Fair Credit Reporting Act, FCRA

Fair Credit Reporting (FCRA) - Section 623


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.


The Fair Credit Reporting Act (FCRA) Main Page

601.  Short title
602.  Congressional findings and statement of purpose
603.  Definitions; rules of construction
604.  Permissible purposes of consumer reports
605.  Requirements relating to information contained in consumer reports
606.  Disclosure of investigative consumer reports
607.  Compliance procedures
608.  Disclosures to governmental agencies
609.  Disclosures to consumers
610.  Conditions and form of disclosure to consumers
611.  Procedure in case of disputed accuracy
612.  Charges for certain disclosures
613.  Public record information for employment purposes
614.  Restrictions on investigative consumer reports
615.  Requirements on users of consumer reports
616.  Civil liability for willful noncompliance
617.  Civil liability for negligent noncompliance
618.  Jurisdiction of courts; limitation of actions
619.  Obtaining information under false pretenses
620.  Unauthorized disclosures by officers or employees
621.  Administrative enforcement
622.  Information on overdue child support obligations
623.  Responsibilities of furnishers of information to consumer reporting agencies
624.  Relation to State laws
625.  Disclosures to FBI for counterintelligence purposes
626.  Disclosures to governmental agencies for counterterrorism purposes
Endnotes

Please note this website site not intended to give legal advice and may not be complete or up to date with the most current collection laws changes.



Find A Collection Agency

Federal Collection Laws

State Collection Laws

Collection Law Resources

Collection Laws Blog

Collection Laws Articles

Legal Dictionary

Collection Laws Home