Do You Know About Fair Credit Reporting Act? Trivia Quiz

10 Questions | Total Attempts: 715

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Do You Know About Fair Credit Reporting Act? Trivia Quiz

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Questions and Answers
  • 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

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