This is a federal law that requires credit bureaus to report accurate information on your credit reports. The FCRA also gives you the right to review your reports and challenge inaccurate information. Credit bureaus must investigate legitimate challenges and remove any information on your report that cannot be verified. In addition, when a lender takes adverse action against an applicant and that adverse action was based on consumer or credit reporting, the lender must inform the applicant that the denial or counteroffer is due to information on the credit report.