FCRA Identity Theft & Fraud Prevention Flashcards

Under the FCRA, a consumer who believes they are a victim of identity theft may place an initial fraud alert on their credit file, which lasts for how long?

Answer: 1 year

An initial fraud alert under FCRA §605A lasts for 1 year and requires creditors to take reasonable steps to verify the consumer's identity before extending credit.

An identity theft victim who provides an identity theft report to a CRA can request that fraudulent information be blocked from their credit report. Within how many days must the CRA block the information?

Answer: 4 business days

FCRA §605B requires CRAs to block fraudulent information within 4 business days of receiving both a consumer identity theft report and proof of identity.

A consumer files an identity theft report with the FTC. Under FCRA §605B, which entity can rescind (unblock) fraudulent information if it determines the block was based on misrepresentation?

Answer: The CRA may rescind the block after notifying the consumer

FCRA §605B(c) allows a CRA to rescind an identity theft block if it reasonably determines the block was requested in error or through misrepresentation, provided it notifies the consumer.

Which FCRA provision requires creditors to provide identity theft victims with copies of application or transaction records related to the fraudulent activity?

Answer: §609(e)

FCRA §609(e) requires businesses that furnished credit to an identity thief to provide the victim with transaction and application records within 30 days of a proper written request.

Active duty military personnel can place an active duty alert on their credit file under the FCRA. How long does this alert last?

Answer: 1 year

FCRA §605A(b) provides active duty military personnel a 1-year active duty alert, requiring creditors to take reasonable identity verification steps before granting credit.

A consumer who has been an identity theft victim may request an extended fraud alert lasting how long?

Answer: 7 years

Under FCRA §605A(c), an extended fraud alert lasts 7 years and requires an identity theft report as documentation, providing longer-term protection than an initial alert.