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Question 1 of 12
1. Question
A loan officer denies a mortgage application based in part on information contained in a credit report. Under the FCRA, what must the borrower be provided?
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Question 2 of 12
2. Question
A mortgage underwriter discovers a collection account that is more than eight years old on a borrower’s credit report. What FCRA concern may exist?
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Question 3 of 12
3. Question
A lender requests a consumer report while evaluating a mortgage application. Why is this permissible?
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Question 4 of 12
4. Question
A mortgage company wants to obtain a consumer report on a job applicant for a loan processor position. What is generally required?
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Question 5 of 12
5. Question
A borrower receives a prescreened mortgage offer in the mail. What must the solicitation include?
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Question 6 of 12
6. Question
A borrower places a security freeze on a credit file and then applies for a mortgage. What effect could this have?
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Question 7 of 12
7. Question
A loan originator attempts to pull a credit report but learns the borrower has a security freeze. What is generally required before the report can be released?
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Question 8 of 12
8. Question
During mortgage underwriting, an initial fraud alert appears on the borrower’s credit file. What must the lender do?
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Question 9 of 12
9. Question
A borrower who is not an identity theft victim places a fraud alert on a credit file. How long does the initial fraud alert generally remain?
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Question 10 of 12
10. Question
A borrower proves identity theft occurred and requests enhanced protection. What alert may be placed on the file?
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Question 11 of 12
11. Question
A mortgage lender reviews an existing customer’s credit report to evaluate a possible credit line increase. Does a security freeze prevent this review?
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Question 12 of 12
12. Question
A borrower believes a consumer reporting agency violated the FCRA and caused financial harm during a mortgage transaction. What remedy may be available?
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