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 Reporting Agency - Answer- Engages in the assembly or evaluating of
consumer credit information or other information on consumers for the purpose of
furnishing consumer reports to third parties.
Examples of CRA - Answer- Traditional - Equifax, TransUnion, Experian
Employment screeners
Tenant Screeners
NOT CRAs - Answer- Isolated transactions
Conduit functions
Public entities
Employment Purposes - Answer- Evaluating a consumer for employment, promotion,
reassignment, or retention as an employee.
NOT Consumer Reports - Answer- Reports made on "personal knowledge"
Reports made among persons/entities under "common control" (subsidiary and
parent corporations)
Reports made for purposes other than credit, insurance, or employment (skip
tracing, law enforcement, dating)
Lab reports from a lab directly to an employer.
Investigative Consumer Reports - Answer- Information on a consumer's character,
general reputation, personal characteristics, or mode of living obtained through
personal interviews with neighbors, friends, or associates of the consumer reported
on.
Excluded from Consumer Reports - Answer- Arrest records more than 7 years old.
Negative credit data older than 7 years
Bankruptcies can be reported for 10 years.
5 Groups Affected by FCRA - Answer- CRAs
End Users
Furnishers
Resellers
Consumers
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 Reporting Agency - Answer- Engages in the assembly or evaluating of
consumer credit information or other information on consumers for the purpose of
furnishing consumer reports to third parties.
Examples of CRA - Answer- Traditional - Equifax, TransUnion, Experian
Employment screeners
Tenant Screeners
NOT CRAs - Answer- Isolated transactions
Conduit functions
Public entities
Employment Purposes - Answer- Evaluating a consumer for employment, promotion,
reassignment, or retention as an employee.
NOT Consumer Reports - Answer- Reports made on "personal knowledge"
Reports made among persons/entities under "common control" (subsidiary and
parent corporations)
Reports made for purposes other than credit, insurance, or employment (skip
tracing, law enforcement, dating)
Lab reports from a lab directly to an employer.
Investigative Consumer Reports - Answer- Information on a consumer's character,
general reputation, personal characteristics, or mode of living obtained through
personal interviews with neighbors, friends, or associates of the consumer reported
on.
Excluded from Consumer Reports - Answer- Arrest records more than 7 years old.
Negative credit data older than 7 years
Bankruptcies can be reported for 10 years.
5 Groups Affected by FCRA - Answer- CRAs
End Users
Furnishers
Resellers
Consumers
