FCRA Consumer Rights & Dispute Resolution 2

Question 1

Under the FCRA, what is the maximum timeframe a CRA has to reinvestigate a disputed item after receiving notice from a consumer?

Accepted Answer

30 days

Answer

CRAs must complete reinvestigation within 30 days of receiving the consumer's dispute, extendable to 45 days if the consumer submits additional information during that period.

Question 2

If a consumer provides relevant information during an ongoing reinvestigation, by how many additional days may the CRA extend the reinvestigation period?

Accepted Answer

15 days

Answer

If a consumer submits additional relevant information during the 30-day reinvestigation period, the CRA may extend the period by up to 15 days.

Question 3

Which of the following correctly describes what must happen after a CRA determines a disputed item is inaccurate or cannot be verified?

Accepted Answer

The CRA must delete or modify the item and notify the consumer

Answer

When a CRA finds a disputed item is inaccurate or unverifiable, it must promptly delete or correct the item and notify the consumer of the results.

Question 4

A consumer submits a dispute that a CRA deems 'frivolous or irrelevant.' What must the CRA do within 5 business days?

Accepted Answer

Notify the consumer that the dispute is frivolous and state the reasons

Answer

If a CRA determines a dispute is frivolous or irrelevant, it must notify the consumer within 5 business days, explaining the reasons for that determination.

Question 5

Under FCRA §611, after completing a reinvestigation that results in no change to a disputed item, what right does the consumer have?

Accepted Answer

The right to add a statement of dispute (up to 100 words) to their file

Answer

If a reinvestigation does not resolve the dispute, the consumer may add a brief statement (up to 100 words) to their file explaining the nature of the dispute.

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

FCRA Consumer Rights & Dispute Resolution 2