Question

Which act is administered by the CFPB and was designed to expand consumer access to credit, enhance the accuracy of consumers' financial information, and help fight identity theft?

A) Fair and Accurate Credit Transactions Act
B) Health Insurance Portability and Accountability Act
C) Clean Air Act
D) The Patriot Act

Answer 1

The Fair and Accurate Credit Transactions Act (FACTA) is administered by the Consumer Financial Protection Bureau (CFPB) and helps in improving access to credit, ensuring accuracy of consumers' financial data, and fighting identity theft.

Step-by-step explanation:

The act that is administered by the CFPB (Consumer Financial Protection Bureau) and designed to expand consumer access to credit, improve the reliability of financial information and help combat identity theft is the Fair and Accurate Credit Transactions Act (FACTA). FACTA was enacted to refine the functioning of the credit reporting industry. It helps in ensuring that the information collected and distributed about consumers is accurate. Additionally, it allows consumers to access one free credit report each year and places enhanced responsibilities on businesses to prevent identity theft.

Learn more about FACTA