True or False: A consumer has the right to dispute the accuracy of information in their consumer report.

A consumer indeed has the right to dispute the accuracy of information in their consumer report, which is a fundamental aspect of their rights under the Fair Credit Reporting Act (FCRA). The FCRA grants consumers the ability to challenge any inaccurate or incomplete information contained within their credit reports. This means if a consumer believes there is an error—be it a wrong account balance, an account that does not belong to them, or any other form of inaccuracy—they can formally dispute this information with the credit reporting agency.

Once a dispute is submitted, the credit reporting agency is required to investigate the matter, typically within a 30-day period. They must then provide the consumer with the outcome of the investigation and correct or remove any inaccurate information if it cannot be verified. This process is a key consumer protection mechanism to ensure that individuals have control over the accuracy of their credit information, which can significantly impact their financial health and ability to secure loans or credit.

The notion that a consumer must provide evidence or that the ability to dispute depends on the type of information is not accurate in the context of consumers' rights under the FCRA. All consumers universally hold the right to challenge inaccuracies without the prerequisite of providing empirical evidence at the outset of the dispute process.