What is one primary purpose of the Fair Credit Reporting Act (FCRA)?

The Fair Credit Reporting Act (FCRA) is primarily focused on ensuring that consumers have access to their credit reports. This access enables consumers to understand and verify their credit history, which is crucial for making informed decisions about borrowing and managing credit. The FCRA mandates that consumer reporting agencies provide individuals with free access to their credit reports at least once per year and establishes procedures for correcting inaccuracies. This consumer empowerment is key to fostering transparency and promoting accuracy in the information that is used by lenders, which ultimately affects a consumer's ability to secure credit.

While the other options pertain to important aspects of consumer protection in the realm of lending and credit, they do not encapsulate the core purpose of the FCRA. Regulating fair lending practices, protecting against predatory lending, and enforcing equal credit availability are all significant, but they go beyond the scope of what the FCRA primarily addresses, which is centered on access to and accuracy of credit information.