Question

The Fair Credit Reporting Act applies: a.only to consumer reporting agencies. b.to all information on consumer debtors. c.to consumer and commercial credit. d.none of the above

Answer 1

A. Only to consumer reporting agencies

The Fair Credit Reporting Act (FCRA) is a federal law that regulates credit reporting agencies and compels them to ensure the information they gather and distribute is a fair and accurate summary of a consumer's credit history. ... The law is intended to protect consumers from misinformation being used against them.

Explanation: The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection of consumers' credit information and access to their credit reports. It was passed in 1970 to address the fairness, accuracy, and privacy of the personal information contained in the files of the credit reporting agencies.

Together with the Fair Debt Collection Practices Act (FDCPA), the FCRA forms the foundation of consumer rights law in the United States. It was originally passed in 1970 and is enforced by the US Federal Trade Commission, the Consumer Financial Protection Bureau and private litigants.

Answer 2

Answer:

A - Only to Consumer Reporting Agencies.

Step-by-step explanation:

The Fair Credit Reporting Act is a federal law which controls, regulates and ensures the collection of consumers' credit information and access to their credit reports. The Fair Credit Reporting Act helps to ensure that reports are fair, equitable and accurate.

Also, it ensures that the privacy and confidentiality of the personal information contained in the files of the credit reporting agencies are considered and protected.

The information gathered are sold to help businesses make decisions about granting loans or credit.