Credit Law quiz
Credit Law Quiz
Test your knowledge of Credit Law with this interactive quiz! Designed for individuals interested in understanding consumer rights regarding credit reporting agencies, this quiz covers key aspects of the Fair Credit Reporting Act.
Key Features:
- 11 carefully crafted questions
- Multiple choice and checkbox format
- Learn about important sections of credit law
Which law is a federal law that regulates how consumer reporting agencies use your information. This Act contains many sections.
FCRA- Fair Credit Reporting Act
FDCPA - Fair Debt Credit Practices Act
FCBA - Fair Credit Billing Act
No Consumer reporting agency may make any consumer report containing any information that passes _ years. _ years for chapter 7 bankruptcies. And _ years for civil judgements or until the governing statute of limitations has expired. Which section does this belong to with the correct number of years?
Section 611 - information that passes 8 years. 9 years for chapter 7 bankruptcies. And 7 years for civil judgements or until the governing statute of limitations has expired.
Section 604 - information that passes 7 years. 10 years for chapter 7 bankruptcies. And 5 years for civil judgements or until the governing statute of limitations has expired.
Section 609 - information that passes 7 years. 10 years for chapter 7 bankruptcies. And 7 years for civil judgements or until the governing statute of limitations has expired.
Section 605 - information that passes 7 years. 10 years for chapter 7 bankruptcies. And 7 years for civil judgements or until the governing statute of limitations has expired.
Section 611 goes into the procedure in case of disputed accuracy. (1) If a consumer disputes the accuracy or completeness of a file, the credit reporting agency shall
(free of charge) conduct a fair and reasonable investigation to ensure that the file is accurately and fairly reporting.
(With a charge) conduct a fair and reasonable investigation to ensure that the file is accurately and fairly reporting.
Not investigate until the consumer provides proof there's inaccuracy
Credit reporting agencies must record the current status of the file or the delete the file in its entirety within 30 business days from the date that the dispute was received in their office. True or false?
True
False
There is a 30 day extension of period that may be given to the CRA’s should the consumer send in additional information pertaining to the investigation.
Yes, it is 30 day extension of period.
No, It is 15 day extension of period.
The CRA must promptly provide to the consumer any information and all relevant information regarding the dispute received by the creditors. If an item is inaccurate or unverifiable it must be __ from the consumers report. Fill in the blank
Updated
Deleted
Verified
None of the above, they must investigate again.
A consumer reporting agency may provide a consumer report under the following circumstances: Select all that apply
With the written instructions of the consumer to whom it relates.
Employment purposes
In response to a court order or subpoena issued in connection with proceedings before a federal grand jury.
To a person which it has reason to believe intends to use the information in connection with a credit transaction, extension of credit, or review of collection of an acct, involving the consumer.
Underwriting of insurance involving the consumer
If an item is deleted, it may not be reinserted unless the person who furnishes the information certifies it as ___ Fill in blank
Verified
False
True
The consumer reporting agency must also notify the consumer (in writing) no later than 5 business days after the reinsertion. That reinsertion letter must contain the following: Select all that apply
A notice the consumer has the right to add a statement to the consumer‘s file disputing the accuracy or completeness of the disputed information.
The business name and address of any furnisher contacted and the telephone number of such furnisher.
A statement that the deleted file was reinserted.
Every consumer reporting agency shall upon request clearly and accurately disclose to the consumer all information in the consumer’s file. The sources of that information and each person who pulled the consumers report for employment purposes (during the last 2 years from when the request was made. For any other purpose. (during the 1 year period preceding the date on which the request was made) Which Section does this law belong to?
609
607
611
604
This section goes into the procedure in case of disputed accuracy.
611
605
604
609
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