What does the Fair Credit Reporting Act give the consumer the right to do?

Question

Certilyst · Accepted Answer

A Rationale: Consumers have the right to question the validity and source of any credit information collected and retained by the insurer. This right allows individuals to ensure that the information used to assess their creditworthiness is accurate and fair.

Choice B is incorrect because the Fair Credit Reporting Act does not grant consumers the right to deny insurers access to their credit reports; rather, it regulates how information can be accessed and used.

Choice C is wrong as consumers cannot dictate which credit agency an insurer must use; the law does not provide this level of control over the reporting process.

Choice D is not correct since, while consumers can request their credit report, the Fair Credit Reporting Act specifically pertains to the ability to question the validity of the information rather than directly requesting it from their agent.

NJ Life Producer Exam Questions

What does the Fair Credit Reporting Act give the consumer the right to do?