FCRA-FEDERAL LAWS- EXAM QUESTIONS
AND 100% VERIFIED ANSWERS
What is the primary purpose of the Equal Credit Opportunity Act (ECOA)?
To prohibit discrimination based on protected classes when granting credit
Within how many days must a creditor notify an applicant of their lending decision under
ECOA?
30 days
Which of the following is NOT one of the eight protected classes under ECOA?
Education level
Under ECOA, what is the correct way to ask an applicant about their marital status?
Married, unmarried, or separated
Which of the following income sources is considered public assistance under ECOA?
Social Security income
Under ECOA, creditors:
Cannot deny credit based on the source of income, but can deny based on the amount of income.
For how long must creditors retain ECOA-related disclosures and records?
25 months
What is the penalty for violating ECOA per action?
$10,000
If an application is denied based on the appraisal, how long does the borrower have to
request a copy, and how soon must the lender deliver it?
Borrower has 90 days to request, lender delivers within 30 days.
, If an application is approved, when must the borrower receive a copy of the appraisal on a
first lien loan?
No later than 3 business days before loan consummation
How long does a borrower have to file a lawsuit under ECOA if they believe their rights
were violated?
2 years
After receiving a complete loan application, what must a creditor do under ECOA?
Notify the applicant of the lending decision within 30 days.
Under ECOA, when can a creditor legally consider an applicant's age in credit decisions?
Only if the applicant is under 18 or over 62 for a reverse mortgage.
Which of the following ways to inquire about marital status is NOT allowed under ECOA?
"Are you single, married, divorced, or widowed?
Why can't a creditor deny credit solely based on the source of public assistance income?
Because ECOA prohibits discrimination based on income source.
What must a creditor provide to a borrower if their credit application is denied under
ECOA?
A letter explaining the reason for denial within 30 days.
Which of the following is a correct list of some ECOA protected classes?
Race, religion, color, age, and public assistance.
How long must creditors keep records of ECOA-related disclosures?
25 months
When can a borrower request a copy of their appraisal if their credit application was
denied?
Within 90 days of denial
AND 100% VERIFIED ANSWERS
What is the primary purpose of the Equal Credit Opportunity Act (ECOA)?
To prohibit discrimination based on protected classes when granting credit
Within how many days must a creditor notify an applicant of their lending decision under
ECOA?
30 days
Which of the following is NOT one of the eight protected classes under ECOA?
Education level
Under ECOA, what is the correct way to ask an applicant about their marital status?
Married, unmarried, or separated
Which of the following income sources is considered public assistance under ECOA?
Social Security income
Under ECOA, creditors:
Cannot deny credit based on the source of income, but can deny based on the amount of income.
For how long must creditors retain ECOA-related disclosures and records?
25 months
What is the penalty for violating ECOA per action?
$10,000
If an application is denied based on the appraisal, how long does the borrower have to
request a copy, and how soon must the lender deliver it?
Borrower has 90 days to request, lender delivers within 30 days.
, If an application is approved, when must the borrower receive a copy of the appraisal on a
first lien loan?
No later than 3 business days before loan consummation
How long does a borrower have to file a lawsuit under ECOA if they believe their rights
were violated?
2 years
After receiving a complete loan application, what must a creditor do under ECOA?
Notify the applicant of the lending decision within 30 days.
Under ECOA, when can a creditor legally consider an applicant's age in credit decisions?
Only if the applicant is under 18 or over 62 for a reverse mortgage.
Which of the following ways to inquire about marital status is NOT allowed under ECOA?
"Are you single, married, divorced, or widowed?
Why can't a creditor deny credit solely based on the source of public assistance income?
Because ECOA prohibits discrimination based on income source.
What must a creditor provide to a borrower if their credit application is denied under
ECOA?
A letter explaining the reason for denial within 30 days.
Which of the following is a correct list of some ECOA protected classes?
Race, religion, color, age, and public assistance.
How long must creditors keep records of ECOA-related disclosures?
25 months
When can a borrower request a copy of their appraisal if their credit application was
denied?
Within 90 days of denial
