Final answer:
The Fair Credit Reporting Act mandates that individual consent must be obtained prior to accessing their credit information. This law protects personal financial data and ensures transparency and control for consumers over their credit reports.
Step-by-step explanation:
The Fair Credit Reporting Act is A) True. The act does require that an individual's consent is obtained before a third party can access their credit information.
An can be provided by looking at the details of the Fair Credit Reporting Act. This federal law was put in place to ensure the accuracy, fairness, and privacy of personal information contained within the files of credit reporting agencies. Consent is a critical aspect of this law because it pertains to protecting an individual's personal financial data from being obtained without permission. When any source requests your credit information, it's advisable to ask why it is being collected, how it will be used, and who will have access to it.
Additionally, it's good practice to monitor your credit history for any red flags that could signal potential identity theft or that your information has been compromised. The Act helps consumers to have control over their personal financial information, supports transparency and works to prevent abuses in the credit reporting process.