What is a requirement under the Fair Credit Reporting Act regarding notifying applicants?

Under the Fair Credit Reporting Act (FCRA), when a consumer report is obtained for purposes such as underwriting an insurance policy or a loan, a specific notification requirement exists. The correct timeframe for notifying applicants is three days after the request for the report has been made. This requirement is in place to ensure transparency in the process and inform individuals that their credit information is being accessed, allowing them to address any potential issues or inaccuracies in their credit reports.

Except for option C, the other choices do not accurately reflect the time frame mandated by the FCRA. Providing notice within two, five days, or not at all contrasts with the established regulation, which is designed to protect consumers' rights and maintain fair practices in accessing their credit information.