Fair Credit Reporting Act - Reporting Agencies

What is the primary function of credit reporting agencies?

• To provide loans to consumers

• To collect consumer information and provide credit reports

• To offer financial advice

• To manage consumer bank accounts

What must a reporting agency do if a consumer disputes information on their credit report?

• Notify the consumer without taking any action

• Temporarily remove the information until it is verified

• Immediately remove the information permanently

• Ignore the dispute

How long can negative information, such as payment defaults, remain on a credit report?

• 5 years

• 7 years

• Indefinitely

• 10 years

Which of the following is NOT a major credit reporting agency?

• Experian

• Equifax

• TransUnion

• FICO

What does the Fair and Accurate Credit Reporting Act require agencies to provide?

• Unlimited access to credit reports

• Free credit scores monthly

• Free financial advice

• Free access to a credit report once a year