FCRA/FCTA

What is An Active Duty Alert?

Identity theft protection for military while they are on duty.

Whats the permissible purpose of FCRA?

User must state the reason for which they are requesting a consumer report. (Example: mortgage lenders obtaining reports to find credit worthiness of applicants)

What is Fraud Alert?

Fraud Alert is created at request of consumer who believes they are a victim of identiy theft or fraud.

How long does keep a Fraud alert on consumer for?

1 year

Civil judgements over how many years are not contained in credit report?

7 years

How long is an extended fraud alert kept on file for?

7 years

Bankruptices over how many years old are not contained in a credit report?

10 years

How long is Active Duty Alert kept on file for?

12 months

What is CRA?

Anyone who regularly engages in the practice of assembling or evaluating credit information.

What is a consumer report? (aka credit report)

Communication of any information from a consumer reporting agency that relates to a consumers credit information and is used to determine their eligibility for credit.

Purchasing Credit Scores

Consumers have right to purchase copy of their credit score. CRA must state their credit score may be different from another lender.

What is a Investigative Consumer Report?

Contains information about a consumers character, reputation, personal characteristics, and mode of living. Obtained through personal interviews.

Why was FACTA created?

Facta was created to address the problem of identity theft and facilitate consumers access to their consumer reports. (Its under FCRA, also Reg V)

What does FCRA stand for?

Fair Credit Reporting Act (Regulation V)

What does FACTA stand for?

Fair and Accurate Credit Transactions Act

What does FCRA apply to?

It applies to any transaction that involves the uses of credit reports, consumer investigatory reports, and employment background checks.

Whats the purpose of FCRA?

It ensures the accuracy, fairness, and privacy of consumers personal information that is assembled and used by CRA's (Credit Reporting Agencies)

Whats FTC Red Flags Rule

Must idntify patterns, that indicate possible existence of ID theft. Detect irregularities when obtaining info from persons account. Resoibd appropriately to different types of risks. Update ID theft program periodically.

Why were Free Credit Reports created?

TO encourage consumers to self monitor their credit reports to identify idntity theft. All national bureaus must provide free credit report annually.

What is a Extended Fraud Alert?

There has actually been an identity theft

True or False? Fraud alerts must be forwarded to all CRA's once recieved.

True