An insurance applicant must be informed of an investigation regarding his/her reputation and character according to what act?

The Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. One of the key provisions of the FCRA is that it requires consumers to be informed if a report will be requested about them that may affect their eligibility for insurance, credit, or employment. This includes information regarding an individual's reputation and character, which is often assessed through various background checks and credit reports. The act ensures transparency by mandating that consumers must be notified when such investigative reports are being utilized, thus protecting the consumer's rights concerning their personal information.

The other options pertain to different aspects of consumer rights and protection but do not specifically address the requirement to inform individuals about investigations into their reputation or character. The Insurance Information Privacy Act, for example, focuses on the collection and disclosure of personal information about insurance applicants, while the Health Insurance Portability and Accountability Act (HIPAA) deals primarily with the privacy of healthcare information. The Consumer Protection Act is broader in scope, aimed at preventing unfair or deceptive practices in the marketplace. Thus, the FCRA is the legislation that specifically mandates the notification requirement in the context of reputation and character investigations.