Consumer Privacy

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Question 1

Which federal department is the primary enforcement agency for laws that protect consumer privacy?

(A) The Federal Bureau of Investigation (FBI)	Correct Incorrect
(B) The Federal Trade Commission (FTC)	Correct Incorrect
(C) The United Nations	Correct Incorrect
(D) The Bureau of Consumer Affairs (BCA)	Correct Incorrect

The Division of Privacy & Identity Protection within the Federal Trade Commission oversees issues related to consumer privacy, credit reporting, identity theft and information security. Specifically, this division of the FTC enforces The Fair Credit Reporting Act, Gramm-Leach Bliley and the Children´s Online Privacy Protection Act.

Question 2

Which of the following are not Consumer Reporting Agencies?

(A) Trans Union	Correct Incorrect
(B) Electronic Data Systems	Correct Incorrect
(C) Experian	Correct Incorrect
(D) Equifax	Correct Incorrect

The ´big 3´ consumer reporting agencies are Experian, Equifax and TransUnion. Under the terms of the Fair Credit Reporting Act, consumers are able to request a free copy of their credit report once every 12 months for each of these three reporting agencies. Credit reports can be ordered online at www.annualcreditreport.com or by phone at 1-877-322-8228.

Question 3

What responsibilities do lenders have as providers of information to Credit Reporting Agencies?

(A) They must provide complete and accurate information to the credit reporting agencies.	Correct Incorrect
(B) The duty to investigate disputed information from consumers falls on them, and they must correct an error, or explain why the credit report is correct within 30 days of receipt of notice of a dispute.	Correct Incorrect
(C) They must inform consumers about negative information which has been or is about to be placed on a consumer's credit report within 30 days.	Correct Incorrect
(D) All of the above.	Correct Incorrect

The Fair Credit Reporting Act (FCRA) has established a wide range of guidelines, policies and procedures the furnishing of information to Credit Reporting Agencies. All of the items listed are required under the FCRA.

Question 4

Which of the following types of companies are not governed by the Fair Credit Reporting Act?

(A) Direct Marketers	Correct Incorrect
(B) Credit Reporting Agencies	Correct Incorrect
(C) Nationwide Specialty Consumer Reporting Agencies	Correct Incorrect
(D) All are covered under the FCRA	Correct Incorrect

Specialty consumer reporting agencies collect and share information about your transaction history with businesses. Examples of transactions include use of bank accounts, apartment rental payments, insurance claims, utility payments, employment information and medical records. The ´big 3´ credit reporting agencies include Experian, Equifax and TransUnion. Both of these types of organizations are governed by the Fair Credit Reporting Act (FCRA). Direct marketers are not.

Question 5

Website privacy policies do the following:

(A) Prohibit website owners and operators from sharing data collected about you to others.	Correct Incorrect
(B) Provides the ability for a website visitor to 'opt-out' of having data collected during their visit.	Correct Incorrect
(C) Provide details to consumers on website data collection practices, the purpose for collecting such information and descriptions of how the data will be used.	Correct Incorrect
(D) Requires website owners to obtain permission from the consumer before information that is collected can be used.	Correct Incorrect

Website privacy policies are required to disclose disclose data collection practices, how the website owner will use information collected during a website visit and why they need the information they are collecting. They do not prohibit any such practices, only their disclosure.

Question 6

When shopping online, which of the following best practices should you observe?

(A) Make sure you are accessing a secure website by seeing if the site begins with 'https' instead of 'http'.	Correct Incorrect
(B) Access the site from a secure internet connection and not a public wifi network.	Correct Incorrect
(C) Make sure that the site that you thought you were accessing is the site you landed on by checking the site URL at the top of your browser.	Correct Incorrect
(D) All of the above.	Correct Incorrect

When you are shopping online, it is important that you take the necessary steps to make sure that the online retail site you are shopping at is providing a secure environment for the transfer of credit card information between your computer and their systems. That means making sure every stage of the connection is secure, which includes both your internet connection and the website you are shopping at. It is also important to make sure that promotional emails you receive are from ´phishers´ trying to trick you into providing your information at a fraudulent website.

Question 7

The legislation that requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data is known as?

(A) CAN-SPAM	Correct Incorrect
(B) The Children's Online Privacy Protection Act (COPPA)	Correct Incorrect
(C) The Fair Credit Reporting Act (FCRA)	Correct Incorrect
(D) The Gramm-Leach-Bliley Act	Correct Incorrect

The Gramm-Leach-Bliley Act (also known as the Financial Modernization Act), is a federal law enacted in 1999 that requires financial institutions and other companies that offer consumer financial products, or services like loans, financial or investment advice, or insurance, to explain their information sharing practices to their customers and to safeguard sensitive information.

Question 8

The federal Health Insurance Portability and Accountability Act (HIPAA) covers the use of medical records only for the following cases:

(A) Medical records that are created when you receive treatment from a health professional such as a physician, nurse, dentist, chiropractor, or psychiatrist.	Correct Incorrect
(B) Medical information provided to a school or employer.	Correct Incorrect
(C) Medical billing and payment information that may be collected along with your other financial transactions.	Correct Incorrect
(D) All of the above.	Correct Incorrect

The HIPAA Privacy Rule applies to health plans, health care clearinghouses, and those health care providers that conduct certain health care transactions electronically. It was created to protect medical records and other personal health information. It does not apply to personal medical information that you might provide to another organization, nor is billing or payment information covered under the rule.

Question 9

When signing up or visiting a social network site, make sure that you protect your personal information and privacy by:

(A) Familiarizing yourself with the social networking sites' privacy settings and administering the settings in accordance with your information sharing wishes.	Correct Incorrect
(B) By checking to see what personal information an app that you might download on your account can see and use.	Correct Incorrect
(C) Understanding the general profile information that is being made public about you and that can be viewed by anyone with access to your social profile.	Correct Incorrect
(D) All of the above.	Correct Incorrect

Under consumer privacy regulations, websites, including social media sites are only required to disclose their data collection practices and how they will use information collected about site visitors. As a user, it is incumbent upon you to understand what information is being collected, how it is being used and to ´opt-out´ of any practices that you find objectionable.

Question 10

Which of the following is not considered to be "personally identifiable information"?

(A) Credit card numbers	Correct Incorrect
(B) Vehicle registration plate number	Correct Incorrect
(C) Name of the school you attend or your workplace	Correct Incorrect
(D) Date of birth	Correct Incorrect

The United States General Services Administration, or GSA, defines personally identifiable information as "information which can be used to distinguish or trace an individual´s identity, such as their name, social security number, biometric records, etc. alone, or when combined with other personal information which is linked or linkable to a specific individual, such as date and place of birth, mother´s maiden name, etc."

The name of the school you attended or your place of employment is not specific enough to you, as an individual, to meet this criteria.

	Correct	Incorrect
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Information presented in the Northwest Financial Wellness Center is provided for educational purposes only and is not related to actual Northwest products or services. Northwest makes no representations as to the accuracy, completeness or specific suitability of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Northwest recommends you consult a professional for any specific guidance you are seeking.

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