Comprehensive FCRA Exam Quiz: Test Your Knowledge

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Learn about Our Editorial Process
| By Regalsolutionsco
R
Regalsolutionsco
Community Contributor
Quizzes Created: 2 | Total Attempts: 8,647
Questions: 36 | Attempts: 8,084

SettingsSettingsSettings
Comprehensive FCRA Exam Quiz: Test Your Knowledge - Quiz

The FCRA Exam Quiz is an essential tool to test your knowledge and understanding of the Fair Credit Reporting Act (FCRA). This quiz aims to assess your comprehension of the key provisions, requirements, and regulations outlined in the FCRA. From consumer rights and privacy protection to the responsibilities of credit reporting agencies, this quiz covers a wide range of topics crucial to understanding the FCRA. Whether you're preparing for the actual FCRA exam or simply interested in expanding your knowledge of consumer credit laws, this quiz offers an engaging and informative way to gauge your understanding of the FCRA's intricacies. Read more


Questions and Answers
  • 1. 

    Even when a medical information provider has identified itself to a consumer reporting agency, the consumer reporting agency has no obligation to code medically related information in future consumer reports:

    • A.

      False

    • B.

      True

    Correct Answer
    A. False
    Explanation
    The statement is false because even when a medical information provider has identified itself to a consumer reporting agency, the consumer reporting agency still has an obligation to code medically related information in future consumer reports. This means that the agency is required to include any relevant medical information in the consumer reports they provide to consumers.

    Rate this question:

  • 2. 

    It is permissible, under certain conditions, for a consumer reporting agency to reinsert information that has been deleted as a result of a reinvestigation from a consumers file:

    • A.

      False

    • B.

      True

    Correct Answer
    B. True
    Explanation
    Consumer reporting agencies are allowed to reinsert information that has been deleted from a consumer's file if certain conditions are met. This means that if the agency conducts a reinvestigation and finds that the deleted information is accurate and verifiable, they can legally add it back to the consumer's file. However, this can only be done if the agency provides written notice to the consumer within 5 days of reinserting the information. Therefore, the statement "True" is correct.

    Rate this question:

  • 3. 

    Whenever a consumer reporting agency prepares a consumer report.

    • A.

      It must certify all information before issuing the report.

    • B.

      All of the above.

    • C.

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

    • D.

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

    Correct Answer
    C. It must follow reasonable procedures to assure maximum possible accuracy of the information.
    Explanation
    The correct answer is "It must follow reasonable procedures to assure maximum possible accuracy of the information." This is because consumer reporting agencies have a responsibility to ensure that the information they include in consumer reports is as accurate as possible. This helps to protect consumers from potential harm or misinformation. By following reasonable procedures, such as verifying the information from reliable sources and conducting thorough checks, the agency can minimize the chances of including inaccurate or misleading information in the report.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    An employee of a consumer reporting agency can be fined and/or imprisoned for up to two years if they knowingly provide someone with a consumer report when there is no permissible purpose. This is because consumer reports contain sensitive information about individuals, and their distribution should be strictly regulated to protect privacy and prevent misuse.

    Rate this question:

  • 5. 

    Consumer reporting agencies make decisions to deny credit, access to housing, employment or other services for which consumers have applied, often called taking "adverse action."

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Consumer reporting agencies do not make decisions to deny credit, access to housing, employment, or other services for which consumers have applied. They simply provide information and reports to lenders, landlords, employers, and other entities who then make their own decisions based on the information provided. Therefore, the statement is false.

    Rate this question:

  • 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.

      Both B & C 

    • C.

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

    • D.

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

    Correct Answer
    D. Notice that an item is under dispute by the consumer if so informed by the furnisher of that data.
    Explanation
    A consumer reporting agency must include in a credit report the notice that an item is under dispute by the consumer if they have been informed of it by the furnisher of the data. This means that if a consumer disputes an item on their credit report and notifies the furnisher of the data, the consumer reporting agency must include a notice of the dispute in the credit report. This ensures that any potential inaccuracies or discrepancies in the credit report are properly documented and can be addressed by the consumer.

    Rate this question:

  • 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.

    Correct Answer
    C. The agency will reinvestigate free of charge and record the current status of the disputed information or delete the item from the file.
    Explanation
    When a consumer disputes the completeness or accuracy of any item of information in their file at a consumer reporting agency, the correct action for the agency is to reinvestigate the disputed information free of charge. During the reinvestigation, the agency should either record the current status of the disputed information or delete the item from the file if it is found to be inaccurate or incomplete. The agency is not allowed to simply tell the consumer to contact the person who furnished the information, and they cannot charge the consumer an administrative fee for the reinvestigation.

