AFIP FEDERAL EXAM PART 2
QUESTIONS AND ANSWERS 100%
CORRECT
Fair Credit Reporting Act - ANSWER-What is FCRA?
Experian, Equifax, TransUnion - ANSWER-What are the "Big 3" Credit agencies?
Fair Isaac Company - ANSWER-What does FICO stand for?
the big 3 - ANSWER-Where does FICO get it's credit info?
Fico Auto Enhanced - ANSWER-Greater weight is placed on how the consumer
managed their previous auto credit aka car loans care about car loans
Vantage score 3.0 - ANSWER-What score does Credit Karma use?
scores fluctuate, different scoring models, FICO auto enhanced - ANSWER-Why
doesn't credit Karma match our score?
soft pull - ANSWER-When checking credit, this is not initiated by consumer and doesn't
lose points.
hard pull - ANSWER-When checking credit, this is initiated by the consumer and can
lose up to 5 pts per hit.
5, 15-45 - ANSWER-How many points does each hard credit pull cause? How many
days apart can pulls be made to count as 1 pull?
how they pay their bills - ANSWER-What is the greatest factor contributing to credit
score?
length of employment, current salary, employment frequency - ANSWER-What does not
impact a customer's credit score?
UltraFICO & Experian Boost - ANSWER-What are 2 programs that can be used for
those with thin credit files?
yes - ANSWER-Can a dealer use a soft pull to preapprove a customer?
Accuracy & Integrity, Felony - ANSWER-___________________________ are key to
avoid __________________.
, no - ANSWER-Can you give a customer a copy of their credit report?
12 mo - ANSWER-Everyone is entitled to a free credit report every...
denied credit, believe you are ID theft/fraud victim, active duty fraud alert - ANSWER-
When do you get an extra free credit report?
extended fraud alert (actual) - ANSWER-When do you get 2 free copies of your credit
report?
file statement with reporting agency - ANSWER-How to dispute issue on a credit report?
30 days, $0 - ANSWER-How long does the credit agency have to investigate disputes?
How much does it cost the consumer?
7 years - ANSWER-How long is most general negative information on your credit
report?
past due only, 7 yrs - ANSWER-When do medical bills show up on your credit report
and for how long?
nature of product, device, or illness - ANSWER-If a medical bill shows up on your
bureau, it cannot state....
tax liens, civil suits, civil judgements, & arrest records - ANSWER-What items were
removed from credit reports in 2018 and are no longer found on bureaus?
10 yrs - ANSWER-How long does a Ch. 7 bankruptcy show on credit report?
13 - ANSWER-This bankruptcy refers to consolidation of debt.
7 - ANSWER-This bankruptcy refers to liquidation.
Fraud alert - ANSWER-If a consumer believes to be a victim of ID theft, they can file for
this, which is good for 1 year and alerts the other credit agencies for you.
ID, detect and evaluate, respond to red flags - ANSWER-Steps in ITPP
who they say they are - ANSWER-Red Flags Rule: your job is to ensure the person
buying is...
full credit app, get upper management involved, trust gut - ANSWER-3 best practices
for ITPP
QUESTIONS AND ANSWERS 100%
CORRECT
Fair Credit Reporting Act - ANSWER-What is FCRA?
Experian, Equifax, TransUnion - ANSWER-What are the "Big 3" Credit agencies?
Fair Isaac Company - ANSWER-What does FICO stand for?
the big 3 - ANSWER-Where does FICO get it's credit info?
Fico Auto Enhanced - ANSWER-Greater weight is placed on how the consumer
managed their previous auto credit aka car loans care about car loans
Vantage score 3.0 - ANSWER-What score does Credit Karma use?
scores fluctuate, different scoring models, FICO auto enhanced - ANSWER-Why
doesn't credit Karma match our score?
soft pull - ANSWER-When checking credit, this is not initiated by consumer and doesn't
lose points.
hard pull - ANSWER-When checking credit, this is initiated by the consumer and can
lose up to 5 pts per hit.
5, 15-45 - ANSWER-How many points does each hard credit pull cause? How many
days apart can pulls be made to count as 1 pull?
how they pay their bills - ANSWER-What is the greatest factor contributing to credit
score?
length of employment, current salary, employment frequency - ANSWER-What does not
impact a customer's credit score?
UltraFICO & Experian Boost - ANSWER-What are 2 programs that can be used for
those with thin credit files?
yes - ANSWER-Can a dealer use a soft pull to preapprove a customer?
Accuracy & Integrity, Felony - ANSWER-___________________________ are key to
avoid __________________.
, no - ANSWER-Can you give a customer a copy of their credit report?
12 mo - ANSWER-Everyone is entitled to a free credit report every...
denied credit, believe you are ID theft/fraud victim, active duty fraud alert - ANSWER-
When do you get an extra free credit report?
extended fraud alert (actual) - ANSWER-When do you get 2 free copies of your credit
report?
file statement with reporting agency - ANSWER-How to dispute issue on a credit report?
30 days, $0 - ANSWER-How long does the credit agency have to investigate disputes?
How much does it cost the consumer?
7 years - ANSWER-How long is most general negative information on your credit
report?
past due only, 7 yrs - ANSWER-When do medical bills show up on your credit report
and for how long?
nature of product, device, or illness - ANSWER-If a medical bill shows up on your
bureau, it cannot state....
tax liens, civil suits, civil judgements, & arrest records - ANSWER-What items were
removed from credit reports in 2018 and are no longer found on bureaus?
10 yrs - ANSWER-How long does a Ch. 7 bankruptcy show on credit report?
13 - ANSWER-This bankruptcy refers to consolidation of debt.
7 - ANSWER-This bankruptcy refers to liquidation.
Fraud alert - ANSWER-If a consumer believes to be a victim of ID theft, they can file for
this, which is good for 1 year and alerts the other credit agencies for you.
ID, detect and evaluate, respond to red flags - ANSWER-Steps in ITPP
who they say they are - ANSWER-Red Flags Rule: your job is to ensure the person
buying is...
full credit app, get upper management involved, trust gut - ANSWER-3 best practices
for ITPP
