Fair Credit Reporting Act

7 years

How long does a chapter 13 bankruptcy stay on your credit report?

10 years

How long does a chapter 7 bankruptcy stay on your credit report?

1. regularly furnishes information to a CRA 2. receives and uses a consumer report

To whom must the CRA provide notices of responsibilities?

adverse action

the denial of credit or the extension of credit in a substantially smaller or different terms than requested

creditor

Any person who regularly extends, renews, continues credit or arranges for the extension, renewal, or continuation of credit

CFPB

What agency oversees FCRA?

a) payment history = 35% b) amounts owed = 30% c) length of history = 15% d) types of credit used = 10% e) new credit = 10%

What are the percentages of your total credit score for each category below? a) payment history b) amounts owed c) length of history d) types of credit used e) new credit

Any transaction that involves 1. use of credit reports 2. consumer investigatory reports 3. employment background checks

What are the three types of transactions covered by FCRA?

1. all information in consumer's file 2. sources of the information 3. identification of each person that procured a report 4. summary of the consumer's rights

What four pieces of information are the CRA's required to provide if the consumer requests?

1. notification to CRAs of corrections to inaccurate information 2. notice of disputed account 3. notice regarding delinquencies 4. investigate a dispute within 30days of receipt from a CRA

What four things are furnishers of consumer reports required to do?

the ensure the accuracy, fairness, and privacy of consumer's personal information listed on credit reports

What is the purpose of FCRA?

Reg V

What regulation is associated with FCRA?

1. certification of permissible purpose 2. notification of adverse action 3. notification of adverse action base don information from affiliates

What three things must users of consumer reports do?

Any transaction that involves FBI or counter -terrorism investigations

What type of transactions are exempt from FCRA?

fraud alert

a statement in a consumer's file that notifies all prospective users that the consumer m ay be a victim of fraud

file

all the information about a consumer that is recorded and retained by a CRA

consumer reporting agency

any person who regularly engages for fees in the practice of assembling or evaluating consumer credit information in order to provide consumer reports to 3rd parties.

consumer report

communication of any information from a CRA that relates the consumer's credit worthiness

investigative consumer report

consumer report obtained through personal interviews

consumer report users

lenders or brokers that use a credit report in making a mortgage loan

consumer report furnisher

loan services ,lenders, and creditors that receive loan payments