A specialized underwriter is evaluating a high-value key person life insurance application. As part of the background check, the underwriter orders an investigative consumer report. The insurance company mails the initial required notice to the proposed insured the following day. A week later, the proposed insured sends a formal written request demanding to know exactly what kind of information is being gathered and who is being interviewed. Under the Fair Credit Reporting Act (FCRA), what is the insurer's procedural obligation?
- Provide a written disclosure of the nature and scope of the investigation within 5 days of receiving the request.Cevap
- BProvide a written disclosure of the nature and scope of the investigation within 3 days of receiving the request.
- CInstruct the proposed insured to contact the consumer reporting agency directly to obtain the investigation details.
- DProvide a full, completed copy of the final investigative report to the proposed insured within 30 days.
Cevap
The insurer must provide a written disclosure of the nature and scope of the investigation within 5 days of receiving the request.
The Fair Credit Reporting Act requires that when a consumer formally requests further information regarding an investigative consumer report, the party that ordered the report must provide a complete and accurate written disclosure of the nature and scope of the investigation within 5 days of receiving the request.
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FCRA Investigative Consumer Report Disclosures