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Fcra Exam

36 Questions
Fcra Exam

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Questions and Answers
  • 1. 
    • A. 

      False

    • B. 

      True

  • 2. 
    • A. 

      False

    • B. 

      True

  • 3. 
    Whenever a consumer reporting agency prepares a consumer report.
    • A. 

      It must follow reasonable procedures to assure maximum possible accuracy of the information

    • B. 

      It must guarantee that the report will be prepared within 24 hours of the request.

    • C. 

      It must cecertify all information before issuing the report.

    • D. 

      All of the above.

  • 4. 
    An employee of a consumer reporting agency who knowingly provides someone with a consumer report when there is no permissible purpose can be fined and/or imprisoned for up to two years.
    • A. 

      True

    • B. 

      False

  • 5. 
    • A. 

      True

    • B. 

      False

  • 6. 
    A consumer reporting agency must include which of the following in a credit report?
    • A. 

      Bankruptcy information no matter how long ago the bankruptcy was filed.

    • B. 

      Notice that an item is under dispute by the consumer if so informed by the furnisher of that data.

    • C. 

      Notice that a credit account has been voluntarily closed by the consumer if so informed by the furnisher of the data.

    • D. 

      Both B & C

  • 7. 
    When a consumer disputes the completeness or accuracy of any item of information contained in his/her file at a consumer reporting agency that is not a reseller, which of the following is correct?
    • A. 

      The agency is not required to take any action other than telling the consumer to contact the person who furnished the information.

    • B. 

      The agency will reinvestigate and will charge the consumer a reasonable administrative fee.

    • C. 

      The agency will reinvestigate free of charge and record the current status of the disputed information or delete the item from the file.

    • D. 

      None of the above.

  • 8. 
    If your company is not a nationwide consumer reporting agency and a consumer contacts you requesting placement of a fraud alert, your only obligation is to:
    • A. 

      Provide the consumer with information on how to contact the Federal Trade Commission and the nationwide consumer reporting agencies.

    • B. 

      Tell the consumer you have no obligation.

    • C. 

      Refer the consumer to the local police department.

    • D. 

      Take the fraud alert and add it to your internal file.

  • 9. 
    In order for a consumer to request that fraudulent information be blocked from appearing in his or her file within four days of that request on a consumer report, the consumer must provide to a consumer reporting agency:
    • A. 

      Appropriate proof of identification and an identity theft report.

    • B. 

      The identification of information on the report alleged to be fraudulent.

    • C. 

      A statement from the consumer that the information alleged to be fraudulent does not belong to the consumer.

    • D. 

      All of the above.

  • 10. 
    • A. 

      True

    • B. 

      False

  • 11. 
    Unauthorized disclosure of information from a consumer report by an employee of a consumer reporting agency can result in:
    • A. 

      A $5000 fine and/or 1 year in jail

    • B. 

      A fine and/or 2 years in jail.

    • C. 

      A $1000 fine and/or 5 years in jail.

    • D. 

      A written warning from his/her supervisor.

  • 12. 
    • A. 

      True

    • B. 

      False

  • 13. 
    A "consumer report" only refers to written communications about a persons credit history by a consumer reporting agency.
    • A. 

      True

    • B. 

      False

  • 14. 
    • A. 

      Any actual damages sustained by the consumer as a result of the failure.

    • B. 

      Any actual damages sustained by the consumer as a result of the failure, plus court costs and reasonable attorneys fees.

    • C. 

      Any actual damages sustained by the consumer as a result of the failure, reasonable attorneys fees, and a penalty fine of no more than $10000.

    • D. 

      None of the above.

  • 15. 
    • A. 

      Cases under Title 11 or under the Bankruptcy Act that were filed in the courts more than ten years ago.

    • B. 

      Suits and judgements that were filed in the courts more than seven years ago.

    • C. 

      Paid liens that were filed in the courts more than seven years ago.

    • D. 

      All of the above.

  • 16. 
    As a consumer reporting agency employee, it is permissible for me to review my neighbors consumer report.
    • A. 

      True

    • B. 

      False

  • 17. 
    • A. 

      Given to each patient at the first visit after April 14, 2003

    • B. 

      Posted on my Web site, if I have one

    • C. 

      Posted in the office

    • D. 

      All of the above

  • 18. 
    If a furnisher of data has been notified by a consumer reporting agency under the fraudulent data blocking provisions of Section 605B that a debt is the result of identity theft, the debt cannot be:
    • A. 

      Securitized

    • B. 

      Placed for collection.

    • C. 

      Transferred as part of the assets of a company because of a merger.

    • D. 

      Repurchased from a third party to which it has been assigned for collection.

