Which act regulates the collection and use of consumer credit information?

The Fair Credit Reporting Act (FCRA) is the correct answer because it specifically governs the collection, dissemination, and use of consumer credit information. Enacted in 1970, the FCRA aims to protect the privacy of consumer information and ensure that credit reporting agencies follow fair practices. It establishes guidelines for how personal credit information can be gathered, shared, and used, including the rights of consumers to access their credit reports and dispute inaccuracies.

In contrast, the Privacy Act primarily deals with the federal government’s handling of personally identifiable information, rather than consumer credit specifically. The Consumer Credit Protection Act is an umbrella law that includes several provisions related to consumer credit, but it does not specifically focus solely on the regulation of consumer credit information collection. The Truth in Lending Act aims to promote informed use of consumer credit by requiring clear disclosure of terms, but it does not regulate the collection and use of credit information in the same way that the FCRA does.