61.) The Fair Credit Reporting Act allows for both compensatory and punitive damages for willful or negligent failure to comply with the provisions of the act. True or False

62.) Congress set out tests for ensuring the relevancy of the information when it enacted this legislation. Agencies must report information that is accurate and up to date; consumers have recourse against credit bureaus and credit-reporting bureaus that report irrelevant information. True or False

63.) Maggie disputed a piece of information about her in a credit report prepared by WRT, Inc., a professional credit bureau. WRT investigated the information, but does not agree with Maggie's position. Maggie has subsequently filed a statement setting forth the nature of the dispute. WRT has no grounds to believe that Maggie's claim is frivolous, but also does not agree with it. In subsequent credit reports, WRT

A. must remove the disputed information altogether.

B. must accompany the disputed information with a note that Maggie disputes it and provide Maggie's statement or an accurate summary thereof.

C. must accompany the disputed information with a note that Maggie disputes it, but does not need to include Maggie's position.

D. may print the disputed information without comment.

64.) Under the provisions of the federal Consumer Credit Protection Act (TILA), the consumer credit customer must be informed of

A. the procedures for complaining about a billing error.

B. the opportunity to examine his or her credit file, and the ability to object to allegedly erroneous materials or information.

C. the annual percentage rate of all finance charges imposed on the credit account.

D. the availability of credit life insurance protection on all consumer credit accounts.

65.) Sally, a consumer, wrote a debt collector a letter and sent it regular mail, stating that she does not intend to pay the debt and wants all communications to stop. At this point, the collector

A. must essentially stop all further communications.

B. can ignore Sally's request because it was not sent by Certified Mail.

C. must essentially stop all further written communications but can still make telephone communications.

D. must essentially stop all further telephone communications but can still make written communications.

E. must contact the Consumer Collection Agency.

F. must stop collection attempts for 30 days.

66.) The most accurate statement regarding the relevancy of information gathered by a credit information agency is

A. the FCRA requires the information to be directly relevant to credit.

B. the FCRA requires the information be relevant to any valid purpose.

C. the FCRA is silent on relevancy.

D. the FCRA requires the agency to use reasonable care to ensure relevancy of gathered information.

67.) The purpose of the Truth-in-Lending Act is

A. to enable consumers to make more informed decisions about credit.

B. to ensure that consumers are not charged too much interest.

C. to regulate interest rates.

D. to prevent discrimination in the extension of credit.

68.) Under the Equal Credit Opportunity Act, punitive damages

A. are not available.

B. are available up to $100,000 for individual actions.

C. are available up to $500,000 or 1 % of the defendant's net worth, whichever is less, for class actions.

D. are available up to $500,000 or 1 % of the creditor's net worth, whichever is greater, for class actions.

69.) What category is not included in a Truth in Lending Act Disclosure Form?

A. Annual percentage rate

B. Finance charge

C. Amount financed

D. Current standard interest rates

70.) A credit reporting agency reported erroneously that Nathan had filed bankruptcy. The mistake was due to a mix-up with the spelling of Nathan's last name. Under the Fair Credit Reporting Act, Nathan can sue the reporting agency for

A. defamation.

B. invasion of privacy.

C. negligence.

D. none of the above, if the error was a bona fide error.

E. all of the above, even if the error was a bona fide error.