Question

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?

1) $100 per violation
2) Revocation of license
3) $2,500
4) $1,000

Answer 1

The maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act is revocation of license.

Step-by-step explanation:

The maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act is revocation of license. Although there may be administrative penalties involved, such as fines, the most severe consequence is the revocation of the license to operate as a consumer reporting agency. This means that the violator would no longer be able to engage in the business of furnishing consumer reports for authorized purposes.