Quiz for FCRA/FACT Act Requirements

1. The FCRA is part of a group of acts contained in the Federal Consumer Credit Protection Act such as the Truth in Lending Act and the Fair Debt Collection Practices Act.

2. The bank must have _____________________ under the FCRA to obtain a consumer report.

3. If an active duty member of the military alerts a credit reporting agency that they may have been a victim of identity theft, the alert is listed for how long (months/years)?

4. The bank, as with its customer due diligence and general risk practices, should consider the type of risk for its covered accounts. This risk assessment should include which of the following:

5. Anyone who makes or arranges a loan and uses the consumer’s credit score in relation to an application for a loan secured by 1-to-4 family residential property must provide the notice of home loan applicant.

6. Notices or alerts from credit reporting agencies (CRAs) can/should be red flags.

7. The Red Flag Program requires that issuers of debit or credit cards are required to establish policies and procedures related to verifying changes of address where a new credit or debit card is requested shortly after the change of address. The policies and procedures must dictate that the issuer cannot send an additional access device until which of the following:

8. Suspicious documents presented at account opening or during the life of the account should not be looked at as red flags.

9. Which of the following are examples of permissible purpose according to the FCRA?

10. If a consumer disputes, the bank must report that there is a dispute.