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