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Question 1 of 13

1. Question
A consumer asks why Congress enacted the Fair Credit Reporting Act (FCRA). Which response is most accurate?
- A) To regulate mortgage interest rates
- B) To promote the accuracy, fairness, and privacy of information maintained by consumer reporting agencies
- C) To establish federal mortgage underwriting guidelines
- D) To regulate title insurance premiums
Correct

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Question 2 of 13

2. Question
Which of the following is considered a consumer reporting agency under the FCRA?
- A) A credit bureau
- B) An agency that reports rental history
- C) An agency that reports check-writing history
- D) All of the above
Correct

Incorrect
Question 3 of 13

3. Question
A lender denies a consumer’s loan application based on information contained in a credit report. What must the lender provide to the consumer?
- A) Only the credit score
- B) The name, address, and telephone number of the reporting agency
- C) A copy of the underwriting guidelines
- D) A written explanation of all credit bureau procedures
Correct

Incorrect
Question 4 of 13

4. Question
A consumer’s application for insurance is denied because of information contained in a consumer report. Under the FCRA, what must the consumer be told?
- A) Nothing unless requested
- B) Only the credit score used
- C) That information in a consumer report was used against them
- D) The lender's internal underwriting standards
Correct

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Question 5 of 13

5. Question
A consumer wants to review all information maintained by a consumer reporting agency. What FCRA right allows this?
- A) Right of rescission
- B) File disclosure right
- C) Right to cure
- D) Privacy opt-out right
Correct

Incorrect
Question 6 of 13

6. Question
A consumer reporting agency requests proof of identity before releasing a file disclosure. Is this permitted?
- A) No, identification cannot be required
- B) Yes, the agency may require proper identification, including a Social Security number
- C) Only a driver's license may be requested
- D) Identification may be requested only after a dispute is filed
Correct

Incorrect
Question 7 of 13

7. Question
Which consumer is entitled to a free file disclosure under the FCRA?
- A) A consumer who had adverse action taken based on information in a credit report
- B) A victim of identity theft who places a fraud alert
- C) A consumer receiving public assistance
- D) All of the above
Correct

Incorrect
Question 8 of 13

8. Question
A consumer is unemployed and expects to apply for employment within the next 60 days. Under the FCRA, what right does the consumer have?
- A) Free credit monitoring
- B) Free file disclosure
- C) Free credit score updates
- D) Automatic removal of negative credit information
Correct

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Question 9 of 13

9. Question
How often is every consumer entitled to receive a free disclosure from each nationwide credit bureau upon request?
- A) Every 6 months
- B) Every 24 months
- C) Once every 12 months
- D) Only after adverse action
Correct

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Question 10 of 13

10. Question
A consumer wants to know the numerical summary used to evaluate creditworthiness. What may the consumer request?
- A) Loan Estimate
- B) Credit score
- C) Debt-to-income ratio
- D) Risk classification report
Correct

Incorrect
Question 11 of 13

11. Question
In which situation may a consumer receive credit score information at no charge?
- A) Every time a credit report is requested
- B) During some mortgage transactions
- C) Only after bankruptcy
- D) Only after loan denial
Correct

Incorrect
Question 12 of 13

12. Question
A consumer identifies inaccurate information on a credit report and files a dispute with the consumer reporting agency. What is the agency generally required to do?
- A) Ignore the dispute unless ordered by a court
- B) Investigate the dispute unless it is frivolous
- C) Delete the entire credit file
- D) Refer the matter to the CFPB before acting
Correct

Incorrect
Question 13 of 13

13. Question
A consumer reporting agency determines that information in a consumer’s file is inaccurate and cannot be verified. What must generally occur?
- A) The information may remain indefinitely
- B) The information must be removed or corrected, usually within 30 days
- C) The consumer must obtain a court order
- D) The information may remain for seven years
Correct

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