Exploring the Fair Credit Reporting Act of 1970

The video tutorial explores the Fair Credit Reporting Act (FCRA) of 1970, highlighting its impact on consumer credit reports. It discusses the issues with credit reports before the FCRA, the goals of the Act, and the roles and responsibilities of credit reporting agencies, information furnishers, and users. A case study of Dougherty vs. Ocwen illustrates FCRA enforcement. The video concludes with a discussion on consumer rights and remedies under the FCRA.

How did the Credit Reporting Act help people?

• The Credit Reporting Act limited access to credit reports
• The Credit Reporting Act ensured accuracy in credit reports, protected consumers from identity theft, and gave individuals the right to dispute errors on their credit reports.
• The Credit Reporting Act increased interest rates on loans
• The Credit Reporting Act allowed individuals to share credit reports without consent

What are the three credit rating companies?

• TransUnion, Equifax, Equifax
• Equifax, Experian, TransUnion
• TransUnion, Experian, Equifax
• Equifax, Experian, Equiquest

How does removing negative information from a credit score affect a consumer?

• It has no effect on a consumer's financial situation.
• It can negatively impact a consumer by reducing their credit score and limiting their financial opportunities.
• It can positively impact a consumer by potentially increasing their credit score and improving their financial opportunities.
• It can lead to legal consequences for the consumer.

What must a consumer reporting company do when a report is disputed?

• Share the dispute information with other companies without verification
• Ignore the dispute and keep the report as is
• Investigate the dispute by reviewing all relevant information provided by the consumer and correcting any inaccuracies.
• Request additional payment from the consumer to investigate the dispute

What was the finding in Daughtry vs Ocwen?

• Ocwen was found to have complied with all regulations
• Daughtry was found to be at fault for the debt collection practices
• Ocwen was found to have violated the Fair Debt Collection Practices Act
• The case was dismissed due to lack of evidence

What are current consumer credit rights?

• No need to monitor credit report
• Dispute errors on credit report, know credit score, request free credit report annually, protection against identity theft
• No protection against identity theft
• Unlimited credit increases