ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The accuracy of the credit report
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The privacy of the consumer
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The financial goals of the consumer
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The fairness of credit reporting
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Detailed explanation-1: -The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.
Detailed explanation-2: -The Fair Credit Reporting Act (FCRA), 15 U.S.C. ยง 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-3: -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.
Detailed explanation-4: -Information excluded from consumer reports further include: Arrest records more than 7 years old. Items of adverse information, except criminal convictions older than 7 years. Negative credit data, civil judgments, paid tax liens, and/or collections accounts older than 7 years.