The Fair Credit Reporting Act Requires That Reports Contain Accurate,relevant,and

question 112

True/False

The Fair Credit Reporting Act requires that reports contain accurate,relevant,and recent information,and that only bona fide users be permitted to review a file for approved purposes

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Definitions:

Financial Gain

The increase in equity or wealth that an individual or company experiences, typically measured in terms of net profit or income.

Fairness

A principle relating to justice, equity, and impartiality within the allocation of resources or treatment of individuals.

Endowment Effect

The phenomenon in which people ascribe more value to things merely because they own them.

Loss Aversion

A concept in behavioral economics stating that individuals prefer avoiding losses to acquiring equivalent gains, showing that losses have a greater emotional impact than gains.