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Free CRCM Exam Braindumps (page: 116)

Page 115 of 344
PDF with 463 Questions

The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:

  1. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate manner
  2. The consumer credit reporting and related industries to ensure that consumer information is reported in a timely manner
  3. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner
  4. None of these

Answer(s): C



The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:

  1. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate manner
  2. The consumer credit reporting and related industries to ensure that consumer information is reported in a timely manner
  3. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner
  4. None of these

Answer(s): C



Any person in one of the following category can be debt collector:

  1. A person operating a business whose principal purpose is to collect debts
  2. A person who regularly collects or attempts to collect debts owed to another (this includes outside counsel who collects debts on behalf of the financial institution)
  3. A creditor who collects its own debts using a name other than its own, giving the impression that a third party is collecting it
  4. A creditor who collects its own debts because of his forefathers

Answer(s): A,B,C



Any person in one of the following category can be debt collector:

  1. A person operating a business whose principal purpose is to collect debts
  2. A person who regularly collects or attempts to collect debts owed to another (this includes outside counsel who collects debts on behalf of the financial institution)
  3. A creditor who collects its own debts using a name other than its own, giving the impression that a third party is collecting it
  4. A creditor who collects its own debts because of his forefathers

Answer(s): A,B,C






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