PA Title License Chapter 3
Under the Fair Credit Reporting Act, all consumers are entitled to one free disclosure every ______ months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies.
12 months.
Other than the annual free report, when is a consumer report disclosure issued to consumers for free?
If the consumer has had adverse action taken against him because of information on the report.
If an agency is not able to verify info as accurate, by when must the agency most likely be required to delete the information.
30 days.
What is actual fraud?
An act or statement intentionally made in order to deceive. It is often accomplished by misstating or hiding a material fact.
What is constructive fraud?
Arises from a breach of duty, negligence, or an unintentional misrepresentation. It differs from actual fraud because it is not intentional.
What is not included on a consumer report?
Bankruptcies over 10 years old.
What is not included on a consumer report?
Civil suits, civil judgments, and arrests over 7 years old.
What is not included on a consumer report?
Collection accounts or or accounts written off by the creditor over 7 years old.
What do consumer reports include?
Consumers credit information, employment information, their current & past addresses, and the source of the information.
Consumers are able to view their credit reports for free, once each year. This law was established under which Act?
FACT Act (Fair and Accurate Credit Transactions)
Consumers are to be given a notice of their rights to obtain and dispute information in consumer reports and to obtain Reddit scores, from reporting agency when consumer reports are generated. This law was established under which Act?
FACT Act (Fair and Accurate Credit Transactions)
All consumers are entitled to one free disclosure every 12 months. This law was established under which Act?
FCRA (Fair Credit Reporting Act)
FACT Act stands for
Fair and Accurate Credit Transactions.
What is a required action after a dispute notice?
If info is inaccurate or unverifiable, the agency must delete the info from the consumers file. If the agency does not find that the info should be deleted, the consumer has the right to file a brief statement concerning the dispute that is to be included in the file and reports.
What do consumer reports include?
Information on other persons who have requested a report on the individual, and list the requestors name or trade name and reason for request.
What is not included on a consumer report?
Other adverse items, other than criminals convictions, over 7 years old.
What is not included on a consumer report?
Paid tax liens over 7 years old
Under the Insurance Fraud Protection Act, any person who has been convicted of a criminal felony involving dishonesty or breach of trust is prohibited from engaging or participating in the business of insurance unless:
The person has a written consent of an insurance regulatory official.