CDIA EXAM BRAND NEW QUESTIONS AND ANSWERS
*What is a consumer report?* - CORRECT ANSWER✅✅✅Any written, oral, or other communication
of any info by a CRA.
(consumers credit worthiness, standings, capacity, etc.)
*What are some things the FCRA provides?* - CORRECT ANSWER✅✅✅Consumer rights:
•Access data held by the CRAs
•Correct data that is inaccurate
Imposes duties on CRAs:
•Protect consumer data
•Maintain reasonable procedures
•include certain data in consumer reports
*To be a consumer Report* - CORRECT ANSWER✅✅✅Info must be communicated to you by a
"CRA"
*"Consumer Reporting Agency" Means:* - CORRECT ANSWER✅✅✅Any person which, for monetary
fees dues or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of
assembling or evaluation consumer credit info
*Consumer report does not include any?* - CORRECT ANSWER✅✅✅1. Report with info only as to
transactions or experiences between consumer & person providing report
2. Communication of that info among people related by common ownership or affiliated
3. Communication of other info if it is clearly & conspicuously disclosed to consumer
*A financial institution cannot disclose nonpublic info to a non affiliated 3rd party unless?* - CORRECT
ANSWER✅✅✅1.The financial institution clearly & conspicuously discloses to the consumer
, 2. The consumer is given the opportunity, before such info is disclosed, to opt out
3. The consumer is given an explanation of how the consumer can exercise nondisclosure option
*To be a "CRA"* - CORRECT ANSWER✅✅✅An organization need not be a profit-making entity
*To be a "CRA" a person must:* - CORRECT ANSWER✅✅✅Regularly assemble or evaluate data on
consumers for the purposes of furnishing consumer reports to 3rd parties
*When will you not be considered a "CRA"?* - CORRECT ANSWER✅✅✅If an organization does not
regularly engage in assembling or evaluating data, or does so infrequently and in isolated circumstances-
such as connection with the same assets
*What are "pass-throughs"?* - CORRECT ANSWER✅✅✅They simply collect raw data or reports
assembled by others and deliver them to the end users to make decisions
*What are resellers?* - CORRECT ANSWER✅✅✅Collect consumer reports from other sources and
merge the reports together to create a single, unitary report
*Who would not be considered a "CRA"?* - CORRECT ANSWER✅✅✅1. Law enforcement database
2. Commercial credit database
3. Marketing database
*What is the Gramm-Leach-Bliley Act:* - CORRECT ANSWER✅✅✅Financial institution may not,
directly or through any affiliate, disclose to a nonaffiliated 3rd party nay nonpublic personal info. Unless,
such financial institution provides or has provided to the consumer a notice
*Privacy provisions of the
Gramm-Leach-Bliley Act:* - CORRECT ANSWER✅✅✅Require financial institution- such as banks,
insurance companies, and security firms- to protect personally identifiable info about their customers,
*What is a consumer report?* - CORRECT ANSWER✅✅✅Any written, oral, or other communication
of any info by a CRA.
(consumers credit worthiness, standings, capacity, etc.)
*What are some things the FCRA provides?* - CORRECT ANSWER✅✅✅Consumer rights:
•Access data held by the CRAs
•Correct data that is inaccurate
Imposes duties on CRAs:
•Protect consumer data
•Maintain reasonable procedures
•include certain data in consumer reports
*To be a consumer Report* - CORRECT ANSWER✅✅✅Info must be communicated to you by a
"CRA"
*"Consumer Reporting Agency" Means:* - CORRECT ANSWER✅✅✅Any person which, for monetary
fees dues or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of
assembling or evaluation consumer credit info
*Consumer report does not include any?* - CORRECT ANSWER✅✅✅1. Report with info only as to
transactions or experiences between consumer & person providing report
2. Communication of that info among people related by common ownership or affiliated
3. Communication of other info if it is clearly & conspicuously disclosed to consumer
*A financial institution cannot disclose nonpublic info to a non affiliated 3rd party unless?* - CORRECT
ANSWER✅✅✅1.The financial institution clearly & conspicuously discloses to the consumer
, 2. The consumer is given the opportunity, before such info is disclosed, to opt out
3. The consumer is given an explanation of how the consumer can exercise nondisclosure option
*To be a "CRA"* - CORRECT ANSWER✅✅✅An organization need not be a profit-making entity
*To be a "CRA" a person must:* - CORRECT ANSWER✅✅✅Regularly assemble or evaluate data on
consumers for the purposes of furnishing consumer reports to 3rd parties
*When will you not be considered a "CRA"?* - CORRECT ANSWER✅✅✅If an organization does not
regularly engage in assembling or evaluating data, or does so infrequently and in isolated circumstances-
such as connection with the same assets
*What are "pass-throughs"?* - CORRECT ANSWER✅✅✅They simply collect raw data or reports
assembled by others and deliver them to the end users to make decisions
*What are resellers?* - CORRECT ANSWER✅✅✅Collect consumer reports from other sources and
merge the reports together to create a single, unitary report
*Who would not be considered a "CRA"?* - CORRECT ANSWER✅✅✅1. Law enforcement database
2. Commercial credit database
3. Marketing database
*What is the Gramm-Leach-Bliley Act:* - CORRECT ANSWER✅✅✅Financial institution may not,
directly or through any affiliate, disclose to a nonaffiliated 3rd party nay nonpublic personal info. Unless,
such financial institution provides or has provided to the consumer a notice
*Privacy provisions of the
Gramm-Leach-Bliley Act:* - CORRECT ANSWER✅✅✅Require financial institution- such as banks,
insurance companies, and security firms- to protect personally identifiable info about their customers,
