Term
| What is FCRA also known as? When was it enacted? |
|
Definition
|
|
Term
| What act amended the FCRA? When? |
|
Definition
| FACTA - Fair and Accurate Credit Transactions Act 2003 |
|
|
Term
| What is the purpose of the FCRA? |
|
Definition
| To ensure that credit reports are obtained for permissible purposes. |
|
|
Term
| What is the official purpose of FACTA? |
|
Definition
| to amend the FCRA, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumeraccess to, credit information, and for other purposes. |
|
|
Term
| What information must the lender disclose to the consumer under FACTA? |
|
Definition
1) The consumer's current credit score.
2) The range of possible credit scores under the model used.
3) If any factors adversely affected the consumer's score, up to 4 key factors that adversely affected the score
4) The date the credit score was created.
5) The name of the person or company that provided the credit score.
6) A generic "notice to the home loan applicant" |
|
|
Term
| How long will a consumer's decision to opt out of their credit information being marketed be effective for? |
|
Definition
|
|
Term
| ON TEST: When must a lender give a risk based credit notice? |
|
Definition
| When the material terms of a credit extension are materially less favorable than the most favorable terms available to a large portion of the consumers. |
|
|
Term
| What must the risk-based pricing notice contain? |
|
Definition
1) The terms of credit based on a consumer report.
2) The identity of the CRA providing the consumer report.
3) A statement informing the borrower that he may obtain a copy of the consumer report from the CRA for free
4. The contact info for the CRA for obtaining the report. |
|
|
