True or False: Under the FCRA, consumers can dispute inaccuracies in their credit reports.

The statement is true because the Fair Credit Reporting Act (FCRA) provides consumers with the right to dispute inaccuracies in their credit reports. When a consumer believes that information in their credit report is incorrect or incomplete, they have a legal framework to challenge that information.

This process is essential for maintaining the accuracy of consumer credit reports and ensuring that consumers are not adversely affected by erroneous data. Under the FCRA, consumers can contact the credit reporting agency and the company that provided the information to raise their disputes. The credit reporting agency then has a responsibility to investigate the claim, typically within 30 days, and report the results back to the consumer.

The other options imply limitations on the consumer's ability to dispute inaccuracies, which are not accurate representations of the rights granted under the FCRA. Consumers do not need to provide documentation for every dispute, nor is there a strict one-year limit on disputes; they can initiate disputes whenever they encounter inaccuracies in their reports. This comprehensive right to dispute inaccuracies is a key consumer protection feature of the FCRA.