The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:
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A. B. C. D.C
The correct answer is C. The Fair Credit Reporting Act (FCRA) regulates the consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner.
The FCRA sets standards for the collection, dissemination, and use of consumer credit information. It ensures that credit reporting agencies and those who furnish information to them, such as creditors and employers, maintain accurate and complete information on consumers. The FCRA also provides consumers with the right to access their credit information and dispute any inaccuracies.
Under the FCRA, consumer reporting agencies must follow reasonable procedures to ensure the accuracy and completeness of consumer credit information. They must also investigate disputes and correct errors within a reasonable time frame.
Additionally, the FCRA regulates the permissible purposes for which consumer credit information may be accessed and used, and requires that consumers be notified when their credit information is being used for certain purposes, such as employment or insurance.
In summary, the FCRA serves to protect consumers by ensuring that credit reporting agencies and those who furnish information to them follow strict standards for accuracy, completeness, and proper use of consumer credit information.