FCRA Data Furnishing & Accuracy Requirements 2

Question 1

Under the FCRA's 'Duty to Provide Accurate Information' standard, a furnisher violates the law if it reports information it knows or has reasonable cause to believe is:

Accepted Answer

Inaccurate

Answer

Section 623(a)(1) prohibits furnishers from reporting information they know or have reasonable cause to believe is inaccurate.

Question 2

When a consumer disputes the completeness of a tradeline directly with a furnisher, the furnisher must conduct a reasonable investigation within how many days?

Accepted Answer

30 days

Answer

Section 623(b) requires furnishers to complete their investigation of a direct dispute within 30 days of receiving the notice.

Question 3

A furnisher discovers an account was reported with an incorrect charge-off date. Under the FCRA, the furnisher's FIRST obligation is to:

Accepted Answer

Promptly notify each CRA of the correction

Answer

Section 623(a)(2) requires furnishers to promptly notify CRAs of corrections when they determine previously furnished information was inaccurate.

Question 4

Which regulatory body has primary authority to examine large non-bank furnishers (e.g., large debt collectors) for FCRA furnisher compliance?

Accepted Answer

Consumer Financial Protection Bureau

Answer

The CFPB has supervisory and enforcement authority over large non-bank covered persons, including debt collectors acting as furnishers.

Question 5

The FCRA Furnisher Rule (Regulation V) defines a 'direct dispute' as one submitted by a consumer to the furnisher concerning:

Accepted Answer

The accuracy or completeness of information in the consumer's file at a CRA

Answer

Regulation V defines a direct dispute as one challenging the accuracy or completeness of information the furnisher provided to a CRA.

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

FCRA Data Furnishing & Accuracy Requirements 2