FCRA: Consumer Reports

T/F: Banks are permitted to get a prescreened consumer report as long as they are making a firm offer of credit.

True

T/F: Generally, banks are prohibited from denying credit to consumers on prescreened lists.

True

The FCRA requires banks to note the nature of the information they received that led to a denial of __________.

Credit

T/F: Banks are not permitted to ask for an identifying number (SSN) in the offer of credit to a customer whose name appears on a prescreened list.

False

T/F: Banks are prohibited from obtaining a consumer credit report for employment purposes.

False

T/F: Banks that furnish information to consumer reporting agencies do not have any specific legal responsibilities under the FCRA.

False

T/F: Consumer reporting agencies are prohibited from reporting information older than 7 years old in connection with an extension of credit, unless the extension is of credit is in excess of $150,000.

False

Banks that furnish information to consumer reporting agencies are prohibited from furnishing information the bank knows to be________________.

Inaccurate

T/F: The FCRA permits banks to obtain credit reports from consumer reporting agencies if the report is to be used in relation to a credit transaction.

True

Before taking any adverse action in regards to a credit report, the user must provide to the consumer:

a notice of adverse action and information on the reporting agency the bank used to obtain the report