FCRA CDIA TEST 1 QUESTIONS AND 100%
VERIFIED ANSWERS
What is a consumer report?
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?
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
Info must be communicated to you by a "CRA"
"Consumer Reporting Agency" Means:
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?
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?
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"
An organization need not be a profit-making entity
To be a "CRA" a person must:
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"?
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"?
They simply collect raw data or reports assembled by others and deliver them to the end users to
make decisions
What are resellers?
Collect consumer reports from other sources and merge the reports together to create a single,
unitary report
Who would not be considered a "CRA"?
1. Law enforcement database
2. Commercial credit database
3. Marketing database
What is the Gramm-Leach-Bliley Act:
VERIFIED ANSWERS
What is a consumer report?
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?
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
Info must be communicated to you by a "CRA"
"Consumer Reporting Agency" Means:
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?
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?
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"
An organization need not be a profit-making entity
To be a "CRA" a person must:
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"?
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"?
They simply collect raw data or reports assembled by others and deliver them to the end users to
make decisions
What are resellers?
Collect consumer reports from other sources and merge the reports together to create a single,
unitary report
Who would not be considered a "CRA"?
1. Law enforcement database
2. Commercial credit database
3. Marketing database
What is the Gramm-Leach-Bliley Act:
