FCRA EXAM QUESTIONS AND 100%
VERIFIED ANSWERS
FCRA applicability- who does it protect?
Consumers with credit primarily for personal, family, or household purposes
4 Reasons to legally obtain a credit report
1. In response to a court order or Federal Grand Jury subpoena
2. Written instructions from a consumer
3. To someone who intends to used the report in connection with a CREDIT TRANSACTIONS,
EMPLOYMENT, underwriting of INSURANCE, LICENSING, valuing CREDIT RISKS, or for
reasons BUSINESS TRANSACTIONS
4. Head of State or local child support enforcement agency.
True or False:
Prescreened Consumer Reports can be used to extend firm offers of credit or insurance to
consumer
True
unless consumers have election to opt out
Investigative Consumer Reports Disclosure requiresments
Disclosure contains a statement of the consumer's right to request other information about the
report
In writing
Delivered 3 business days after the investigative report was requested
, Must show the consumer reporting agency the correct disclosure requirements
Definition of a consumer reporting agency
In WHOLE or in PART of assembling or evaluating consumer credit information for purpose of
providing information to consumer reports to 3rd parties
Describe pre-existing business relationship between consumer and bank for FCRA
CURRENT financial contract between the bank and the consumer at the time of the solicitation
of the affiliate marketing
Purchase or lease by the consumer of the bank's goods or services/financial transaction between
the bank and the consumer DURING THE 18 MONTH PERIOD preceding the date on the
solicitation is sent
Application or inquiry by the consumer regarding the product or service offered by that person
DURING THE 3 MONTH period preceding the date on which the solicitation is sent
What are FCRA solicitations?
Communication that is directed to a particular consumer that is based on eligibility information
received from an affiliate.
Telemarketing call
Direct Mailer
E-Mail
To receive a eligibility (qualifying) information about a consumer from an affiliate (think:
Optum Bank's affiliate United Health), a bank must have what know what?
That the consumer has a disclosure and the opportunity to Opt-Out
VERIFIED ANSWERS
FCRA applicability- who does it protect?
Consumers with credit primarily for personal, family, or household purposes
4 Reasons to legally obtain a credit report
1. In response to a court order or Federal Grand Jury subpoena
2. Written instructions from a consumer
3. To someone who intends to used the report in connection with a CREDIT TRANSACTIONS,
EMPLOYMENT, underwriting of INSURANCE, LICENSING, valuing CREDIT RISKS, or for
reasons BUSINESS TRANSACTIONS
4. Head of State or local child support enforcement agency.
True or False:
Prescreened Consumer Reports can be used to extend firm offers of credit or insurance to
consumer
True
unless consumers have election to opt out
Investigative Consumer Reports Disclosure requiresments
Disclosure contains a statement of the consumer's right to request other information about the
report
In writing
Delivered 3 business days after the investigative report was requested
, Must show the consumer reporting agency the correct disclosure requirements
Definition of a consumer reporting agency
In WHOLE or in PART of assembling or evaluating consumer credit information for purpose of
providing information to consumer reports to 3rd parties
Describe pre-existing business relationship between consumer and bank for FCRA
CURRENT financial contract between the bank and the consumer at the time of the solicitation
of the affiliate marketing
Purchase or lease by the consumer of the bank's goods or services/financial transaction between
the bank and the consumer DURING THE 18 MONTH PERIOD preceding the date on the
solicitation is sent
Application or inquiry by the consumer regarding the product or service offered by that person
DURING THE 3 MONTH period preceding the date on which the solicitation is sent
What are FCRA solicitations?
Communication that is directed to a particular consumer that is based on eligibility information
received from an affiliate.
Telemarketing call
Direct Mailer
To receive a eligibility (qualifying) information about a consumer from an affiliate (think:
Optum Bank's affiliate United Health), a bank must have what know what?
That the consumer has a disclosure and the opportunity to Opt-Out
