The maximum length of time for negative bankruptcy reporting is set by which act?

The correct answer is the Fair Credit Reporting Act. This federal law governs how credit reporting agencies can collect, disseminate, and use consumer credit information. It specifically outlines the permissible duration for reporting negative information, including bankruptcies. Under the Fair Credit Reporting Act, a bankruptcy can remain on an individual's credit report for up to 10 years. This regulation aims to protect consumers by ensuring their credit history is reported accurately and that outdated negative information does not remain in their credit reports indefinitely.

The other acts listed, while they play significant roles in financial regulation and consumer protection, do not address the reporting duration of negative credit information like bankruptcies. The Home Mortgage Disclosure Act focuses on the availability of mortgage credit to different demographic groups, the Truth in Lending Act is concerned with disclosing the terms and costs of credit, and Regulation Z implements the Truth in Lending Act provisions but does not cover the length of time for reporting negative bankruptcies.