FCRA FCRA Identity Theft & Fraud Prevention 3

Question 1

FACTA (the Fair and Accurate Credit Transactions Act of 2003) added which major identity theft provision to the FCRA?

Accepted Answer

The right to place fraud alerts, block fraudulent information, and receive free annual credit reports

Answer

FACTA added FCRA provisions for fraud alerts, identity theft information blocks, free annual credit reports, and victim assistance rights, forming the core of the FCRA's identity theft framework.

Question 2

Under FCRA §609(e), within how many days must a business provide an identity theft victim with transaction records of the fraudulent account?

Accepted Answer

30 days

Answer

FCRA §609(e) requires the business to provide identity theft victims with copies of transaction and application records within 30 days of a proper written request.

Question 3

A CRA may decline an identity theft block under §605B if it reasonably determines the information was NOT obtained through identity theft. After declining, the CRA must notify the consumer within how many days?

Accepted Answer

5 business days

Answer

Under FCRA §605B(c)(2), if a CRA declines to block or rescinds a block, it must notify the consumer within 5 business days of the decision.

Question 4

Which FCRA provision prohibits debt collectors and creditors from selling or transferring a debt that the consumer has reported as resulting from identity theft?

Accepted Answer

§615(f)

Answer

FCRA §615(f) prohibits the sale, transfer, or placement for collection of a debt that any person knows (or should know) resulted from identity theft.

Question 5

Under the FCRA, the nationwide specialty CRAs must provide a free file disclosure to consumers who request it. How often can consumers request this free disclosure?

Accepted Answer

Once every 12 months

Answer

FCRA §612(a) entitles consumers to one free disclosure from each nationwide specialty CRA every 12 months upon request.

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

FCRA FCRA Identity Theft & Fraud Prevention 3