According to the Fair Credit Reporting Act, which statement is false about applicants declined for insurance policies?

In the context of the Fair Credit Reporting Act (FCRA), the correct statement regarding an applicant who has been declined for an insurance policy is that the applicant has no right to know the contents of the report is false. Under the FCRA, individuals have the right to be informed about the information in their credit reports, especially if that information affects their eligibility for insurance.

This right to access their credit report allows applicants to review what data was used in the underwriting process and ensures transparency. This is crucial for the consumer to understand how their credit history may impact their insurance decisions and gives them the opportunity to correct any inaccuracies that could lead to denial.

In contrast, the other statements are accurate; applicants are entitled to challenge incorrect information in their reports, must be informed about any adverse decisions (like a decline for coverage), and have the right to access their credit reports to understand why they were declined. This reinforces the accountability of insurance companies and helps protect consumer rights.