Question

Which Act gives cardholders the right to see their credit agency reports and to correct errors in those reports?

A) Consumer Protection Act (CPA)

B) Federal Trade Commission Act (FTC Act)

C) Fair Credit Reporting Act (FCRA)

D) Credit Card Accountability Responsibility and Disclosure Act (CARD Act)

Answer 1

The Fair Credit Reporting Act (FCRA) allows cardholders to access and correct errors in their credit agency reports (option C).

Step-by-step explanation:

The Act that gives cardholders the right to see their credit agency reports and to correct errors in those reports is the Fair Credit Reporting Act (FCRA). The FCRA was enacted in 1970 and is designed to promote accuracy, fairness, and privacy of information in the files of consumer reporting agencies. It grants consumers the right to obtain a copy of their credit report from each credit reporting agency once every 12 months, free of charge, and the right to dispute inaccurate information, which the agencies are then required to investigate and correct or delete if found to be inaccurate.

Hence, the answer is option C.