The Fair Credit Reporting Act (FCRA) protects consumers from inaccurate and fraudulent financial information that can affect their ability to get a loan or rent an apartment. Under the act, furnishers of information to credit reporting agencies (CRA) are legally obligated to provide accurate information and to investigate and correct any disputed information. The Furnisher Rule also holds any furnisher of information—even those who only occasionally report information—accountable to certain standards.

Who Is Furnishing Your Information to the CRAs?

So, who is giving your financial data to the credit reporting agencies? Basically, any business or financial institution with whom you have a payment history can pass that information on to the three credit reporting agencies—Equifax, Experian, and TransUnion. Furnishers may include any of the following:

  • Creditors

  • Insurers

  • Employers

  • Landlords

  • Debt collectors

  • Utilities

  • Courts (public records)

While these entities are not required to furnish information to the CRAs, most major creditors—and all credit card issuers—do so on a regular basis. If they do report information, they are required by law to furnish accurate information.

What If You Find a Mistake?

If you find inaccurate information on your credit report, the fault may lie with the furnisher of the data. Under the FCRA, you have a right to dispute the information either directly with the furnisher or with the CRA that is reporting the misinformation.   The furnisher is legally obligated to take the following steps:

  • Take an active role in investigating the dispute

  • Report the results of the investigation to the CRAs

  • If the information is found to be incomplete or inaccurate, the furnisher must provide corrected information to every CRA that has the misinformation

The furnisher has 30 days from the date the CRA receives the complaint to complete these steps. If the furnisher fails to investigate a dispute thoroughly, they may be liable to the consumer.

If you are having trouble getting inaccurate information removed from your credit report, our consumer attorneys may be able to help. Share your problem with us through the form on this page and we will contact you shortly.

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