FCRA Data Furnishing & Accuracy Requirements 4

Question 1

Which Metro 2 'Account Status Code' should a furnisher report for an account that is current and has never been late?

Accepted Answer

11 (Current)

Answer

Metro 2 Account Status Code 11 designates an account that is current and in good standing with no delinquency.

Question 2

A consumer sends a written direct dispute to a furnisher but fails to include any supporting documentation. What should the furnisher do?

Accepted Answer

Investigate the dispute using its own records before seeking additional information

Answer

A furnisher must investigate using records it already has; demanding documentation before investigating is not permitted unless the dispute is genuinely unintelligible.

Question 3

Re-aging a delinquent account — resetting the original delinquency date to make it appear more recent — violates which specific FCRA provision?

Accepted Answer

Section 605 (obsolescence/reporting period)

Answer

Re-aging manipulates the delinquency date to extend a negative item's reporting window, directly violating Section 605's 7-year obsolescence limit.

Question 4

A furnisher that voluntarily furnishes information to CRAs (and is not required by law to do so) is still subject to FCRA Section 623 accuracy requirements. This is because:

Accepted Answer

The FCRA applies to all furnishers regardless of whether furnishing is mandatory or voluntary

Answer

Section 623 applies to any person that furnishes information to a CRA, whether doing so is legally required or voluntary.

Question 5

Which of the following is a required element of a furnisher's written policies and procedures under Regulation V?

Accepted Answer

Guidelines for identifying and correcting inaccurate information before and after furnishing

Answer

Regulation V requires furnishers to establish and implement reasonable written policies that include procedures for identifying and correcting inaccuracies both before and after submission to CRAs.

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

FCRA Data Furnishing & Accuracy Requirements 4