FACT Act exam questions with
correct solutions
Qs
Procedures to prevent re-circulation of blocked information include: - n
Ans✔
Notifying the person who furnished the blocked information that it may be the result
of identity theft
A consumer reporting agency blocking any information from its report that is the
result of an alleged identity theft, if the consumer supplies certain information
Qs
According to the FACT Act amendments to the FCRA, when consumer reporting
agencies provide disclosures to the consumer as required under the FCRA, they
must also include: - n
Ans✔
A summary of the consumer's rights under the FCRA and some other information
intended to help the consumer enforce those rights
Qs
The FCRA requires that any user of a consumer report must have a legally
permissible purpose for using the report, such as: - n
Ans✔
As a response to a federal grand jury subpoena
Employment
Insurance
Qs
The FCRA states that a person, including a financial institution, has to specify an
address for receipt of notices from consumers concerning inaccurate information. -
n
Ans✔
, F
Qs
If a consumer reporting agency is obligated to block information because of identity
theft, it is also obligated to send notice of the block and possible identity theft to
the person who furnished the information. - n
Ans✔
T
Qs
One of the goals of the FACT Act is to mitigate the consequences of identity theft. -
n
Ans✔
T
Qs
If an individual's credit score is affected because of the number of inquiries made,
the FACT Act requires that this must be reported to the consumer on the credit
report. - n
Ans✔
T
Qs
The federal financial institution regulatory agencies are directed to issue guidelines
about the _________ of the information that the institutions provide to consumer
reporting agencies: - n
Ans✔
Accuracy and integrity
Qs
An active duty alert is: - n
Ans✔
correct solutions
Qs
Procedures to prevent re-circulation of blocked information include: - n
Ans✔
Notifying the person who furnished the blocked information that it may be the result
of identity theft
A consumer reporting agency blocking any information from its report that is the
result of an alleged identity theft, if the consumer supplies certain information
Qs
According to the FACT Act amendments to the FCRA, when consumer reporting
agencies provide disclosures to the consumer as required under the FCRA, they
must also include: - n
Ans✔
A summary of the consumer's rights under the FCRA and some other information
intended to help the consumer enforce those rights
Qs
The FCRA requires that any user of a consumer report must have a legally
permissible purpose for using the report, such as: - n
Ans✔
As a response to a federal grand jury subpoena
Employment
Insurance
Qs
The FCRA states that a person, including a financial institution, has to specify an
address for receipt of notices from consumers concerning inaccurate information. -
n
Ans✔
, F
Qs
If a consumer reporting agency is obligated to block information because of identity
theft, it is also obligated to send notice of the block and possible identity theft to
the person who furnished the information. - n
Ans✔
T
Qs
One of the goals of the FACT Act is to mitigate the consequences of identity theft. -
n
Ans✔
T
Qs
If an individual's credit score is affected because of the number of inquiries made,
the FACT Act requires that this must be reported to the consumer on the credit
report. - n
Ans✔
T
Qs
The federal financial institution regulatory agencies are directed to issue guidelines
about the _________ of the information that the institutions provide to consumer
reporting agencies: - n
Ans✔
Accuracy and integrity
Qs
An active duty alert is: - n
Ans✔
