Consumer Reporting Agency

A. The entity receives payment in exchange for providing a consumer report  B. The entity regularly assembles or evaluates information about consumers  C.The entity furnishes consumer reports  D.The entity uses means of interstate commerce for the purpose of preparing or furnishing consumer reports Suppose a consumer reporting agency (falsely) reports that a consumer has defaulted on a credit card debt, which of the following is true? A. The consumer can sue the CRA for defamation  B.

The Consumer Financial Protection Bureau can take enforcement action against the CRA for violating the reasonable procedures requirement  C.The consumer must dispute the inaccurate information in order to have any right to sue. D. Only the consumer can take action against the CRA. Suppose that a bank (falsely and negligently) tells a CRA that a consumer has defaulted on a credit card debt, which of the following is true? A. The consumer can sue the bank for defamation  B.

The consumer can sue the bank for negligence  C.The consumer can sue the bank for reporting inaccurate information.  D. The consumer cannot sue at this point. Suppose that a bank (falsely and negligently) tells a CRA that a consumer has defaulted on a credit card debt. The consumer complains to the CRA about the false report. The CRA passes the complaint to the bank. The bank automatically responds to the CRA that the report is accurate. Which of the following is FALSE? A.

The consumer cannot sue the Bank for failure to conduct a reasonable reinvestigation because the bank did not act with malice or intent to injure.  B. The CRA was required to conduct a reasonable reinvestigation of the dispute  C. The Bank was required to conduct a reasonable reinvestigation of the dispute  D. The consumer can sue the Bank for failure to conduct a reasonable reinvestigation because the bank did not conduct any investigation at all.

which of the following would NOT count as a Credit Service Business? No Problem”. A. A company which promises to “Raise Your Credit Score In Days!” and “Fix Bad Credit”  B. An attorney whose sole practice is ghostwrite consumer reporting dispute letters to CRAs on behalf of consumers  C.

A licensed realtor who often advises prospective home buyers on how to improve their credit scores for the purpose of obtaining a cheaper mortgage.  D.A company which offers to “get you loans NOW” and boasts “Bad Credit? which of the following are NOT prohibited for a Credit Service Business in Maryland? A. Charging a consumer money up front, before any service is provided.  B.

Doing business in Maryland without a license.  C.Encouraging consumers to make false statements in order to improve their credit scores  D. Using direct mail solicitations in Maryland How can you change your credit score under the FCRA? A. There is nothing you can do under FCRA to improve your credit score.  B.You can only influence your credit score indirectly, by disputing inaccurate information on your credit report  C.

You can dispute your credit score directly by writing to the CRA which provided the score.  D. You only have a right to see your credit score under the FCRA. Are consumer reports only important to the extent that they influence your credit score? A.Yes, because most.