FCRA TEST 1 QUESTIONS AND 100%
VERIFIED ANSWERS
FCRA has significant responsibilities for?
Consumer Reporting Agencies (CRA's) and lesser for those who are not
Fair Credit Reporting Act (FCRA)
Regulation V
Fair and Accurate Credit Transactions Act (FACTA)
Amended FCRA
The Fair Credit Reporting Act (FRCA) became effective on?
April 25, 1971
FCRA requires creditors to provide accurate credit information to the CRA's. The CRA's
have ultimate responsibility for?
Protecting a borrower's credit information
FCRA requires any prospective "user" of a credit report to have a?
Legally permissible purpose to obtain a report
The FCRA allows a consumer reporting agency to furnish a consumer report in response
to?
A court order or Federal Grand Jury subpoena
The FCRA allows a consumer reporting agency to furnish a consumer report in
accordance with?
The written instructions of the consumer
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the report in connection with a credit
transaction involving the consumer (includes extending, reviewing, and collecting credit)
, True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information for employment
purposes?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with the
underwriting of insurance involving the consumer?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with a
determination of the consumer's eligibility for a license or other benefit granted by a
governmental instrumentality that is required by law to consider an applicant's financial
responsibility?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information, as a potential investor
or servicer, or current insurer, in connection with a valuation of, or an assessment of the
credit or prepayment risks associated with, an existing credit obligation?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe otherwise has a legitimate business need for the
information in connection with a business transaction that is initiated by the consumer?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe to review an account to determine whether the
consumer continues to meet the terms of the account?
VERIFIED ANSWERS
FCRA has significant responsibilities for?
Consumer Reporting Agencies (CRA's) and lesser for those who are not
Fair Credit Reporting Act (FCRA)
Regulation V
Fair and Accurate Credit Transactions Act (FACTA)
Amended FCRA
The Fair Credit Reporting Act (FRCA) became effective on?
April 25, 1971
FCRA requires creditors to provide accurate credit information to the CRA's. The CRA's
have ultimate responsibility for?
Protecting a borrower's credit information
FCRA requires any prospective "user" of a credit report to have a?
Legally permissible purpose to obtain a report
The FCRA allows a consumer reporting agency to furnish a consumer report in response
to?
A court order or Federal Grand Jury subpoena
The FCRA allows a consumer reporting agency to furnish a consumer report in
accordance with?
The written instructions of the consumer
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the report in connection with a credit
transaction involving the consumer (includes extending, reviewing, and collecting credit)
, True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information for employment
purposes?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with the
underwriting of insurance involving the consumer?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information in connection with a
determination of the consumer's eligibility for a license or other benefit granted by a
governmental instrumentality that is required by law to consider an applicant's financial
responsibility?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe intends to use the information, as a potential investor
or servicer, or current insurer, in connection with a valuation of, or an assessment of the
credit or prepayment risks associated with, an existing credit obligation?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe otherwise has a legitimate business need for the
information in connection with a business transaction that is initiated by the consumer?
True
T/F: The FCRA allows a consumer reporting agency to furnish a consumer report to a
person which it has reasons to believe to review an account to determine whether the
consumer continues to meet the terms of the account?
