What does FCRA stand for?

The correct answer, Fair Credit Reporting Act, refers to a federal law enacted to promote accuracy, fairness, and privacy of information in the files of consumer reporting agencies. This act establishes the rights of consumers regarding their credit reports and outlines how credit reporting agencies must handle consumer data.

It specifically ensures that consumers can access their credit reports and dispute inaccuracies, thereby fostering transparency in how credit information is used. Additionally, it restricts the use of credit reports for certain purposes without consumer consent, helping to protect individuals from identity theft and providing them with the ability to manage their financial health effectively.

The other choices do not reflect actual laws or organizations related to consumer credit protection and reporting. For example, the terms "Federal Credit Recovery Act” and “Financial Consumer Rights Association” are not established entities or legislation within the context of U.S. financial law. Similarly, “Federal Credit Reporting Agency” does not exist as a recognized governing body, and the function of overseeing credit reporting falls under the jurisdiction of various established authorities and the provisions of the Fair Credit Reporting Act.