Fair Credit Reporting Act and Compliance Quiz
Test your knowledge of FCRA regulations with these consumer law quiz questions. Learn about permissible purposes, rights, penalties, and more!
#1
Which agency enforces the Fair Credit Reporting Act (FCRA)?
Federal Trade Commission (FTC)
Consumer Financial Protection Bureau (CFPB)
Federal Reserve Board
Department of Justice
#2
What is the primary purpose of the Fair Credit Reporting Act?
To ensure accuracy, fairness, and privacy of consumer information
To regulate interest rates on credit cards
To promote consumer borrowing
To facilitate credit reporting for businesses
#3
Under the FCRA, consumers have the right to request a free copy of their credit report from each of the nationwide credit reporting companies:
Once every 12 months
Once every 6 months
Once every 24 months
Once every 18 months
#4
Which of the following is NOT a permissible purpose under the FCRA for obtaining a consumer report?
In response to a court order
For employment purposes with the consumer's written consent
For marketing purposes without the consumer's consent
For underwriting insurance
#5
Which of the following is a right granted to consumers under the Fair Credit Reporting Act?
The right to demand removal of accurate information from their credit report
The right to dispute inaccurate information on their credit report
The right to access someone else's credit report without consent
The right to share their credit report with anyone
#6
What is the statute of limitations for bringing a private lawsuit under the FCRA?
1 year
2 years
3 years
5 years
#7
Under the FCRA, how long can negative information typically remain on a consumer's credit report?
5 years
7 years
10 years
Indefinitely
#8
What is the maximum penalty for willfully violating the FCRA?
$1,000
$5,000
$10,000
There is no maximum penalty
#9
Which of the following is true about consumer reporting agencies (CRAs) under the FCRA?
They are required to investigate disputes within 30 days
They are not allowed to disclose consumer reports to anyone
They are exempt from liability for inaccurate information
They are prohibited from including medical information in consumer reports
#10
What is the purpose of the Fair and Accurate Credit Transactions Act (FACTA)?
To amend the Fair Credit Reporting Act
To provide free credit reports to consumers
To protect consumers from identity theft
To regulate credit reporting agencies
#11
What is the purpose of the Fair Credit Reporting Act's 'accuracy and fairness' provisions?
To ensure that consumer reports are only used for permissible purposes
To ensure that consumer reports are accurate and fair to the consumer
To limit the amount of time negative information can remain on a consumer report
To require consumer reporting agencies to provide free annual credit reports to consumers
#12
Which of the following is NOT a right granted to consumers under the Fair Credit Reporting Act?
The right to dispute inaccurate information on their credit report
The right to know what is in their credit report
The right to seek damages in court for violations of the FCRA
The right to request a copy of their credit score for free
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