BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Disputed Charges Reform Act
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Equal Credit Opportunity Act
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Fair Credit Reporting Act
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Fair Debt Collection Practices Act
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Detailed explanation-1: -The FCRA provides consumers with the ability to correct any inaccurate information on their credit reports, and provides for legal remedies if a credit reporting agency or furnisher violates your rights.
Detailed explanation-2: -The FCRA gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance. The FCRA also gives you the right to request and access all the information a consumer reporting agency has about you (this is called “file disclosure").
Detailed explanation-3: -Common violations of the FCRA include: Creditors give reporting agencies inaccurate financial information about you. Reporting agencies mixing up one person’s information with another’s because of similar (or same) name or social security number. Agencies fail to follow guidelines for handling disputes.
Detailed explanation-4: -The Fair Credit Reporting Act (FCRA) is the act that regulates the collection of credit information and access to your credit report. It was enacted in 1970 to ensure fairness, accuracy and privacy of the personal information contained in the files of the credit reporting agencies.