazard? - Answer Something that increases the chance of a loss What is the difference between a Moral hazard and a Morale Hazard? - Answer Moral Hazard - dishonesty, against the law Morale Hazard - carelessness What is the method of handling risk that involves a deductible? - Answer Retention (loss or portion of loss) If a fire causes damage to a building, what is the fire considered? - Answer A Peril What are the ele...

Consumer Report - ACCURATE ANSWERS Any written, oral, or other communication of any info by a CRA bearing on a consumer's credit worthiness, standing, capacity, character, general reputation, personal characteristics, or mode of living used or expected to be used or collected for establishing consumer's eligibility: 3 Key Elements of a Consumer Report - ACCURATE ANSWERS 1. By a CRA 2. Bearing on a consumer's worthiness 3. Used to establish eligibility Consumer Reporting Agency -...

FCRA Basic Certification - Advanced (Version 1) True/False: Resellers maintain their own database of information, which they combine with information from other CRA's - Answer- False Which of the following is a reasonable procedure that a CRA could take to ensure that an end user has a permissible purpose to obtain consumer reports? A. On site inspection of the end user's place of business B. Checking the end user's references C. the end user's business license and corpora...

FCRA Basic Certification Exam Guide 2024 with complete solution

FCRA Basic Certification Exam Guide 2024 with complete solution

FCRA Basic Certification Consumer Report - Answer- Any written, oral, or other communication of any info by a CRA bearing on a consumer's credit worthiness, standing, capacity, character, general reputation, personal characteristics, or mode of living used or expected to be used or collected for establishing consumer's eligibility: 3 Key Elements of a Consumer Report - Answer- 1. By a CRA 2. Bearing on a consumer's worthiness 3. Used to establish eligibility Consumer Reportin...

CIPP/US QUESTIONS AND ANSWERS RATED A+ Access The ability to view personal information held by an organization. This may be supplemented by allowing updates or corrections to the information. U.S. laws often provide for access and correction when the information is used for any type of substantive decision making, such as for credit reports. Americans with Disabilities Act (ADA) Bars discrimination against qualified individuals with disabilities; places restrictions on pre-employment medical sc...

Americans with Disabilities Act (ADA) Bars discrimination against qualified individuals with disabilities; places restrictions on pre-employment medical screening. Consumer Financial Protection Bureau (CFPB) Has enforcement power for unfair, deceptive or abusive acts and practices for financial institutions. Choice The ability to specify whether personal information will be collected and/or how it will be used or disclosed. Choice can be express or implied. Common Law Le...

Access The ability to view personal information held by an organization. This may be supplemented by allowing updates or corrections to the information. U.S. laws often provide for access and correction when the information is used for any type of substantive decision making, such as for credit reports. Americans with Disabilities Act (ADA) Bars discrimination against qualified individuals with disabilities; places restrictions on pre-employment medical screening. Consumer Financ...