Which act protects consumers against inaccurate or obsolete personal or financial information?

The Fair Credit Reporting Act (FCRA) is designed specifically to protect consumers from inaccurate or outdated personal and financial information that may be reported by credit reporting agencies. This federal law establishes guidelines for how consumer reporting agencies collect and manage consumer data, ensuring that the information is accurate, relevant, and secure. Under the FCRA, consumers have the right to request their credit reports, dispute inaccurate information, and receive notifications if their information is used against them, such as in the case of credit denials.

The other options do not specifically address the protection against inaccurate information in the way that the Fair Credit Reporting Act does. Unfair trade practices laws focus on preventing dishonest or deceptive practices in businesses rather than on consumer data accuracy. The guaranty association pertains to the protection of policyholders in the case of insurance company insolvency. Consumer privacy laws generally address the broader aspects of personal data protection but do not specifically tackle inaccurate or obsolete information as comprehensively as the FCRA.