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

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What aspect of employment does the Fair and Accurate Credit Transactions Act (FACTA) regulate?

Overtime pay eligibility
Accuracy of credit reporting information
Wage disparities
Employee health benefits

The correct answer is: Accuracy of credit reporting information

The Fair and Accurate Credit Transactions Act (FACTA) primarily regulates the accuracy of credit reporting information. This act was established to protect consumers by ensuring that their credit reports are accurate and free from errors, which is crucial for their financial health and access to credit. FACTA allows consumers to dispute inaccuracies in their credit reports and mandates that credit reporting agencies investigate these disputes promptly. In the context of employment, accurate credit reporting is particularly important as it can affect hiring decisions, especially in positions that require handling money or sensitive financial information. Employers may review credit history as part of the hiring process, making it essential that the information available is correct and relevant. Protecting consumers from inaccuracies in these reports supports fair hiring practices and ensures that individuals are not unjustly denied employment opportunities due to erroneous information. This connection to credit report accuracy distinguishes FACTA's focus from the other options, such as overtime pay, wage disparities, or employee health benefits, which are regulated by different labor laws and statutes.