Research Fair Credit Reporting Act Web Quest

Use the internet to find credible answers to the following questions on the Fair Credit Reporting Act (FCRA). For each answer, be sure to cite your source with the name of the website you used.

Here are a few sources to get you started: ● A Summary of Your Rights under FCRA, Experian ● FCRA: A Guide to Your Rights, CreditCards ● Fair Credit Reporting Act, Debt ● What You Should Know About the FCRA, About Money

1. There are three main credit reporting bureaus -- Equifax, Experian, and TransUnion. How frequently can you request and receive a free credit report from each bureau? Every 12 months
2. Give 5 examples of people or organizations who can request to see YOUR credit report.
   • Mortgage lenders
   • Landlords
   • Utility companies
   • Student loan lenders
   • Insurance companies
3. What is the maximum amount of time a negative item (late payment, missed payment, default, bankruptcy) can stay on your credit report? Around 7 years
4. Suppose you apply for an apartment, and the landlord informs you that, based on your credit report, she is not going to rent you the apartment. According to FCRA, what information must she legally provide you about that decision?

They must provide information about the negative credit

1. Suppose you’ve already received your free credit reports this year. Give 3 situations in which the credit bureaus would have to provide you an additional free report. Someone gets hurt, you get robbed and somedodys dues
2. If you review your credit report and find an error, and you’re able to prove it is, indeed, an error, how long does the credit bureau have to remove the error? ngpf Last updated: 11/21/ 1

1. Explain why someone might want to put a “red flag” on their own credit report.

As a warning it could be something suspicious

1. TRUE or FALSE: a. The FCRA applies only to the 3 main credit reporting bureaus -- Equifax, Experian, and TransUnion. true

b. Under FCRA, each credit bureau must also provide your credit score, free of charge, if you request it. true

c. FCRA allows you to opt-out of receiving credit card promotions based on your credit history. False

d. Equifax, Experian, and TransUnion are legally obligated to provide identical information. True

1. What is the one website you can visit in order to request a free credit report from any of the three bureaus?

ngpf Last updated: 11/21/ 2