Which of the following is true about CRAs and investigative consumer reports?

The assertion regarding the accuracy procedures not applying to investigative consumer reports is not accurate. Investigative consumer reports are indeed subject to the same accuracy standards that apply to regular consumer reports under the Fair Credit Reporting Act (FCRA). This includes obligations for the consumer reporting agencies (CRAs) to ensure the accuracy and integrity of the information they provide.

When considering the correct choice, it is important to note that investigative consumer reports are governed by specific regulations. This includes a requirement to obtain consent from the consumer before conducting the investigation and ensuring that the collected information is reported accurately. Thus, CRAs must follow detailed protocols designed to protect the consumer's rights and ensure the reliability of the data used in these reports.

CRAs are regulated entities, and both investigative consumer reports and traditional consumer reports must adhere to the FCRA's accuracy requirements, which help maintain the integrity of consumer data. Furthermore, data collection is not unlimited; there are legal boundaries set by the FCRA regarding the types of information that can be collected and how it can be used. Therefore, the statement that they can collect unlimited data is incorrect as well. Understanding these regulatory aspects is crucial for ensuring compliance and protecting consumer rights.