Final answer:
Insurance companies are required by the Fair Credit Reporting Act to inform applicants about the credit report, but they are not obligated to provide the applicant with a summary of their credit score, a copy of the investigative credit report, or a written explanation of why the report was ordered. The correct answer is Option 4: None of the above.
Step-by-step explanation:
Insurance Company Requirements for Investigative Credit Reports
When an insurance company orders an investigative credit report, certain legal obligations must be met in terms of disclosure to the applicant. According to the Fair Credit Reporting Act (FCRA), the company is required to inform the applicant that it may obtain a credit report. This also includes providing a notice that the individual has a right to request additional details about the report. However, the law does not require the company to provide the applicant with any of the specific options listed in the original question. Therefore, the correct answer would be Option 4: None of the above.
It's important for consumers to monitor their credit history for red flags that suggest their identity may have been compromised. Additionally, knowing what information is being collected, how it's going to be used, and who will have access to it is crucial for maintaining one's financial security. Consumers have the right to request and obtain a copy of their credit report annually from each of the three major credit bureaus, allowing them to check for any inaccuracies or fraudulent activity.