Under the Fair Credit Reporting Act, who is responsible for protecting a consumer's privacy when credit information is reported?

The correct response identifies the credit reporting agency as the entity responsible for protecting a consumer's privacy when credit information is reported under the Fair Credit Reporting Act (FCRA). This act explicitly places obligations on credit reporting agencies to ensure the accuracy and confidentiality of consumer credit information.

The FCRA mandates that these agencies implement reasonable procedures to protect consumer privacy and to furnish information in a manner that is both fair and equitable. This includes providing consumers with access to their credit reports and the ability to dispute inaccuracies. Additionally, the Act sets strict guidelines on how consumer data must be handled and shared, reinforcing the responsibility of credit reporting agencies in protecting personal information.

While other entities, such as mortgage brokers or consumers themselves, have roles and responsibilities concerning credit information, the primary legal responsibility under the FCRA lies with credit reporting agencies. HUD (Department of Housing and Urban Development) also plays a role in overseeing fair housing practices, but it does not directly protect consumer credit information privacy in the manner that credit reporting agencies are required to do.