B2B: FCRA & Reg V | Compliance Alliance

The primary purpose of the original Fair Credit Reporting Act (FCRA) was rooted in ensuring which entities carry out their responsibilities ethically and legally?

A. Consumer Reporting Agencies (CRAs)

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B. Banks

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C. Consumers

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D. Federal Reserve Board (FRB)

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Where can the rules related to the FCRA be located?

A. The statute, Regulation V, and various Agencies’ regulations and guidance.

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B. The statute itself contains all the rules.

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C. Regulation V exclusively contains all the rules needed to comply with the FCRA.

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D. Only the Interagency Guidance and Advisory Opinions are necessary to comply.

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What is the general rule regarding the use of “eligibility information” received from an affiliate for marketing to a consumer?

A. It can be used if the consumer has received notice, had the opportunity to opt-out, and has not opted out.

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B. It can be used freely without notice to the consumer.

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C. It is strictly prohibited under all circumstances.

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D. It can only be used if the consumer provides explicit written consent for each marketing offer.

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If a furnisher reports delinquency information to CRAs, what must they also notify the CRAs of to ensure the information is maintained for the correct duration (according to the FCRA)?

A. The original loan amount.

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B. The reason for the delinquency.

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C. The consumer's payment history.

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D. The month and year of the placement for collection, charge off, or similar action.

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What are users of consumer reports required to do when they receive a notice of address discrepancy?

A. Immediately deny the credit application.

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B. Ignore the discrepancy; there is no requirement.

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C. Report the address discrepancy to the FTC.

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D. Follow their policies and procedures to form a reasonable belief that the report relates to the consumer.

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What is the maximum time frame that bankruptcies may be reported on a consumer report for credit transactions exceeding $150,000?

A. 10 years

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B. 7 years

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C. Bankruptcies may not be mentioned in consumer reports.

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D. There is no clear time limit imposed by the FCRA.

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Over which of the following rules does the CFPB not maintain rulemaking authority [Select 2]?

A. Identity Theft Red Flags

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B. Duties of Furnishers

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C. Disposal of Consumer Records

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D. Summary of Consumer Rights

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Which of the following offers the best definition of “adverse action” under the FCRA?

A. A dispute submitted directly to a furnisher by a consumer.

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B. A report of negative information to a CRA.

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C. A denial or cancellation of credit or insurance, an increase in charges, or other unfavorable change-in-terms.

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D. Any action taken by a consumer against a bank.

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What is a “furnisher” for FCRA purposes?

A. A government agency accesses consumer reports for counterintelligence purposes.

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B. A CRA furnishes a consumer report to a bank pursuant to a credit request.

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C. An entity furnishes information to one or more CRAs for inclusion in a consumer report.

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D. A debt collector communicates with a bank about identity theft.

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Which of the following offers the best definition of “risk-based pricing” under the FCRA?

A. Offering different terms based solely on the consumer's income.

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B. Offering material terms that are materially less favorable than the best terms offered by the bank due to perceived risks from the consumer's report.

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C. Offering terms based on information not contained in a consumer report.

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D. Offering the best possible terms to all consumers.

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