A consumer disputes information on their credit report directly with the credit reporting agency. Under the FCRA, the agency must investigate and respond within:
Correct Answer
B) 30 days
Under FCRA Section 611, credit reporting agencies must investigate disputed information and provide results within 30 days of receiving a dispute (or 45 days if additional information is provided during the 30-day period).
Why This Is the Correct Answer
Under FCRA Section 611, credit reporting agencies must investigate disputed information and provide results within 30 days of receiving a dispute (or 45 days if additional information is provided during the 30-day period).
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?