New Jersey Life 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 by the insurer, ensuring transparency and accuracy in credit reporting.
Option B is incorrect as consumers cannot deny insurers access to their credit reports; insurers are permitted to access this information under certain conditions.
Option C is misleading, as consumers do not have the authority to choose which credit agency an insurer can use; insurers select agencies based on their needs.
Option D, while related to consumer rights, does not accurately reflect the specific provisions of the Act, which focuses on questioning the validity of information rather than simply requesting a copy of the report.
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