Under the FCRA, which party has the primary responsibility to investigate and correct inaccurate information when a consumer disputes an item on their credit report?
Correct Answer
C) The credit reporting agency that issued the report
Under FCRA Section 611, the credit reporting agency has the primary duty to investigate disputes within 30 days, though they typically contact the data furnisher (creditor) to verify the information.
Why This Is the Correct Answer
Under FCRA Section 611, the credit reporting agency has the primary duty to investigate disputes within 30 days, though they typically contact the data furnisher (creditor) to verify the information.
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?
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Previous Question
A mortgage has an APR of 9.2% when the average prime offer rate for comparable transactions is 6.5%. The loan amount is $95,000 with points and fees of $4,200. Is this loan subject to HOEPA?
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A high-cost mortgage under HOEPA has an initial interest rate of 7.5% with a provision allowing increases up to 9.5% during the first five years. What is the maximum allowable rate increase after the five-year period?