    Rate this question:

  • 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.

    Correct Answer
    A. Provide the consumer with information on how to contact the Federal Trade Commission and the nationwide consumer reporting agencies.
    Explanation
    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 provide the consumer with information on how to contact the Federal Trade Commission and the nationwide consumer reporting agencies. This is because as a non-nationwide consumer reporting agency, you do not have the authority or capability to place a fraud alert on behalf of the consumer. Therefore, your obligation is to direct the consumer to the appropriate authorities who can assist them in placing the fraud alert.

    Rate this question:

  • 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.

    Correct Answer
    D. All of the above.
    Explanation
    The correct answer is "All of the above." This means that in order for a consumer to request that fraudulent information be blocked from appearing in their file within four days of the request, they must provide appropriate proof of identification and an identity theft report, identify the information on the report alleged to be fraudulent, and provide a statement that the information alleged to be fraudulent does not belong to them.

    Rate this question:

  • 10. 

    If a consumer informs a reseller that the consumer report it issued is inaccurate, that reseller need only refer the consumer to the consumer reporting agency from which it purchased the original report.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because the reseller has a responsibility to investigate and correct any inaccuracies in the consumer report it issued. They cannot simply refer the consumer back to the consumer reporting agency. The reseller should take appropriate steps to rectify the situation and ensure the accuracy of the report.

    Rate this question:

  • 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.

    Correct Answer
    B. A fine and/or 2 years in jail.
    Explanation
    The unauthorized disclosure of information from a consumer report by an employee of a consumer reporting agency can result in a fine and/or 2 years in jail. This penalty is imposed to deter employees from improperly accessing and sharing confidential consumer information, as it can lead to privacy breaches and potential harm to individuals. The severity of the punishment reflects the seriousness of the offense and the need to protect consumer privacy and maintain the integrity of consumer reporting agencies.

    Rate this question:

  • 12. 

    When a data furnisher notifies a credit reporting agency that a credit account has been closed by the consumer the credit reporting agency is not required to include that information in a consumer report involving the account

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because when a data furnisher notifies a credit reporting agency that a credit account has been closed by the consumer, the credit reporting agency is required to include that information in a consumer report involving the account. This is important for maintaining accurate and up-to-date credit information for consumers.

    Rate this question:

  • 13. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because a "consumer report" does not only refer to written communications about a person's credit history by a consumer reporting agency. A consumer report can include various types of information, such as credit scores, payment history, and other financial data, collected by consumer reporting agencies. It can also include non-written communications, such as oral statements or electronic records. Therefore, the statement is incorrect.

    Rate this question:

  • 14. 

    Any consumer reporting agency, user of consumer reports or furnisher of information to consumer reporting agencies which is negligent in complying with any requirement imposed by the Fair Credit reporting Act with respect to any consumer is liable to that consumer in the amount equal to the sum of:

    • 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.

    Correct Answer
    A. Any actual damages sustained by the consumer as a result of the failure.
    Explanation
    The correct answer is "Any actual damages sustained by the consumer as a result of the failure." This is because the Fair Credit Reporting Act holds consumer reporting agencies, users of consumer reports, and furnishers of information to consumer reporting agencies liable for negligence in complying with the Act's requirements. The liability is equal to the sum of any actual damages suffered by the consumer as a result of the failure. This means that the responsible party must compensate the consumer for any harm or losses they have experienced due to the violation of the Act.

    Rate this question:

  • 15. 

    Which of the following items of information are not permitted in any consumer report?

    • 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.

    Correct Answer
    D. All of the above.
    Explanation
    All of the information listed in the options (cases under Title 11 or under the Bankruptcy Act that were filed more than ten years ago, suits and judgments filed more than seven years ago, and paid liens filed more than seven years ago) are not permitted in any consumer report. This means that none of these items can be included in a consumer report as they are all prohibited.

    Rate this question:

  • 16. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    As a consumer reporting agency employee, it is not permissible to review the consumer report of a neighbor or any other individual, unless there is a legitimate business need or a permissible purpose for accessing the report. The Fair Credit Reporting Act (FCRA) restricts the access to consumer reports to only those who have a valid reason to access them, such as for employment purposes, credit applications, or under court order. Unauthorized access to consumer reports can lead to legal consequences and violations of privacy rights.

