Pennsylvania Life and Health Insurance Exam Practice Question
What does the Fair Credit Reporting Act give the consumer the right to do?
Correct Answer: A
Rationale: The Fair Credit Reporting Act empowers consumers to question the validity and source of any credit information collected and retained, ensuring transparency and accuracy in credit reporting.
Option B is incorrect as consumers cannot dictate which credit agency an insurer uses, as insurers typically have established relationships with specific agencies. Option C is misleading; while consumers can limit access to their reports under certain conditions, they cannot outright deny insurers access when applying for credit. Option D is inaccurate because it is not the producer’s responsibility to provide a credit report; consumers must request their report directly from the credit reporting agency.
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