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Fair And Accurate Credit Transactions (FACT) Act Practice Exam

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Which entity is responsible for notifying the consumer when negative information is furnished to a nationwide consumer reporting agency?
Correct Answer:
The financial institution that furnishes the information
Explanation:
Under the Fair Credit Reporting Act, the furnisher of information—the bank, lender, or other entity that provides negative data about the consumer to a nationwide credit reporting agency—must notify the consumer when that information is reported. This direct notice, typically within 30 days, gives the consumer awareness of what is being reported and an opportunity to review or dispute if needed. The obligation sits with the furnisher, not the reporting agency, the consumer, or the government. The agency simply maintains and shares data; it does not bear the notification duty for furnishment.

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