What consumer service was the Fair Credit Reporting Act (FCRA) originally intended to provide?
What consumer service was the Fair Credit Reporting Act (FCRA) originally intended to provide?
The Fair Credit Reporting Act (FCRA) was originally intended to provide consumers the ability to correct inaccurate credit information. This is because the act mandates accurate and relevant data collection, and grants consumers rights to access and correct their information in their credit reports.
Per the text, "..Specifically, FCRA mandates accurate and relevant data collection, provides consumers with the ability to access and correct their information, and limits the use of consumer reports to defined permissible purposes".
• Mandates accurate and relevant data collection • Grants consumer rights to access and correct their information • Limits use of consumer reports to “permissible purposes”
FCRA mandates accurate and relevant data collection, provides consumers with the ability to access and correct their information, and limits the use of consumer reports to defined permissible purposes