Fair Credit Reporting Act - Furnishers of Information
Those who provide credit information to the Reporting Agencies
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Who are Furnishers of Credit Information?
The FCRA places obligations upon creditors who furnish a consumers 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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