  • 19. 
    Any consumer reporting agency may furnish a consumer report under the following circumstances:
    • A. 

      In response to the order of a court having jurisdiction to issue such an order.

    • B. 

      In accordance with the written instructions of the consumer to whom it relates.

    • C. 

      To a person, which the consumer reporting agency has reason to believe intends to use the information for insurance underwriting purposes.

    • D. 

      All of the above.

  • 20. 
    Locating and providing to an employer public records found in a court house, which an employer could have located itself, is an activity regulated under the FCRA.
    • A. 

      True

    • B. 

      False

  • 21. 
    If a non-authorized disclosure of protected health information (PHI) is made:
    • A. 

      I must keep a record of this for six years

    • B. 

      I must give the patient a full accounting upond proper request

    • C. 

      There is no such thing as a non-authorized request

    • D. 

      A and B

  • 22. 
    • A. 

      True

    • B. 

      False

  • 23. 
    When producing a consumer report for employment screening purposes, the consumer reporting agency must either notify the consumer of the inclusion of the public records in the report or ensure that the current status of the record is recorded at the time the report is produced.
    • A. 

      True

    • B. 

      False

  • 24. 
    A consumer reporting agency that is not a reseller must provide notification of dispute to any person who provided any item of information in dispute, before the expiration of the:
    • A. 

      5 business day period beginning on the date on which the notice of dispute was received.

    • B. 

      5 business day period beginning on the date on which the notice of dispute was postmarked.

    • C. 

      7 business day period beginning on the date on which the notice of dispute was received.

    • D. 

      7 business day period beginning on the date on which the notice of dispute was postmarked.

  • 25. 
    A consumer may choose to have his/her name excluded from a list, compiled by a consumer reporting agency, to be used, for example, for direct mail offers of credit or insurance.
    • A. 

      True

    • B. 

      False

  • 26. 
    Most information which may cause a consumers application for credit, insurance, an apartment rental, employment or other benefit to be denied may not be included in a consumer report after it is more than seven years old.
    • A. 

      True

    • B. 

      False

  • 27. 
    In general, reinvestigations conducted by a consumer reporting agency that is not a reseller:
    • A. 

      Must be done within 30 days from the date on which the agency receives the notice of the dispute from the consumer

    • B. 

      May be extended beyond the 30 day period, but for no more than 20 additional days.

    • C. 

      Must be extended if the information that is the subject of the reinvestigation is found to be inaccurate or incomplete or cannot be verified.

    • D. 

      All of the above

  • 28. 
    When a user of a consumer report takes an 'adverse action" against a person, based on that report, it must:
    • A. 

      Provide the consumer with notice of the decision

    • B. 

      Provide the name, address and telephone number of the consumer reporting agency which furnished the information.

    • C. 

      Tell the consumer that the consumer reporting agency did not make the decision to take an adverse action.

    • D. 

      All of the above.

  • 29. 
    • A. 

      True

    • B. 

      False

  • 30. 
    • A. 

      The circumstances under which a consumer can obtain a free consumer report

    • B. 

      The consumers right to dispute any inaccurate or incomplete information.

    • C. 

      How to obtain a credit score from a consumer reporting agency.

    • D. 

      All of the above.

  • 31. 
    • A. 

      An acknowledgement that the employer will not violate any applicable federal or state equal employment opportunity law or regulation.

    • B. 

      An acknowledgment that, on a separate written disclosure, the consumer will receive notice that a consumer report may be obtained for employment purposes.

    • C. 

      An Acknowledgment that written permission will be obtained from the consumer before a consumer report is requested.

    • D. 

      All of the above.

  • 32. 
    • A. 

      In person if available

    • B. 

      By electronic means, if available from the consumer reporting agency.

    • C. 

      By telephone, if the consumer has made a written request for disclosure by telephone.

    • D. 

      All of the above.

  • 33. 
    If a reseller determines that an item of information in dispute bya consumer is not incomplete or inaccurate as a result of the resellers system or technology, then the reseller has no other obligation with regard to that dispute.
    • A. 

      True

    • B. 

      False

  • 34. 
    The Federal Trade commission, federal banking agencies, the States Attorneys General, and in many cases private attorneys may enforce a consumers rights under the Fair Credit Reporting Act.
    • A. 

      True

    • B. 

      False

  • 35. 
    A consumer reporting agency must obtain a certification verifying that an individual or company has a permissible purpose under the law to purchase a consumer report.
    • A. 

      True

    • B. 

      False

  • 36. 
    • A. 

      All information in the consumers file at the time of the request.

    • B. 

      The identity of each person that procured a report.

    • C. 

      The identity of the end user of the report procured through a reseller.

    • D. 

      All of the above.