What does the Fair Credit Reporting Act (FCRA) require regarding consumer data?

The Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of information in the files of consumer reporting agencies. The requirement for accurate and relevant data collection is central to the FCRA's purpose. This means that any information gathered about consumers must be truthful and must serve a legitimate purpose, particularly when it is used to evaluate creditworthiness. Maintaining the accuracy of consumer data is crucial because incorrect information can adversely affect individuals' credit scores and their ability to secure loans or other financial products.

The other aspects mentioned do not align with the primary focus of the FCRA. While financial transparency, online privacy settings, and data deletion can be related to other privacy and consumer protection laws, they are not the primary requirements under the FCRA. Therefore, the emphasis on accurate and relevant data collection is what makes this option the correct answer in the context of the Act’s stipulations.