PCS Study Guide 2026
Everything you need to pass the PCS exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 PCS Exam Format at a Glance
📚 PCS Topics to Study (69)
✍️ Sample PCS Questions & Answers
1. What is a key provision under the Fair Credit Reporting Act (FCRA)?
A key provision under the Fair Credit Reporting Act (FCRA) is the right for consumers to dispute inaccurate or incomplete information on their credit reports. This empowers individuals to challenge errors that could negatively impact their creditworthiness. The FCRA also mandates that credit reporting agencies investigate these disputes and correct any verified inaccuracies.
2. The CFPB's Regulation F allows email and text message communications with a consumer ONLY if:
Regulation F permits electronic communications when specific consent or prior usage conditions are met and the collector honors opt-out requests.
3. What is the significance of the 'Date Opened' field in Metro 2 reporting for a collection account?
The Date Opened for a collection tradeline reflects when the collection agency began collecting on the debt, which is distinct from the Date of First Delinquency used for obsolescence.
4. What is the significance of credit risk analysis in lending decisions?
Credit risk analysis is essential for making informed lending decisions by thoroughly evaluating a borrower's financial health and likelihood of default. This process allows lenders to mitigate risks, set appropriate loan terms, and protect their assets from potential losses. It directly helps in determining the borrower’s repayment ability and avoiding costly defaults.
5. Under the FDCPA, if a consumer's attorney notifies the collector that they represent the consumer, subsequent contacts must be directed to:
FDCPA §805(a)(2) requires all communications to cease with the consumer and redirect to their attorney once representation is established.
6. A consumer disputes a medical debt citing 'wrong insurance billing.' The BEST first step for the collector is to:
The collector should halt collection, document the dispute, and work with the original creditor to verify whether the correct insurance was billed before taking further action.