Clark goes to the First Bank to obtain a consumer loan. The bank requests that the Rich Credit Reporting Agency furnish a credit report, which they do. Based upon the report, which says that Clark has been convicted of theft and credit card fraud, the
bank denies Clark's application. Is Clark entitled to know what was in the report? If Clark thinks the information in the report is inaccurate, what can he do?
The Fair Credit Reporting Act applies to credit reports used to secure employment, insurance, and credit. Clark may request and receive from the agency information regarding the nature and substance of all information on him in the agency's files, the sources of the information, and the names of all recipients of the reports for other than employment purposes within the preceding six months. If Clark notifies the reporting agency of disagreement with the accuracy and completeness of information in the file, the agency must reinvestigate within a reasonable time. If reinvestigation proves the information is inaccurate, it must be promptly deleted. If the dispute remains unresolved after reinvestigation, Clark may submit a brief statement setting forth the nature of the dispute that must then be incorporated into the report.
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a. True b. False
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