FCRA BASIC CERTIFICATION CORRECT
100%
Consumer Report - ANSWERAny 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 - ANSWER1. By a CRA
2. Bearing on a consumer's worthiness
3. Used to establish eligibility
Consumer Reporting Agency - ANSWEREngages 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 - ANSWERTraditional - Equifax, TransUnion, Experian
Employment screeners
Tenant Screeners
NOT CRAs - ANSWERIsolated transactions
Conduit functions
Public entities
Employment Purposes - ANSWEREvaluating a consumer for employment, promotion,
reassignment, or retention as an employee.
NOT Consumer Reports - ANSWERReports 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 - ANSWERInformation 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 - ANSWERArrest 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 - ANSWERCRAs
End Users
100%
Consumer Report - ANSWERAny 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 - ANSWER1. By a CRA
2. Bearing on a consumer's worthiness
3. Used to establish eligibility
Consumer Reporting Agency - ANSWEREngages 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 - ANSWERTraditional - Equifax, TransUnion, Experian
Employment screeners
Tenant Screeners
NOT CRAs - ANSWERIsolated transactions
Conduit functions
Public entities
Employment Purposes - ANSWEREvaluating a consumer for employment, promotion,
reassignment, or retention as an employee.
NOT Consumer Reports - ANSWERReports 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 - ANSWERInformation 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 - ANSWERArrest 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 - ANSWERCRAs
End Users
