FCRA Consumer Rights & Dispute Resolution 5

Question 1

A consumer requests their credit score from a CRA under FCRA §609(f). Which of the following must the CRA include with the score disclosure?

Accepted Answer

The score, key factors, the range, the date, the name of the entity that provided the score, and contact info

Answer

Under §609(f), credit score disclosures must include the score, up to 4 key factors, the range of scores, the date the score was created, the entity providing the score, and contact information.

Question 2

Which of the following best describes a 'security freeze' under the FCRA?

Accepted Answer

A prohibition that restricts a CRA from releasing a consumer's credit report without the consumer's authorization

Answer

A security freeze prohibits the CRA from releasing a consumer's credit report to third parties (e.g., new creditors) without the consumer first lifting or temporarily thawing the freeze.

Question 3

Under the Economic Growth Act amendments to the FCRA, how quickly must a nationwide CRA place a security freeze after receiving a consumer's request?

Accepted Answer

1 business day for electronic requests, 3 business days for mail

Answer

After EGRRCPA amendments, CRAs must place security freezes within 1 business day of an electronic or phone request, and within 3 business days of a mail request.

Question 4

A consumer submits a dispute statement of 100 words to a CRA after an unsuccessful reinvestigation. What must the CRA do with this statement?

Accepted Answer

Include it in all future disclosures of the consumer's file

Answer

The CRA must include the consumer's dispute statement in all future file disclosures and, when feasible, in credit reports provided to users.

Question 5

Which entity has primary rulemaking authority over the FCRA for most consumer reporting matters following the Dodd-Frank Act?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

The Dodd-Frank Act transferred primary FCRA rulemaking authority to the CFPB, though the FTC retains some enforcement authority.

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

FCRA Consumer Rights & Dispute Resolution 5