FCRA BASIC CERTIFICATION EXAM
|GUARANTEED PASS!!
Consumer Report - ACCURATE ANSWERS✔✔ Any written, oral, or
other communication of any info by a CRA bearing on a 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:
3 Key Elements of a Consumer Report - ACCURATE ANSWERS✔✔ 1.
By a CRA
2. Bearing on a consumer's worthiness
3. Used to establish eligibility
Consumer Reporting Agency - ACCURATE ANSWERS✔✔ Engages in
the assembly or evaluating of consumer credit information or other
information on consumers for the purpose of furnishing consumer
reports to third parties.
Examples of CRA - ACCURATE ANSWERS✔✔ Traditional - Equifax,
TransUnion, Experian
Employment screeners
Tenant Screeners
NOT CRAs - ACCURATE ANSWERS✔✔ Isolated transactions
Conduit functions
, Public entities
Employment Purposes - ACCURATE ANSWERS✔✔ Evaluating a
consumer for employment, promotion, reassignment, or retention as an
employee.
NOT Consumer Reports - ACCURATE ANSWERS✔✔ Reports made
on "personal knowledge"
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.
Investigative Consumer Reports - ACCURATE ANSWERS✔✔
Information on a consumer's character, general reputation, personal
characteristics, or mode of living obtained through personal interviews
with neighbors, friends, or associates of the consumer reported on.
Excluded from Consumer Reports - ACCURATE ANSWERS✔✔ Arrest
records more than 7 years old.
Negative credit data older than 7 years
Bankruptcies can be reported for 10 years.
5 Groups Affected by FCRA - ACCURATE ANSWERS✔✔ CRAs
End Users
|GUARANTEED PASS!!
Consumer Report - ACCURATE ANSWERS✔✔ Any written, oral, or
other communication of any info by a CRA bearing on a 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:
3 Key Elements of a Consumer Report - ACCURATE ANSWERS✔✔ 1.
By a CRA
2. Bearing on a consumer's worthiness
3. Used to establish eligibility
Consumer Reporting Agency - ACCURATE ANSWERS✔✔ Engages in
the assembly or evaluating of consumer credit information or other
information on consumers for the purpose of furnishing consumer
reports to third parties.
Examples of CRA - ACCURATE ANSWERS✔✔ Traditional - Equifax,
TransUnion, Experian
Employment screeners
Tenant Screeners
NOT CRAs - ACCURATE ANSWERS✔✔ Isolated transactions
Conduit functions
, Public entities
Employment Purposes - ACCURATE ANSWERS✔✔ Evaluating a
consumer for employment, promotion, reassignment, or retention as an
employee.
NOT Consumer Reports - ACCURATE ANSWERS✔✔ Reports made
on "personal knowledge"
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.
Investigative Consumer Reports - ACCURATE ANSWERS✔✔
Information on a consumer's character, general reputation, personal
characteristics, or mode of living obtained through personal interviews
with neighbors, friends, or associates of the consumer reported on.
Excluded from Consumer Reports - ACCURATE ANSWERS✔✔ Arrest
records more than 7 years old.
Negative credit data older than 7 years
Bankruptcies can be reported for 10 years.
5 Groups Affected by FCRA - ACCURATE ANSWERS✔✔ CRAs
End Users
