FCRA Data Furnishing & Accuracy Requirements 5

Question 1

A mortgage servicer transfers a loan to a new servicer mid-dispute. Under the FCRA, the new servicer's obligation regarding the in-flight dispute is:

Accepted Answer

The new servicer inherits and must complete the dispute investigation

Answer

When servicing transfers occur mid-dispute, the new servicer inherits the furnisher obligations and must complete the investigation within the original statutory timeframe.

Question 2

Under Metro 2, the 'Date of First Delinquency' (DOFD) field is critical because it determines:

Accepted Answer

The start of the 7-year obsolescence clock for negative reporting

Answer

The DOFD anchors the FCRA's 7-year reporting window; the negative item must be removed no later than 7 years from the DOFD.

Question 3

A furnisher reports a joint account delinquency only under one co-borrower's profile, omitting the other. This practice may violate which FCRA obligation?

Accepted Answer

The completeness element of the Section 623 accuracy duty

Answer

The duty to report accurate and complete information under Section 623 includes correctly attributing joint-account liability to all obligated parties.

Question 4

The CFPB's Supervision and Examination Manual for furnishers evaluates whether a furnisher's dispute investigation is 'reasonable' by looking at:

Accepted Answer

The depth of review of underlying account documents and records

Answer

Examiners assess reasonableness by reviewing whether furnishers actually examined the relevant account records, transaction histories, and supporting documents during their investigation.

Question 5

A debt collector who also furnishes collection account information to CRAs must comply with:

Accepted Answer

Both the FDCPA and the FCRA furnisher requirements simultaneously

Answer

Debt collectors acting as furnishers are subject to both the FDCPA's collection standards and the FCRA's accuracy and dispute investigation requirements concurrently.

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

(FCRA) Advanced Fair Credit Reporting Act Certification Practice Test

FCRA Data Furnishing & Accuracy Requirements 5