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Fair Credit Reporting Act – Furnishers of Information

Furnishers of Credit Information

The FCRA places obligations upon creditors who furnish a consumer’s credit information to a reporting agency. This may include lenders, retailers, collection agencies, etc., that deal with customer credit and report that information to a reporting agency. The FCRA requires that these creditors:

•    provide complete and accurate information to the credit reporting agencies;
•    investigate consumer disputes received from credit reporting agencies;
•    correct, delete, or verify information within 30 days of receipt of a dispute; and
•    inform consumers within one month about negative information that is in the process of or has already been placed on a consumer’s credit report.

⁃    Note: This normally includes providing notice before and after negative information is reported.

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