Conduct an investigation and review all relevant information provided by the CRA, including information
given to the CRA by the consumer. Sections 623(b)(1)(A) and (b)(1)(B).
Report the results to the CRA that referred the dispute, and, if the investigation establishes that the
information was, in fact, incomplete or inaccurate, report the results to all CRAs to which the furnisher
provided the information that compile and maintain files on a nationwide basis. Sections 623(b)(1)(C) and
(b)(1)(D).
Complete the above steps within 30 days from the date the CRA receives the dispute (or 45 days, if the
consumer later provides relevant additional information to the CRA). Section 623(b)(2).
Promptly modify or delete the information, or block its reporting. Section 623(b)(1)(E).
Duty to Report Voluntary Closing of Credit Accounts
If a consumer voluntarily closes a credit account, any person who regularly and in the ordinary course of business
furnishes information to one or more CRAs must report this fact when it provides information to CRAs for the time
period in which the account was closed. Section 623(a)(4).
Duty to Report Dates of Delinquencies
If a furnisher reports information concerning a delinquent account placed for collection, charged to profit or loss, or
subject to any similar action, the furnisher must, within 90 days after reporting the information, provide the CRA with
the month and the year of the commencement of the delinquency that immediately preceded the action, so that the
agency will know how long to keep the information in the consumer’s file. Section 623(a)(5).
Any person, such as a debt collector, that has acquired or is responsible for collecting delinquent accounts and that
reports information to CRAs may comply with the requirements of Section 623(a)(5) (until there is a consumer
dispute) by reporting the same delinquency date previously reported by the creditor. If the creditor did not report
this date, they may comply with the FCRA by establishing reasonable procedures to obtain and report delinquency
dates, or, if a delinquency date cannot be reasonably obtained, by following reasonable procedures to ensure that
the date reported precedes the date when the account was placed for collection, charged to profit or loss, or
subjected to any similar action. Section 623(a)(5).
Duties of Financial Institutions When Reporting Negative Information
Financial institutions that furnish information to “nationwide” consumer reporting agencies, as defined in Section
603(p), must notify consumers in writing if they may furnish or have furnished negative information to a CRA.
Section 623(a)(7). The Consumer Financial Protection Bureau has prescribed model disclosures, 12 CFR Part 1022,
App. B.
Duties When Furnishing Medical Information
A furnisher whose primary business is providing medical services, products, or devices (and such furnisher’s agents
or assignees) is a medical information furnisher for the purposes of the FCRA and must notify all CRAs to which it
reports of this fact. Section 623(a)(9). This notice will enable CRAs to comply with their duties under Section 604(g)
when reporting medical information.
Duties when ID Theft Occurs
All furnishers must have in place reasonable procedures to respond to notifications from CRAs that information
furnished is the result of identity theft, and to prevent refurnishing the information in the future. A furnisher may not
furnish information that a consumer has identified as resulting from identity theft unless the furnisher subsequently
knows or is informed by the consumer that the information is correct. Section 623(a)(6). If a furnisher learns that it
has furnished inaccurate information due to identity theft, it must notify each consumer reporting agency of the
correct information and must thereafter report only complete and accurate information. Section 623(a)(2). When
any furnisher of information is notified pursuant to the procedures set forth in Section 605B that a debt has resulted
from identity theft, the furnisher may not sell, transfer, or place for collection the debt except in certain limited
circumstances. Section 615(f).