ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumers also have a right to see their own credit reports. By law, they are entitled to at least one free credit report every 12 months from each of the three major bureaus.

Detailed explanation-2: -The Fair Credit Reporting Act (FCRA) (15 USC 1681) became effective on April 25, 1971. The FCRA is designed to regulate the consumer reporting industry; to place disclosure obligations on users of consumer reports; and to ensure fair, timely, and accurate reporting of credit information.

Detailed explanation-3: -The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq., governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs).

Detailed explanation-4: -A “consumer report” is any written, oral, or other communication of any. information by a consumer reporting agency that bears on a consumer’s creditworthiness, credit. standing, credit capacity, character, general reputation, personal characteristics, or mode of living.

Detailed explanation-5: -Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete, or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.