Ask Question
18 April, 04:33

Under the Fair Credit Reporting Act of 1970 (FCRA), consumers can stop financial institutions from sharing their credit report or credit applications with affiliates. True False

+2
Answers (1)
  1. 18 April, 07:44
    0
    True

    Explanation:

    The Fair Credit Reporting Act of 1970 (FCRA) was enacted as a legislation by the U. S. Federal Government to ensure accuracy, fairness, and privacy of consumer information which consumer reporting agencies have in their files. The aim is to ensure that inaccurate information are not intentionally and/or negligently included in the credit report of consumer reporting agencies.

    Although, initially when FRCA was passed in 1970, customers does not have the option of preventing sharing of information about them. However, when FCRA was amended in 1996, it allows companies to share among their affiliates different data collected on their customers subject to the provision that customers are allowed to prevent the sharing of the information.

    Therefore, under the Fair Credit Reporting Act of 1970 (FCRA), consumers can stop financial institutions from sharing their credit report or credit applications with affiliates.

    I wish you the best.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Under the Fair Credit Reporting Act of 1970 (FCRA), consumers can stop financial institutions from sharing their credit report or credit ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers