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• B) It requires deletion of out-of-date information.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:

Income-Consumption Curve

A graph that shows how a consumer's optimal bundle of goods changes as their income changes, all else being constant.

Marginal Utility

The change in satisfaction or utility gained from consuming an additional unit of a good or service.

Utility Maximizing

The process by which individuals select the mix of goods and services that maximizes their satisfaction or utility, given their budget constraint.

Elastic Demand

A situation where the demand for a product is sensitive to price changes, showing a significant change in quantity demanded when prices fluctuate.