Personal Finance Question
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Which of the following statements is false?
- Prior to the FCRA, consumers were unable to challenge errors in their credit reports.
- Under FCRA, consumers are allowed to receive one free credit report every five years.
- The U.S. Congress enacted the Fair Credit Reporting Act to address concerns over consumer credit report accuracy, privacy and fairness.
- Under FCRA, creditors must notify consumers if they deny credit based on a credit report file, and they must also tell the consumer which of the three credit bureaus provided the report.