According to FACTA, how must lenders inform applicants of their right to dispute incorrect credit information?

Under the Fair and Accurate Credit Transactions Act (FACTA), lenders are required to inform applicants of their rights concerning the dispute of incorrect credit information. This includes providing a clear and concise disclosure informing them about their right to dispute inaccuracies found in their credit reports.

The correct choice emphasizes the lender's obligation to ensure that applicants are aware of their rights and the process involved in disputing erroneous information. This requirement is essential as it empowers consumers and enhances their ability to maintain accurate credit histories, which is crucial for fair lending practices.

Other options may suggest additional supportive actions or details, but they do not directly address the specific requirement under FACTA regarding the disclosure mandate. Thus, providing an explicit disclosure about applicants' rights is the most accurate and relevant response to the question at hand.