Do You Know About Fair Credit Reporting Act? Trivia Quiz
(23).jpg "Do You Know About Fair Credit Reporting Act? Trivia Quiz")
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- 1.The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports:
- A.
Are a normal occurrence.
- B.
Allow for the continued functioning of the banking system.
- C.
Impair the efficiency of the banking system.
- D.
None of the above.
- 2.A “consumer report” is any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness.
- A.
True
- B.
False
- 3.A “consumer reporting agency” is:
- A.
Used in connection with a consumer report.
- B.
An individualized list or description based on the payment transactions of the consumer for medical products or services.
- C.
Any person which, for monetary fees, dues, or on a nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information for the purpose of furnishing consumer credit reports to third parties.
- D.
None of the above.
- 4.The terms “fraud alert” or “active duty alert” mean a statement in the file of a consumer that:
- A.
The consumer may be a victim of fraud.
- B.
The consumer may be a victim of identity theft.
- C.
The consumer is on active duty.
- D.
All of the above.
- 5.It is permissible for a person to use the consumer report information in connection with the collection of an account.
- A.
True
- B.
False
- 6.Upon the direct request of the consumer who asserts a suspicion that they have been or are about to become a victim of fraud or identity theft, a consumer reporting agency shall:
- A.
Include a fraud alert in the consumer’s file for a minimum of 90 days.
- B.
Provide a fraud alert in any credit report generated for that consumer file for a minimum of 90 days.
- C.
Refer the information regarding the fraud alert to each of the other consumer reporting agencies.
- D.
All of the above.
- 7.The penalties for willful non-compliance of the FCRA:
- A.
Actual damages sustained by the consumer for not less than $100 or more than $1000.
- B.
Punitive damages as the court may allow.
- C.
The cost of the action together with reasonable attorney’s fees as determined by the court.
- D.
All of the above.
- 8.Any person who knowingly obtains information on a consumer from a consumer reporting agency under false pretenses shall be fined, imprisoned for no more than 2 years, or both.
- A.
True
- B.
False
- 9.Who is charged with the enforcement of the FCRA?
- A.
Federal Trade Commission
- B.
Federal Trust Commission
- C.
Future’s Trading Commission
- D.
None of the above
- 10.It is acceptable for a person to furnish inaccurate consumer information to a consumer reporting agency.
- A.
True
- B.
False
Questions: 20 | Attempts: 10510 | Last updated: Sep 2, 2020
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