What legislation gives consumers the right to know what information is reported about them?

The Fair Credit Reporting Act (FACT Act) is designed to promote accuracy and privacy of information contained in consumer credit reports. It gives consumers the right to know what information is being reported about them by credit reporting agencies, ensuring greater transparency in the credit reporting process. Under this legislation, consumers have the opportunity to request and review their credit reports to verify the information and dispute inaccuracies. This right to access their own information is crucial in enabling consumers to protect themselves against errors that could adversely affect their creditworthiness and overall financial standing.

The other options, while significant in the realm of consumer protection, do not specifically address consumer rights related to knowledge and access of their reported information. For instance, the Truth in Lending Act primarily focuses on disclosure of credit terms and costs, rather than consumer access to reporting data. Similarly, the Consumer Credit Protection Act encompasses broader regulations regarding consumer credit but does not grant specific rights regarding personal information reporting. The National Consumer Act includes a variety of consumer protection measures but does not specifically highlight consumer rights concerning information reporting. Thus, the FACT Act’s provision directly aligns with the question of consumer rights to know and understand what information is reported about them.