A little quiz with the answers as a cheat sheet if you are wondering about your rights to fair credit. Have you been denied employment or a loan? Quote the law noted in red
Penalty amounts
under the Fair Housing Act depend on a respondent’s history of
noncompliance.
True
False
2. Harassment is not
considered a form of discrimination under the Fair Housing Act.
True
False
3. The Fair Housing
Act prohibits any person or business engaged in real estate-related
transactions from discriminating because of race, color, religion, sex,
handicap, familial status, or national origin.
False
True
4. The Fair Housing
Act was actually the first law that Congress enacted to address redlining
and other issues related to fair housing and nondiscriminatory mortgage
lending practices.
False
True
5. When HUD receives
fair housing complaints, the parties to the dispute, known as the
complainant and the respondent, will have an opportunity to enter a
conciliation agreement.
v
False
True
6. Disparate
treatment involves treating one group of consumers differently from others,
based on whether or not they are qualified for a loan.
True
False
7. The process of
securitization includes collecting loans with similar credit risks, loan
terms, and other comparable features into a “pool” and selling an interest
in this pool to investors as mortgage-backed securities.
False
True
8. The protected
classes, or those individuals or groups of individuals who will receive
protection under the Fair Housing Act, are identical to those established
under ECOA.
False
True
9. The Fair Housing
Act provisions that prohibit discrimination based on familial status also
apply to qualified senior housing.
False
True
10. Even though the
Fair Housing Act does not expressly include sexual orientation or gender
identity as protected classes, discrimination against LGBT individuals is
arguably discrimination based on sex and in violation of the existing law.
False
True
1. A class that the
Fair Housing Act expressly names as a protected class and that ECOA does
not expressly name as a protected class is:
Religion
Color
Handicap
Sex
2. HUD’s new fair
housing policy prohibits an assessment of eligibility for an FHA-insured
loan that is based on a consideration of:
Race
National
origin
Handicap
Marital
status
3. HUD has a new
policy that seeks to ensure the availability of HUD lending and housing
programs without consideration of particular personal characteristics. All
but which of the following is a personal characteristic that is protected
under the new policy?
Marital
status
Gender
identity
Sexual
orientation
Political
party affiliation
4. The Fair Housing
Act provisions that prohibit discrimination based on familial status do not
apply to:
Mortgage
brokers
Qualified
senior housing
HUD
housing
Lenders
5. A conciliation
agreement cannot be finalized without the signature of:
The
CFPB Director
A
judge in a federal court in the district where the discrimination allegedly
occurred
An
administrative law judge
HUD’s
Assistant Secretary
an employer refuses to
promote an employee because of information contained in a consumer report,
what does the Fair Credit Reporting Act require of the employer?
That it send notice
of the decision not to promote to the consumer reporting agency
Nothing is required
because FCRA does not apply to decisions to promote
X
That it give the
employee a copy of the report
That it provide the
employee with reasons for the decision not to hire him or her
Consumer
reporting agencies are not allowed to give an entity asking for a report a
record of inquiries in connection with a credit or insurance transaction not
initiated by a consumer. However, consumer reporting agencies are allowed,
upon request, to disclose to a consumer a record of all inquiries received by
the reporting agency within the one-year period prior to a consumer’s request
that identified the consumer in connection with a credit or insurance
transaction not initiated by the consumer (15 U.S.C. §1681g).
report provided in a
credit or insurance transaction may contain the following pieces of
information, except:
An identifying
number used to identify the consumer
The consumer’s
name
The consumer’s
address
X
The consumer’s
Social Security number
FCRA
gives consumers the right to prevent a consumer report from being provided in
connection with a credit or insurance transaction that they did not initiate
(15 U.S.C. §1681b(e)). To get on the do-not-send list, a consumer has two
options. First, the consumer can use the notification system that the
consumer reporting agency uses (FCRA requires that all consumer reporting
agencies establish a notification system, which could be as simple as a
toll-free telephone number). provisions
of this subsection alter, affect, or supersede the applicability of any other
provisions of federal law relating to medical confidentiality.
Which of the
following accurately states the rule for sharing information about medical
treatment histories?
X
Only consumer
consent is required in an insurance situation, but more is required for
an employment or credit transaction
The information
cannot be shared even where the consumer consents
Only consumer
consent is required in a credit situation, but more is required for an
insurance or employment situation
Only consumer
consent is required in an employment situation, but more is required for
an insurance or credit transaction
Arrest records that are more than seven years old,
unless the statute of limitations has not expired, at which point the
arrest may be reported until the statute of limitations expires
Tax liens that are more than seven years old
Accounts placed for collection (or charged off) that
are more than seven years old
Any other adverse information that is more than seven
years old, other than conviction of a crime (conviction of a crime can
always be reported, no matter how old);
The name, address, and telephone number of any medical
information provider unless either:
That information does not convey information on the
nature of the services (the name of a psychiatric center, for example,
would not qualify because it conveys information that the consumer has
mental health problems), or
The report is being provided to an insurance company
for purposes related to an insurance matter not involving property and
casualty insurance
(15 U.S.C. §1681c(a))
FCRA also contains a
list of situations in which the rules about what can be contained in a consumer
report do not apply. The rules do not apply in the following situations:
A credit transaction involving, or which may reasonably
be expected to involve, a principal amount of at least $150,000
The underwriting of life insurance involving, or which
may reasonably be expected to involve, a face amount of at least $150,000
An employment situation in which the employee is
expected to receive an annual salary of at least $75,000
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