Do You Know About Fair Credit Reporting Act? Trivia Quiz

10 Questions | By Webero | Updated: Mar 22, 2022 | Attempts: 816

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Do You Know About Fair Credit Reporting Act? Trivia Quiz - Quiz

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