One of the purposes of the Fair Credit Reporting Act is to ensure what regarding consumer information?

The Fair Credit Reporting Act (FCRA) serves several vital purposes, among which ensuring privacy and accuracy of consumer information is paramount. This federal law regulates how consumer credit information is collected, disseminated, and used, thereby providing individuals with rights regarding their personal data. Specifically, the Act mandates that consumers have the right to access their credit reports, dispute inaccuracies, and receive notification if their credit information is used against them.

This emphasis on privacy means that consumers must give consent before their information can be shared, protecting them from unauthorized access and potential identity theft. Accuracy ensures that any data reported to credit bureaus must reflect true and current information about a consumer's credit history. In doing so, the FCRA helps maintain a fair credit reporting system that supports informed decision-making for lenders and protects consumers from discriminatory credit practices.

The other choices do not accurately reflect the law's intentions; the FCRA does not aim to increase interest rates or guarantee credit availability for all individuals, but rather to make sure that any information used in credit decisions is handled with care and integrity.