Sec. 623. Responsibilities of Furnishers of Information to
Consumer Reporting Agencies.
Duty of Furnishers of Information To Provide Accurate Information:
Prohibition:
Reporting information with actual knowledge of errors: A person
shall not furnish any information relating to a consumer to any consumer reporting agency
if the person knows or consciously avoids knowing that the information is inaccurate.
Reporting information after notice and confirmation of errors:
A person shall not furnish information relating to a consumer to any consumer reporting
agency if-
the person has been notified by the consumer, at the address
specified by the person for such notices, that specific information is inaccurate; and
the information is, in fact, inaccurate.
No address requirement: A person who clearly and conspicuously
specifies to the consumer an address for notices referred to in subparagraph (B) shall not
be subject to subparagraph (A); however, nothing in subparagraph (B) shall require a
person to specify such an address.
Duty to correct and update information: A person who--
regularly and in the ordinary course of business furnishes
information to one or more consumer reporting agencies about the person's transactions or
experiences with any consumer; and
has furnished to a consumer reporting agency information that
the person determines is not complete or accurate, shall promptly notify the consumer
reporting agency of that determination and provide to the agency any corrections to that
information, or any additional information, that is necessary to make the information
provided by the person to the agency complete and accurate, and shall not thereafter
furnish to the agency any of the information that remains not complete or accurate.
Duty to provide notice of dispute: If the completeness or accuracy
of any information furnished by any person to any consumer reporting agency is disputed to
such person by a consumer, the person may not furnish the information to any consumer
reporting agency without notice that such information is disputed by the consumer.
Duty to provide notice of closed accounts: A person who regularly
and in the ordinary course of business furnishes information to a consumer reporting
agency regarding a consumer who has a credit account with that person shall notify the
agency of the voluntary closure of the account by the consumer, in information regularly
furnished for the period in which the account is closed.
Duty to provide notice of delinquency of accounts: A person who
furnishes information to a consumer reporting agency regarding a delinquent account being
placed for collection, charged to profit or loss, or subjected to any similar action
shall, not later than 90 days after furnishing the information, notify the agency of the
month and year of the commencement of the delinquency that immediately preceded the
action.
Duties of Furnishers of Information Upon Notice of Dispute:
In general: After receiving notice pursuant to Section 61l(a)(2) of a dispute with regard to the completeness or
accuracy of any information provided by a person to a consumer reporting agency, the
person shall--
conduct an investigation with respect to the disputed
information;
review all relevant information provided by the consumer
reporting agency pursuant to Section 61l(a)(2);
report the results of the investigation to the consumer
reporting agency; and
if the investigation finds that the information is incomplete