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Questions and Answers
What is the main purpose of the Disposal Rule?
What is the main purpose of the Disposal Rule?
- To mandate the donation of consumer information to non-profit organizations
- To prevent unauthorized access and misuse of consumer information (correct)
- To promote the sale and transfer of consumer data
- To require organizations to dispose of consumer information in an environmentally friendly way
Which entities are required to comply with the Disposal Rule?
Which entities are required to comply with the Disposal Rule?
- Neither small nor large organizations
- Only small organizations like car dealers and attorneys
- Only large organizations like consumer reporting agencies and lenders
- Both small and large organizations including lenders, employers, landlords, and government agencies (correct)
What does the term 'disposal' include according to the Disposal Rule?
What does the term 'disposal' include according to the Disposal Rule?
- Only discarding
- Only donation of information
- Discarding, sale, or transfer of information (correct)
- Abandonment and donation of information
Who took over rulemaking authority in the area related to consumer data in 2011?
Who took over rulemaking authority in the area related to consumer data in 2011?
What is required of organizations under the Disposal Rule to protect consumer data?
What is required of organizations under the Disposal Rule to protect consumer data?
What is required by law if a person denies credit based on information not from a CRA?
What is required by law if a person denies credit based on information not from a CRA?
If an adverse action involving insurance is taken based on FCRA-covered information from an affiliated entity, what must the user do?
If an adverse action involving insurance is taken based on FCRA-covered information from an affiliated entity, what must the user do?
What is a requirement if a person increases charges for a credit transaction not based on CRA information?
What is a requirement if a person increases charges for a credit transaction not based on CRA information?
If an adverse employment action is taken due to FCRA-covered information from an affiliate, what must be done?
If an adverse employment action is taken due to FCRA-covered information from an affiliate, what must be done?
In what timeframe must the user provide disclosure of relied-upon information if requested by the consumer?
In what timeframe must the user provide disclosure of relied-upon information if requested by the consumer?
Which of the following statements about prescreened lists under the FCRA is correct?
Which of the following statements about prescreened lists under the FCRA is correct?
Based on the information provided, which of the following statements about the use of prescreened lists is true?
Based on the information provided, which of the following statements about the use of prescreened lists is true?
Which of the following statements about the disclosure requirement for written solicitations using prescreened lists is correct?
Which of the following statements about the disclosure requirement for written solicitations using prescreened lists is correct?
Which of the following is NOT a requirement for using prescreened lists under the FCRA?
Which of the following is NOT a requirement for using prescreened lists under the FCRA?
Based on the information provided, which of the following statements about the use of prescreened lists is false?
Based on the information provided, which of the following statements about the use of prescreened lists is false?
What is required under the FCRA when a furnisher receives a report from a CRA related to information resulting from identity theft?
What is required under the FCRA when a furnisher receives a report from a CRA related to information resulting from identity theft?
According to the Risk-Based Pricing Rule, what are lenders required to do if they offer less favorable terms to a borrower based on their credit report?
According to the Risk-Based Pricing Rule, what are lenders required to do if they offer less favorable terms to a borrower based on their credit report?
Under the FCRA, which entities are required to provide disclosure when they use credit scores in making or arranging loans secured by residential real property?
Under the FCRA, which entities are required to provide disclosure when they use credit scores in making or arranging loans secured by residential real property?
If a furnisher is required to provide notice of a dispute to CRAs under the FCRA, what must the furnisher do?
If a furnisher is required to provide notice of a dispute to CRAs under the FCRA, what must the furnisher do?
Which of the following activities requires special disclosures under the FCRA?
Which of the following activities requires special disclosures under the FCRA?
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