Fair Credit Reporting Act Flashcards
What regulation does this act have?
Regulation V
Purpose of law
Requires creditors to provide accurate credit info to credit reporting agencies and to pull a consumers credit report
Are pre screened credit offers allowed under the FCRA
Yes
How do you opt out of junk mail?
www.optoutprescreen.com up to 5 years
What law amended the FCRA
Fair and accurate credit transaction act
Purpose of FACTA
Curb identity theft, improve customer dispute resolution
What is credit score disclosure
Under FACTA must disclose to clients what the range of available scores are and what their score was
What is negative information
Borrower must be notified within 30 days of a creditor placing negative info on their credit file
What are risked based pricing notices under FACTA?
Company must provide risked based pricing notice to those who receive a loan offer that is less then favorable
How often can a consumer place a fraud alter on their credit?
Minimum of 1 year
What is the FTC red flag
Suspicious activity , danger to borrowers credit info being used for identity theft
What does FTC do
created, maintains and monitors compliance with red flags rule
What is considered to be a covered account according to FACTA:
a.) corporate checking account
b.) personal checking account
c.) utility bill
d.) telephone bil
B.
Is every company required to have a written red flag plan in place?
Yes
