Asked by Silvia Montañes Sintes on May 18, 2024
Verified
The Fair Credit Reporting Act has to do with:
A) bills that are incorrectly added.
B) credit checks done by potential lenders.
C) reports made by credit agencies.
D) All of these.
E) reports made by credit agencies and also credit checks done by potential lenders.
Fair Credit Reporting Act
A federal law in the United States designed to ensure the accuracy, fairness, and privacy of consumer information contained in the files of credit reporting agencies.
Credit Checks
The process of evaluating an individual's or company's credit history and current financial status to assess their creditworthiness.
Potential Lenders
Entities or individuals who may provide loans or credit but have not yet agreed to do so.
- Recognize the implications and regulations under the Fair Credit Reporting Act.
Verified Answer
RS
romulo salgadoMay 23, 2024
Final Answer :
E
Explanation :
The Fair Credit Reporting Act (FCRA) is primarily concerned with the regulation of credit reporting agencies, ensuring the accuracy, fairness, and privacy of consumer information in their reports. This includes how credit information is collected, disseminated, and used by potential lenders and others. Therefore, it directly relates to reports made by credit agencies and credit checks done by potential lenders.
Learning Objectives
- Recognize the implications and regulations under the Fair Credit Reporting Act.