Question

According to the Fair Credit Reporting Act (FCRA), if adverse action is taken against a credit applicant because of information on a credit report, the lender who used that report is required to _______________________.

A. Provide the applicant with a copy of their credit report and a written explanation of the adverse action.
B. Give the applicant a chance to dispute the information on their credit report.
C. Correct any inaccurate information on the applicant's credit report.
D. All of the above.

Answer 1

According to the Fair Credit Reporting Act (FCRA), if adverse action is taken against a credit applicant because of information on a credit report, the lender who used that report is required to provide the applicant with a copy of their credit report, a written explanation of the adverse action, give the applicant a chance to dispute the information, and correct any inaccurate information on the applicant's credit report.

Step-by-step explanation:

According to the Fair Credit Reporting Act (FCRA), if adverse action is taken against a credit applicant because of information on a credit report, the lender who used that report is required to provide the applicant with a copy of their credit report and a written explanation of the adverse action, give the applicant a chance to dispute the information on their credit report, and correct any inaccurate information on the applicant's credit report. Therefore, the correct answer is D. All of the above.