Asked by Laura-Leigh Holley on May 22, 2024
Verified
Lu's application to Metro Bank for a credit card is denied. Lu can obtain information on his credit history in a credit agency's files under
A) no federal law.
B) the Equal Credit Opportunity Act.
C) the Fair Credit Reporting Act.
D) the Fair Debt Collection Practices Act.
Fair Credit Reporting Act
a federal law that regulates the collection, dissemination, and use of consumer credit information, ensuring accuracy, fairness, and privacy.
Metro Bank
A financial institution that provides banking services, which may include savings, loans, and investment products.
Credit History
A record of a borrower's responsible repayment of debts, used by lenders to gauge the borrower's creditworthiness.
- Acquire knowledge about the consumer rights provided under the Fair Credit Reporting Act.
Verified Answer
ML
MA. LORIE FE BARITUAMay 23, 2024
Final Answer :
C
Explanation :
The Fair Credit Reporting Act (FCRA) allows individuals to obtain information on their credit history from credit reporting agencies. This law ensures that consumers can access their credit information and dispute any inaccuracies.
Learning Objectives
- Acquire knowledge about the consumer rights provided under the Fair Credit Reporting Act.