FCRA Consumer Rights & Dispute Resolution 3

Question 1

A furnisher receives notice of a consumer dispute forwarded by a CRA. Under FCRA §623, how many days does the furnisher generally have to investigate and report back?

Accepted Answer

30 days

Answer

Furnishers must investigate disputes forwarded by CRAs and report results back within 30 days, participating fully in the reinvestigation process.

Question 2

Under the FCRA's direct dispute rule, which of the following entities can a consumer send a direct dispute to?

Accepted Answer

The furnisher of the disputed information

Answer

The FCRA's direct dispute rule (§623(a)(8)) allows consumers to dispute information directly with the furnisher, not just with the CRA.

Question 3

A consumer disputes information directly with a furnisher. Which of the following disputes may the furnisher reasonably determine to be outside the scope of direct dispute rights?

Accepted Answer

A dispute about the consumer's desire to obtain a lower interest rate

Answer

Direct dispute rights cover factual accuracy of information in consumer reports; disputes related to desired outcomes (like interest rates) are not factual disputes and fall outside the direct dispute framework.

Question 4

After a reinvestigation, the CRA notifies a consumer of the results. Which of the following must be included in that notification?

Accepted Answer

A statement that the consumer may add a dispute statement and the name of the furnisher

Answer

The CRA's reinvestigation results notice must include a statement that the consumer may add a dispute statement and the name, address, and phone number of the furnisher.

Question 5

Under the FCRA, when a consumer successfully disputes an item and it is deleted, can a furnisher re-report that same item?

Accepted Answer

Yes, but the CRA must notify the consumer before reinserting and provide a free report

Answer

A deleted item may only be reinserted if the furnisher certifies accuracy, but the CRA must notify the consumer within 5 business days before reinsertion and provide a free updated report.

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

FCRA Consumer Rights & Dispute Resolution 3