If you report information about consumers to consumer reporting agencies (CRAs) — like a credit bureau, tenant screening company, or check verification service — you have legal obligations under the Fair Credit Reporting Act's Furnisher Rule.
The FTC enforces the rule, and has guidance about your responsibilities to furnish information that's accurate and complete, and to investigate consumer disputes about the accuracy of information you provide.
Information in credit reports is used to determine a person’s eligibility for credit, employment, insurance and rental housing. Errors in a report can result in denial of those benefits or higher costs.
A publication from the FTC, Consumer Reports: What Information Furnishers Need to Know, offers tips to help ensure the accuracy and integrity of the information you furnish to CRAs, and more about establishing reasonable policies and procedures for implementing the rule in your business.
Looking for more about the Fair Credit Reporting Act? Bookmark the Business Center's Credit Reporting page.