The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:
The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:
The Fair Credit Reporting Act (FCRA) was enacted to regulate the consumer credit reporting and related industries. Its main purpose is to ensure that the information reported about consumers is accurate, timely, and complete. This encompasses all aspects of consumer credit reporting, hence making the answer detailed and comprehensive as required by the FCRA's guidelines.
The correct answer is C. The Fair Credit Reporting Act (FCRA) became effective in 1970, and its purpose is to regulate the consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. This act provides guidelines and regulations for credit reporting agencies to follow, ensuring that the information they collect and distribute about consumers is handled responsibly and fairly.