F-1
All furnishers subject to the Federal Trade Commission’s jurisdicon must comply with all applicable regulaons, including regulaons
promulgated aer this noce was prescribed in 2004. Informaon about applicable regulaons currently in eect can be found at the
Commission’s Web site, www.c.gov/credit. Furnishers who are not subject to the Commission’s jurisdicon should consult with their
regulators to nd any relevant regulaons.
NOTICE TO FURNISHERS OF INFORMATION:
OBLIGATIONS OF FURNISHERS UNDER THE FCRA
The federal Fair Credit Reporng Act (FCRA), 15 U.S.C. 1681-1681y, imposes responsibilies on all persons who furnish informaon
to consumer reporng agencies (CRAs). These responsibilies are found in Secon 623 of the FCRA, 15 U.S.C. 1681s-2. State law may
impose addional requirements on furnishers. All furnishers of informaon to CRAs should become familiar with the applicable laws
and may want to consult with their counsel to ensure that they are in compliance. The text of the FCRA is set forth in full at the Web-
site of the Federal Trade Commission (FTC): www.c.gov/credit. A list of the secons of the FCRA crossreferenced to the U.S. Code is
at the end of this document.
Secon 623 imposes the following dues upon furnishers:
ACCURACY GUIDELINES
The banking and credit union regulators and the FTC will promulgate guidelines and regulaons dealing with the accuracy of informa-
on provided to CRAs by furnishers. The regulaons and guidelines issued by the FTC will be available at www.c.gov/credit when
they are issued. Secon 623(e).
GENERAL PROHIBITION ON REPORTING INACCURATE INFORMATION
The FCRA prohibits informaon furnishers from providing informaon to a CRA that they know or have reasonable cause to believe
is inaccurate. However, the furnisher is not subject to this general prohibion if it clearly and conspicuously species an address to
which consumers may write to nofy the furnisher that certain informaon is inaccurate. Secons 623(a)(1)(A) and (a)(1)(C).
DUTY TO CORRECT AND UPDATE INFORMATION
If at any me a person who regularly and in the ordinary course of business furnishes informaon to one or more CRAs determines
that the informaon provided is not complete or accurate, the furnisher must promptly provide complete and accurate informa-
on to the CRA. In addion, the furnisher must nofy all CRAs that received the informaon of any correcons, and must thereaer
report only the complete and accurate informaon. Secon 623(a)(2).
DUTIES AFTER NOTICE OF DISPUTE FROM CONSUMER
If a consumer noes a furnisher, at an address specied for the furnisher for such noces, that specic informaon is inaccurate,
and the informaon is, in fact, inaccurate, the furnisher must thereaer report the correct informaon to CRAs. Secon 623(a)(1)(B).
If a consumer noes a furnisher that the consumer disputes the completeness or accuracy of any informaon reported by the fur-
nisher, the furnisher may not subsequently report that informaon to a CRA without providing noce of the dispute. Secon 623(a)
(3).
The federal banking and credit union regulators and the FTC will issue regulaons that will idenfy when an informaon furnisher
must invesgate a dispute made directly to the furnisher by a consumer. Once these regulaons are issued, furnishers must comply
with them and complete an invesgaon within 30 days (or 45 days, if the consumer later provides relevant addional informaon)
unless the dispute is frivolous or irrelevant or comes from a “credit repair organizaon.” The FTC regulaons will be available at www.
c.gov/credit. Secon 623(a)(8).
DUTIES AFTER NOTICE OF DISPUTE FROM CONSUMER REPORTING AGENCY
If a CRA noes a furnisher that a consumer disputes the completeness or accuracy of informaon provided by the furnisher, the
furnisher has a duty to follow certain procedures. The furnisher must:
• Conduct an invesgaon and review all relevant informaon provided by the CRA, including informaon given to the CRA by the
consumer. Secons 623(b)(1)(A) and (b)(1)(B).
• Report the results to the CRA that referred the dispute, and, if the invesgaon establishes that the informaon was, in fact, in-
complete or inaccurate, report the results to all CRAs to which the furnisher provided the informaon that compile and maintain
les on a naonwide basis. Secon 623(b)(1)(C) and (b)(1)(D).