The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking  system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning
of the banking system.
An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.
Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer's right to privacy.

Discuss the tension and potential conflicts between the following three policy goals:

• Assuring that the financial system as a whole has accurate credit information about borrowers;
• Providing proper incentives to credit reporting agencies, including an incentive for credit reporting agencies to remain in business; and
• Protecting the right to privacy of consumers.