Final answer:
The Federal Fair Credit Reporting Act grants certain rights to consumers regarding their credit reports, but negative information can be reported for more than seven years.
Step-by-step explanation:
The Federal Fair Credit Reporting Act (FCRA) grants certain rights to consumers regarding their credit reports. However, one of the options provided is not true in relation to this act. The exception is b) Negative information can be reported for more than seven years.
The FCRA states that negative information, such as late payments and delinquencies, can generally be reported on a person's credit report for up to seven years. Additionally, bankruptcy-related information can be reported for up to ten years. This time frame is designed to provide a reasonable limit on how long negative information can impact a person's creditworthiness.
The other options provided are true under the FCRA. Consumers have the right to access their credit reports (a), and they can dispute inaccurate information on their credit reports (c). Employers are required to obtain written consent before obtaining a credit report (d) to protect consumer privacy.