Shared Flashcard Set

Details

NMLS FCRA/FACTA
Fair and Accurate Credit
8
Real Estate & Planning
Professional
03/22/2017

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
What is FCRA also known as? When was it enacted?
Definition
Regulation V, 1971
Term
What act amended the FCRA? When?
Definition
FACTA - Fair and Accurate Credit Transactions Act 2003
Term
What is the purpose of the FCRA?
Definition
To ensure that credit reports are obtained for permissible purposes.
Term
What is the official purpose of FACTA?
Definition
to amend the FCRA, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumeraccess to, credit information, and for other purposes.
Term
What information must the lender disclose to the consumer under FACTA?
Definition
1) The consumer's current credit score.
2) The range of possible credit scores under the model used.
3) If any factors adversely affected the consumer's score, up to 4 key factors that adversely affected the score
4) The date the credit score was created.
5) The name of the person or company that provided the credit score.
6) A generic "notice to the home loan applicant"
Term
How long will a consumer's decision to opt out of their credit information being marketed be effective for?
Definition
5 years.
Term
ON TEST: When must a lender give a risk based credit notice?
Definition
When the material terms of a credit extension are materially less favorable than the most favorable terms available to a large portion of the consumers.
Term
What must the risk-based pricing notice contain?
Definition
1) The terms of credit based on a consumer report.
2) The identity of the CRA providing the consumer report.
3) A statement informing the borrower that he may obtain a copy of the consumer report from the CRA for free
4. The contact info for the CRA for obtaining the report.
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