FCRA &GLB ACT EXAM QUESTIONS AND
100% VERIFIED ANSWERS
The Fair Credit Reporting Act (FCRA) provides what rights to consumers?
The right to an adverse notice, copy of credit report being used by lender, right to dispute
inaccurate information, the right to request credit score and limited prescreened offers
The consumer reporting agency does not need to remove a _____, it only needs to be
investigated.
Dispute
According the FCRA, what business does not have a legit need to access a person's credit
report?
Doctors office.
Primary purpose of the Fair & Accurate Credit Transaction Act
Protect consumer from identity fraud.
According to Regulation V, a credit is:
Someone who grants credit.
Regulation V is:
Fair Credit Reporting Act
Requires that borrower's information is disposed in a manner that protects the data.
FACTA
Borrower Frank makes an application for a loan with ABC Mortgage, According to _____,
Frank is a consumer.
GLB Act
When an MLO reviews the credit report, he notices an alert for mismatched address. MLO
is required to address the discrepancy under ______.
, FACTA
Credit entry remains on report for 10 years when it is a mismatched address, according to:
FCRA
Borrower notices a delinquent auto loan payment that is an error, According to ____, the
borrower can dispute this error with the credit agency to be corrected.
FCRA
An adverse of action notice is required by:
FCRA
Frank receives the credit reporting information used to determine his score as required by:
FCRA
A borrower's paper loan file is shredded to comply with:
FACTA
The USA PATRIOT Act requires lenders and banks to create and maintain programs that:
Verify their customer's identity.
The National Call Registry requires companies to update their national consumer list:
Every 31 days
Under the GLB Act, regulated by Regulation P, customer's must receive a financial
institution's privacy notice _______ as long as the customer relationship last.
Once a year.
FACT Act prohibits businesses from printing more than ______ digits of any customer's
debit/credit card number or expiration date on any receipt.
5
Under the FCRA, credit reporting agencies generally do not report negative credit
information that is more than ___ years old?
100% VERIFIED ANSWERS
The Fair Credit Reporting Act (FCRA) provides what rights to consumers?
The right to an adverse notice, copy of credit report being used by lender, right to dispute
inaccurate information, the right to request credit score and limited prescreened offers
The consumer reporting agency does not need to remove a _____, it only needs to be
investigated.
Dispute
According the FCRA, what business does not have a legit need to access a person's credit
report?
Doctors office.
Primary purpose of the Fair & Accurate Credit Transaction Act
Protect consumer from identity fraud.
According to Regulation V, a credit is:
Someone who grants credit.
Regulation V is:
Fair Credit Reporting Act
Requires that borrower's information is disposed in a manner that protects the data.
FACTA
Borrower Frank makes an application for a loan with ABC Mortgage, According to _____,
Frank is a consumer.
GLB Act
When an MLO reviews the credit report, he notices an alert for mismatched address. MLO
is required to address the discrepancy under ______.
, FACTA
Credit entry remains on report for 10 years when it is a mismatched address, according to:
FCRA
Borrower notices a delinquent auto loan payment that is an error, According to ____, the
borrower can dispute this error with the credit agency to be corrected.
FCRA
An adverse of action notice is required by:
FCRA
Frank receives the credit reporting information used to determine his score as required by:
FCRA
A borrower's paper loan file is shredded to comply with:
FACTA
The USA PATRIOT Act requires lenders and banks to create and maintain programs that:
Verify their customer's identity.
The National Call Registry requires companies to update their national consumer list:
Every 31 days
Under the GLB Act, regulated by Regulation P, customer's must receive a financial
institution's privacy notice _______ as long as the customer relationship last.
Once a year.
FACT Act prohibits businesses from printing more than ______ digits of any customer's
debit/credit card number or expiration date on any receipt.
5
Under the FCRA, credit reporting agencies generally do not report negative credit
information that is more than ___ years old?
