Non-compliance with the Fair Credit Reporting Act (FCRA) could result in various consequences for a business.
How to explain
These may include substantial fines levied by regulatory bodies, potential lawsuits initiated by affected individuals seeking damages, revocation of the business's privilege to access consumer credit reports, legal liabilities leading to financial penalties, and a tarnished business reputation.
Such ramifications underscore the critical importance of adhering to FCRA guidelines to ensure proper handling of consumer credit information and maintain trust within the market while avoiding legal repercussions and financial setbacks.
The Complete Question
What are the potential consequences that a business might face for non-compliance with the Fair Credit Reporting Act (FCRA)?
answer choices:
A) Fines imposed by regulatory authorities
B) Lawsuits filed by affected individuals
C) Revocation of the business's ability to access consumer credit reports
D) Legal liabilities leading to financial penalties and damages
E) Negative impact on business reputation and trust among consumers