Which Is NOT True About the Fair Credit Reporting Act

question 121

Multiple Choice

Which is NOT true about the Fair Credit Reporting Act?

• A) It regulates the use of credit reports.
• B) It requires deletion of out-of-date information.
• C) It gives consumers access to their files and the right to correct any misinformation.
• D) It places limits on who can obtain a report.
• E) It gives borrowers the right to know why they are denied credit.

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Definitions:

Subsidiary

A company controlled by another company, often referred to as the parent company.

Acquisition

The process or act of obtaining control, possession, or ownership of a company or assets by purchasing or merging with it.

Consolidation

A combination of two or more businesses in which all of the old legal entities dissolve and a new one with a new name is formed to continue into the future.

Vertical Merger

A vertical merger occurs between two companies that operate at different levels within an industry's supply chain, typically aimed at increasing efficiencies or reducing costs.