FCRA Basic Certification
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1. Consumer Re- Any written, oral, or other communication of any info by a CRA bearing on a
port 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:
2. 3 Key Elements of 1. By a CRA
a Consumer Re- 2. Bearing on a consumer's worthiness
port 3. Used to establish eligibility
3. Consumer Re- Engages in the assembly or evaluating of consumer credit information or other
porting Agency information on consumers for the purpose of furnishing consumer reports to third
parties.
4. Examples of CRA Traditional - Equifax, TransUnion, Experian
Employment screeners
Tenant Screeners
5. NOT CRAs Isolated transactions
Conduit functions
Public entities
6. Employment Pur- Evaluating a consumer for employment, promotion, reassignment, or retention as
poses an employee.
7. NOT Consumer Reports made on "personal knowledge"
Reports 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.
8.
1/5
, FCRA Basic Certification
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Investigative Information on a consumer's character, general reputation, personal character-
Consumer istics, or mode of living obtained through personal interviews with neighbors,
Reports friends, or associates of the consumer reported on.
9. Excluded from Arrest records more than 7 years old.
Consumer Re- Negative credit data older than 7 years
ports Bankruptcies can be reported for 10 years.
10. 5 Groups Affect- CRAs
ed by FCRA End Users
Furnishers
Resellers
Consumers
11. 5 Basic Duties of 1. Maintain "reasonable procedure" to assure "maximum possible accuracy"
CRAs 2. Provide consumer reports to only those with a "permissible purpose"
3. Conduct "reinvestigation" in event of dispute
4. Make "disclosures" to consumers
5. Properly dispose of consumer info.
12. Reasonable Pro- If a CRA reports an item of information that turns out to be inaccurate, it does not
cedure violate the FCRA if it has established _ in reporting the item.
13. Inaccuracy, Fail- Plaintiff must prove both _ and _ in lawsuit.
ure to Follow Pro-
cedures
14. Permissible Pur- Subpoena or court order
pose Written instruction from the consumer
A credit transaction with the consumer
Employment
Insurance underwriting
Other legitimate needs (e.g. national security)
2/5
Study online at https://quizlet.com/_13azgn
1. Consumer Re- Any written, oral, or other communication of any info by a CRA bearing on a
port 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:
2. 3 Key Elements of 1. By a CRA
a Consumer Re- 2. Bearing on a consumer's worthiness
port 3. Used to establish eligibility
3. Consumer Re- Engages in the assembly or evaluating of consumer credit information or other
porting Agency information on consumers for the purpose of furnishing consumer reports to third
parties.
4. Examples of CRA Traditional - Equifax, TransUnion, Experian
Employment screeners
Tenant Screeners
5. NOT CRAs Isolated transactions
Conduit functions
Public entities
6. Employment Pur- Evaluating a consumer for employment, promotion, reassignment, or retention as
poses an employee.
7. NOT Consumer Reports made on "personal knowledge"
Reports 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.
8.
1/5
, FCRA Basic Certification
Study online at https://quizlet.com/_13azgn
Investigative Information on a consumer's character, general reputation, personal character-
Consumer istics, or mode of living obtained through personal interviews with neighbors,
Reports friends, or associates of the consumer reported on.
9. Excluded from Arrest records more than 7 years old.
Consumer Re- Negative credit data older than 7 years
ports Bankruptcies can be reported for 10 years.
10. 5 Groups Affect- CRAs
ed by FCRA End Users
Furnishers
Resellers
Consumers
11. 5 Basic Duties of 1. Maintain "reasonable procedure" to assure "maximum possible accuracy"
CRAs 2. Provide consumer reports to only those with a "permissible purpose"
3. Conduct "reinvestigation" in event of dispute
4. Make "disclosures" to consumers
5. Properly dispose of consumer info.
12. Reasonable Pro- If a CRA reports an item of information that turns out to be inaccurate, it does not
cedure violate the FCRA if it has established _ in reporting the item.
13. Inaccuracy, Fail- Plaintiff must prove both _ and _ in lawsuit.
ure to Follow Pro-
cedures
14. Permissible Pur- Subpoena or court order
pose Written instruction from the consumer
A credit transaction with the consumer
Employment
Insurance underwriting
Other legitimate needs (e.g. national security)
2/5
