Certified Apartment Portfolio Supervisor (CAPS) Practice Exam - Module 1

The purpose of the Fair Credit Act is to protect consumers against unfair credit practices. This act plays a crucial role in enhancing transparency and fairness in the consumer credit domain, ensuring that individuals have access to their credit information and are treated fairly by credit reporting agencies and lenders. It establishes rights for consumers related to their credit reports, including the right to dispute inaccuracies and the right to know what information is being reported about them. By safeguarding these rights, the act aims to prevent discrimination and predatory lending practices, ultimately fostering a fair credit ecosystem. In contrast, the other options focus on different aspects of housing laws, such as property maintenance standards, rental price regulations, and tenant rights in legal disputes, which are not the primary focus of the Fair Credit Act.