    Rate this question:

  • 17. 

    The Notice of Privacy Practices (NPP) must be:

    • 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

    Correct Answer
    D. All of the above
    Explanation
    The Notice of Privacy Practices (NPP) must be given to each patient at their first visit after April 14, 2003. This ensures that patients are informed about how their medical information will be used and protected. Additionally, the NPP should be posted on the healthcare provider's website, if they have one, to make it easily accessible for patients. Lastly, the NPP should also be posted in the office where patients can easily see and access it. By following all of these steps, healthcare providers can ensure that patients are well-informed about their privacy rights and how their information will be handled.

    Rate this question:

  • 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

    Correct Answer
    B. Placed for collection
    Explanation
    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 placed for collection. This means that the debt cannot be handed over to a collection agency or pursued for payment. This is because the debt is considered fraudulent and the consumer reporting agency has flagged it as such. Therefore, any attempts to collect the debt would be prohibited.

    Rate this question:

  • 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.

    Correct Answer
    D. All of the above.
    Explanation
    The correct answer is "All of the above." This means that any consumer reporting agency may furnish a consumer report in response to a court order, in accordance with the written instructions of the consumer, or to a person who intends to use the information for insurance underwriting purposes. In other words, the consumer reporting agency can provide the consumer report under any of these circumstances.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    The activity of locating and providing public records found in a court house to an employer, even if the employer could have found them itself, is regulated under the FCRA. This means that there are specific rules and regulations that govern how this information can be accessed and used by employers. Therefore, the statement is true.

    Rate this question:

  • 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

    Correct Answer
    D. A and B
    Explanation
    If a non-authorized disclosure of protected health information (PHI) is made, the person responsible must keep a record of this for six years. Additionally, they must provide the patient with a full accounting upon proper request. This means that both options A and B are correct.

    Rate this question:

  • 22. 

    A consumer reporting agency has no obligation to notify a data furnisher when it has blocked a data furnishers information as a result of a consumer providing it with an identity theft report

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    A consumer reporting agency has an obligation to notify a data furnisher when it has blocked their information as a result of a consumer providing an identity theft report. This notification is necessary to inform the data furnisher about the situation and ensure that they are aware of the potential fraudulent activity. By notifying the data furnisher, they can take appropriate actions to address the issue and prevent further harm to the consumer. Therefore, the statement that a consumer reporting agency has no obligation to notify a data furnisher in such a scenario is false.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    The statement is true because when a consumer reporting agency produces a consumer report for employment screening, they are required to either notify the consumer of the inclusion of public records in the report or ensure that the current status of the record is recorded at the time the report is produced. This is to ensure transparency and accuracy in the information provided to the employer and the consumer.

    Rate this question:

  • 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.

    Correct Answer
    A. 5 business day period beginning on the date on which the notice of dispute was received.
    Explanation
    The correct answer is the 5 business day period beginning on the date on which the notice of dispute was received. This means that when a consumer disputes an item of information with a consumer reporting agency, the agency must notify the person who provided that information within 5 business days of receiving the dispute. This ensures that the person who provided the disputed information has an opportunity to review and respond to the dispute in a timely manner.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    Consumers have the option to request that their names be removed from a list created by a consumer reporting agency. This list is typically used for sending direct mail offers related to credit or insurance. By choosing to have their names excluded, consumers can reduce the amount of unsolicited offers they receive.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    The statement is true because according to the Fair Credit Reporting Act (FCRA), negative information such as bankruptcies, tax liens, and civil judgments can only be included in a consumer report for a maximum of seven years. After that time period, this information must be removed from the report, which means it cannot be used to deny a consumer's application for credit, insurance, rental, employment, or any other benefit.

    Rate this question:

  • 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

    Correct Answer
    A. Must be done within 30 days from the date on which the agency receives the notice of the dispute from the consumer
    Explanation
    The correct answer is "Must be done within 30 days from the date on which the agency receives the notice of the dispute from the consumer." This means that when a consumer reporting agency receives a notice of dispute from a consumer, they are required to conduct a reinvestigation within 30 days. This ensures that the agency promptly investigates and resolves any inaccuracies or incomplete information in the consumer's credit report.

    Rate this question:

  • 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.

