Certified Regulatory Compliance Manager (CRCM) — Question 143

The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:

Answer options

• A. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate manner
• B. The consumer credit reporting and related industries to ensure that consumer information is reported in a timely manner
• C. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner
• D. None of these

Correct answer: C

Explanation

The correct answer is C because the FCRA aims to ensure that consumer information is reported accurately, timely, and completely. Option A focuses only on accuracy, while option B emphasizes timeliness, and neither addresses the completeness required by the FCRA. Option D is incorrect as C accurately describes the act's purpose.