Which act protects consumers by requiring accurate and fair reporting of credit information?

The Fair Credit Reporting Act is designed specifically to promote the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. This act establishes the responsibilities of credit reporting agencies and the rights of consumers regarding their credit information.

It requires that consumers be informed about the information collected on them, allows them to dispute inaccuracies, and mandates that reporting agencies conduct investigations into disputes. This ensures that consumers have the ability to maintain accurate credit profiles, which are crucial for loan applications and other financial transactions.

In contrast, while the Fair Debt Collection Practices Act focuses on regulating the behavior of debt collectors and protecting consumers from abusive practices, and the Truth in Lending Act requires clear disclosure of loan terms, they do not specifically address the integrity of credit reporting itself. The Bankruptcy Reform Act pertains to bankruptcy processes and does not govern credit reporting practices. Therefore, the Fair Credit Reporting Act is the correct answer, as it uniquely centers on the principles of accurate and fair reporting in credit information.