Responsibilities of furnishers of information to consumer reporting agencies 15 USC s 1681s-2

The section titled "Responsibilities of furnishers of information to consumer reporting agencies" under 15 US Code section 1681s-2 is a part of the Fair Credit Reporting Act (FCRA) that outlines specific responsibilities for all entities that provide (or "furnish") information about consumers' credit history to credit reporting agencies. These entities are typically banks, credit card companies, and other lenders, but can also include landlords, employers, and any other organizations that provide information affecting an individual’s credit report. Here's what the law expects from these furnishers:

• Accuracy: Furnishers must provide accurate and complete information about a consumer’s credit behavior. For example, if you have a credit card, the card issuer should accurately report your balance, payment status, and credit limit.
• Corrections: If a furnisher discovers that they have provided incorrect information, they must correct it as soon as possible. This is like if your bank accidentally reported that you missed a payment when you actually paid on time, the bank must fix this error without delay.
• Investigations: When a consumer disputes information on their credit report, saying there’s a mistake, the furnisher must investigate the claim. After the investigation, if the information is found to be wrong or incomplete, the furnisher must inform all the credit reporting agencies to which they provided the data, so it can be corrected.
• Notifying Consumers: Under certain circumstances, furnishers have to inform consumers before reporting negative information to a credit bureau. For instance, if you're late on a payment, you might receive a warning that this late payment will be reported, giving you a chance to address it first.
• Identity Theft: If it turns out the consumer was a victim of identity theft, and information was reported as a result of this crime, furnishers have certain procedures they must follow to ensure the victim’s credit report is not wrongfuly affected.
• Limitation on Reporting: Furnishers are not allowed to report information that they know or should know is inaccurate. Additionally, certain types of information have a shelf-life; for example, a bankruptcy should not appear on someone’s credit report more than ten years after it occurred.

These guidelines aim to uphold the integrity of the credit system by making sure that consumer credit reports are as accurate and fair as possible. Essentially, it's all about making sure the information that shapes your financial reputation is right on the money.