Loan Officer Practice Exam

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Prepare for the Loan Officer Exam. Study with quizzes and multiple choice questions, each with hints and detailed explanations. Start your journey today!

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According to the FCRA, how many days do creditors have to correct, delete, or verify consumer information after a dispute?

45 days
30 days
15 days
10 days

The correct answer is: 30 days

Under the Fair Credit Reporting Act (FCRA), creditors are required to complete an investigation into a consumer dispute within 30 days of receiving a notice of the dispute from a credit reporting agency. If a consumer identifies inaccuracies in their credit report and submits a dispute, the creditor must take action to either verify the information, correct it if it's found to be inaccurate, or delete it entirely from the consumer's credit report. This 30-day timeline is critical because it not only protects consumers by ensuring timely resolution of disputes but also helps maintain the accuracy of credit reporting in general. The FCRA thus establishes this period as a safeguard for consumers, ensuring they are not unduly affected by erroneous information on their credit reports.