Which federal act regulates how agencies manage private information about consumers?

The Federal Credit Reporting Act (FCRA) is the governing federal law that sets standards for how consumer credit information is managed, accessed, and shared by agencies, particularly credit bureaus. It provides consumers with rights regarding their personal information held by these agencies, creating a framework that ensures data accuracy and privacy.

Under the FCRA, consumers have the right to know what information is in their credit reports, dispute incorrect information, and limit access to their credit information. This act emphasizes the importance of transparency and protects consumers from potential abuses associated with monitoring their creditworthiness and personal financial data.

Other acts listed, while also important in protecting consumer rights, focus on different aspects. For example, the Health Insurance Portability and Accountability Act (HIPAA) deals specifically with the privacy of health information, rather than consumer credit. The Consumer Financial Protection Act (CFPA) is aimed at establishing a regulatory framework to protect consumers in financial lending and practices, while the Fair Debt Collection Practices Act (FDCPA) governs debt collection practices but does not specifically regulate how consumer credit information is maintained. Therefore, the FCRA is the correct choice for regulating consumer information management by agencies specifically in the context of credit reporting.