Section 623 of the Fair Credit Reporting Act (FCRA).
The Fair Credit Reporting Act - Section 623
623. Responsibilities of furnishers of information to consumer reporting
agencies [15 U.S.C. 1681s-2]
(a) Duty of furnishers of information to provide accurate information.
(1) Prohibition.
(A) 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.
(B) Reporting information after notice and confirmation of errors. A person
shall not furnish information relating to a consumer to any consumer reporting
agency if
(i) the person has been notified by the consumer, at the address specified by
the person for such notices, that specific information is inaccurate; and
(ii) the information is, in fact, inaccurate.
(C) 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.
(2) Duty to correct and update information. A person who
(A) 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
(B) 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.
(3) 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.
(4) 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.
(5) 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.
(b) Duties of furnishers of information upon notice of dispute.
(1) In general. After receiving notice pursuant to section 611(a)(2) [1681i]
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
(A) conduct an investigation with respect to the disputed information;
(B) review all relevant information provided by the consumer reporting agency
pursuant to section 611(a)(2) [1681i];
(C) report the results of the investigation to the consumer reporting agency;
and
(D) if the investigation finds that the information is incomplete or inaccurate,
report those results to all other consumer reporting agencies to which the
person furnished the information and that compile and maintain files on
consumers on a nationwide basis.
(2) Deadline. A person shall complete all investigations, reviews, and reports
required under paragraph (1) regarding information provided by the person to a
consumer reporting agency, before the expiration of the period under section
611(a)(1) [1681i] within which the consumer reporting agency is required to
complete actions required by that section regarding that information.
(c) Limitation on liability. Sections 616 and 617 [§1681n and 1681o] do not
apply to any failure to comply with subsection (a), except as provided in
section 621(c)(1)(B) [1681s].
(d) Limitation on enforcement. Subsection (a) shall be enforced exclusively
under section 621 [1681s] by the Federal agencies and officials and the State
officials identified in that section.
