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Furnishers Of Information
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
The Consumer Credit Reporting Reform Act of 1996 added duties for furnishers of information. Furnishers may have duties to correct and update information, respond to disputes received from consumers, and from a consumer agency, a duty to report voluntary closure of accounts. Furnishers must also report a "date of delinquency", the appropriate starting date for certain consumer credit reporting purposes.
The Fair Credit Reporting Act, as amended does not directly provide a definition for "furnisher" of information. Instead, it refers to duties of "persons" (the term "person" is defined by Section 603 as "any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity".) Section 623 also refers to a person who "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..." Also see "Person" from previous menu.
A copy of The Fair Credit Reporting Act, As Amended, and a copy of the FTC Official Staff Commentary to the Fair Credit Reporting Act are included under "Fair Credit Reporting Resources", available from LAWDOG Credit Reporting Center, or here. Use browser return button to return. Read Notices, Caution and Disclaimer. For more information, see "Duties of Furnishers" linked here. Link does not return to this page.
