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Fair Credit Reporting Act – Furnishers of Information

Cite this article as: Jason Mance Gordon, "Fair Credit Reporting Act – Furnishers of Information," in The Business Professor, updated January 17, 2015, last accessed March 30, 2020, https://thebusinessprofessor.com/knowledge-base/fair-credit-reporting-act-furnishers-of-information/.
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Furnishers of Information - Fair Credit Reporting Act
This video explains the rules applicable to Furnishers of Information under the Fair Credit Reporting Act.

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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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