    Correct Answer
    D. All of the above.
    Explanation
    When a user of a consumer report takes an "adverse action" against a person based on that report, it is required to provide the consumer with notice of the decision. This means that the person must be informed about the action taken against them. Additionally, the user must provide the name, address, and telephone number of the consumer reporting agency that provided the information. This allows the consumer to contact the agency for further information or to dispute any inaccuracies. Finally, the user must also inform the consumer that the consumer reporting agency did not make the decision to take the adverse action. Therefore, all of the statements mentioned above are correct.

    Rate this question:

  • 29. 

    An "identity theft report" is defined as a police report issued by a law enforcement agency

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The given statement is false. An "identity theft report" is not defined as a police report issued by a law enforcement agency. It is actually a report that is filed with the Federal Trade Commission (FTC) by the victim of identity theft. This report helps victims of identity theft to create a recovery plan and provides them with certain legal protections. It is important to file an identity theft report with the FTC in order to protect oneself from further harm and to assist in the investigation and prosecution of the identity thief.

    Rate this question:

  • 30. 

    The "Summary of a consumers rights" which is required with all disclosures must include which of the following?

    • 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.

    Correct Answer
    D. All of the above.
    Explanation
    The "Summary of a Consumer's Rights" required with all disclosures must include:
    The circumstances under which a consumer can obtain a free consumer report.
    The consumer's right to dispute any inaccurate or incomplete information.
    How to obtain a credit score from a consumer reporting agency.
    This summary ensures consumers are informed about their rights under the Fair Credit Reporting Act (FCRA) regarding their personal information and credit reports.

    Rate this question:

  • 31. 

    Before a consumer reporting agency furnishes a consumer report for employment purposes, the agency must obtain certification from the potential employer, which includes:

    • A.

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

    • B.

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

    • C.

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

    • D.

      All of the above.

    Correct Answer
    D. All of the above.
    Explanation
    Under the Fair Credit Reporting Act (FCRA), before a consumer reporting agency can furnish a consumer report for employment purposes, it must obtain a certification from the employer. This certification must include several key acknowledgments:
    An acknowledgment that written permission will be obtained from the consumer before a consumer report is requested. This ensures that the consumer is aware and consents to the background check.
    An acknowledgment that, on a separate written disclosure, the consumer will receive notice that a consumer report may be obtained for employment purposes. This ensures that the consumer is fully informed about the potential use of the consumer report in the employment process.
    An acknowledgment that the employer will not violate any applicable federal or state equal employment opportunity law or regulation. This ensures that the information from the consumer report will be used in a manner that complies with nondiscriminatory hiring practices.
    Given that each of these elements is a required part of the certification process, the correct answer to your question, which includes all necessary components, would be:
    All of the above.

    Rate this question:

  • 32. 

    Upon request of the consumer, file disclosures to consumers may be made:

    • 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.

    Correct Answer
    D. All of the above.
    Explanation
    This answer is correct because it states that file disclosures to consumers may be made in person, by electronic means, or by telephone. This means that if the consumer requests their file disclosure, it can be provided to them through any of these methods, depending on what is available and convenient for both the consumer and the consumer reporting agency.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    If a reseller determines that an item of information in dispute by a consumer is not incomplete or inaccurate due to their system or technology, it means that the reseller has already verified the accuracy and completeness of the information. Therefore, they have fulfilled their obligation and have no further responsibility regarding that particular dispute.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    The statement is true because the Fair Credit Reporting Act (FCRA) grants enforcement authority to multiple entities, including the Federal Trade Commission (FTC), federal banking agencies, State Attorneys General, and private attorneys. These entities have the power to take legal action and enforce the rights of consumers under the FCRA.

    Rate this question:

  • 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

    Correct Answer
    A. True
    Explanation
    A consumer reporting agency is required to obtain a certification to verify that an individual or company has a legitimate reason, known as a permissible purpose, to purchase a consumer report. This certification ensures that the information being requested is being used for lawful purposes and protects the privacy rights of consumers. Therefore, the statement is true.

    Rate this question:

  • 36. 

    Every consumer reporting agency shall, upon request, clearly and accurately disclose and accurately disclose, in writing, to the consumer:

    • 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.

    Correct Answer
    D. All of the above.
    Explanation
    The correct answer is "All of the above" because the passage states that every consumer reporting agency must disclose all information in the consumer's file, the identity of each person who obtained a report, and the identity of the end user of the report obtained through a reseller. Therefore, all three options mentioned in the passage are correct.

    Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • May 15, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 04, 2012
    Quiz Created by
    Regalsolutionsco
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.