A team member asks about FCRA Credit Report Requirements in a compliance desk review while trying to confirm the rule-based response. Which response should the loan team use?
Correct Answer
B) Keep consumer-report information within authorized use
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Keep consumer-report information within authorized use".
Why This Is the Correct Answer
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Keep consumer-report information within authorized use".
More Federal Laws Questions
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During a borrower intake review, the branch manager encounters a TILA HPML Escrow Requirements issue. Which response should explain the required action to the team?
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During a borrower intake review, a compliance analyst encounters a TILA Right of Rescission issue. Which response should avoid a shortcut that would misapply the rule?