Data Furnishing & Accuracy Requirements Flashcards

Under the FCRA's 'Duty to Provide Accurate Information' standard, a furnisher violates the law if it reports information it knows or has reasonable cause to believe is:

Answer: Inaccurate

Section 623(a)(1) prohibits furnishers from reporting information they know or have reasonable cause to believe is inaccurate.

When a consumer disputes the completeness of a tradeline directly with a furnisher, the furnisher must conduct a reasonable investigation within how many days?

Answer: 30 days

Section 623(b) requires furnishers to complete their investigation of a direct dispute within 30 days of receiving the notice.

A furnisher discovers an account was reported with an incorrect charge-off date. Under the FCRA, the furnisher's FIRST obligation is to:

Answer: Promptly notify each CRA of the correction

Section 623(a)(2) requires furnishers to promptly notify CRAs of corrections when they determine previously furnished information was inaccurate.

Which regulatory body has primary authority to examine large non-bank furnishers (e.g., large debt collectors) for FCRA furnisher compliance?

Answer: Consumer Financial Protection Bureau

The CFPB has supervisory and enforcement authority over large non-bank covered persons, including debt collectors acting as furnishers.

The FCRA Furnisher Rule (Regulation V) defines a 'direct dispute' as one submitted by a consumer to the furnisher concerning:

Answer: The accuracy or completeness of information in the consumer's file at a CRA

Regulation V defines a direct dispute as one challenging the accuracy or completeness of information the furnisher provided to a CRA.

A furnisher that receives a dispute notice from a CRA must report the results of its investigation back to the CRA. If the furnisher finds the information was inaccurate, it must:

Answer: Report the correction to all CRAs to which it furnished the inaccurate data

After finding inaccuracy, a furnisher must correct and update the information at every CRA that received the flawed data, not just the one that initiated the dispute.

Which of the following activities is explicitly EXEMPT from the FCRA's direct dispute requirements for furnishers?

Answer: Disputes solely about the consumer's credit score calculation

The Furnisher Rule exempts disputes that relate solely to the consumer's credit score or credit rating from the direct dispute process.