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Exam CRCM topic 1 question 153 discussion

Actual exam question from ABA's CRCM
Question #: 153
Topic #: 1
[All CRCM Questions]

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

  • 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
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Suggested Answer: C 🗳️
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C (100%)

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Cam22
4 months, 2 weeks ago
Selected Answer: C
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.
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C (25%)
B (20%)
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