FCRA's Furnisher Rule: It's all about accuracy and integrity

Share This Page

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.




Is it legal for companies to keep selling a new debt and updating the date on your credit report although no confirmation activity, payments or agreements were made
No, it is not even a little bit legal for them to do that. The statute of limitations for both credit reporting and suit both start from the date of delinquency, or the last missed payment that lead to you being in collections. The only way to legally reset that clock is if you make a payment on your account. Collection agencies have a bad habit of resetting the clock when they get an old piece of debt when they buy it, or before selling it to make it appear more valuable. They will also sometimes make payments on your account for you to reset the clock. All of that is highly illegal.

My collection was valid and I paid it. I need the report cleared but the agency said the FCRA says they can't remove it. What does the FCRA actually say. I need it removed because it is damaging.

I wrote a check to Dollar General. I have never written a bad check in my life and it had nothing to do with my account balance or history, etc. The website indicated: "This transaction received a decline recommendation from Certegy because it did not meet the acceptance guidelines, which can vary by store and transaction. Factors may include a combination of: the check number, dollar amount, check-writing history, or other transaction details. Generally, these guidelines don't include your account balance because banks typically don't provide it to us. Although this recommendation is final, we will evaluate all future checks at the time they are presented. For this transaction, however, we advise you to use a different form of payment." Per the website: https://www.askcertegy.com/searchCheck.do

Once Certegy flags your driver's license number and name, you can't write a check on any account, at in of their over 535 retail chains in 77,000 locations, with in the Certegy database. So, if you work for a business and are the one to purchase it, you won't be able based on your driver's license number and name.

If you look the FTC has fined this business $3.5 million... https://www.ftc.gov/enforcement/cases-proceedings/112-3184/certegy-check-services-inc

I sent a certified letter requesting original creditor provide documentation to substantiate the reporting of my account to major credit reporting agencies. The original credit failed to respond to my request and continued reporting unsubstantiated information. I sent the information because original creditor was reporting a balance on the account, but in fact the account had been sold to a third party. But no reference to this was reporting on the account. What specific statute are they(the original creditor) violating?

A debt buyer has purchased a delinquent commercial loan, I personally guaranteed, then entered the data into my credit reports. They did so WITHOUT providing notice that negative data would be entered.
I disputed the debt, specifically stating they provided no notice, they validated the debt FCRA violation?

Also, the debt buyer, has loaded each credit file repeatedly with the word, "collection" "collection account", in every location possible. As the account was in default when they purchased it is this not incorrect?

Any specific citations on these matters, FTC letters would be appreciated.

Add new comment

Comment Policy

Privacy Act Statement

It is your choice whether to submit a comment. If you do, you must create a user name, or we will not post your comment. The Federal Trade Commission Act authorizes this information collection for purposes of managing online comments. Comments and user names are part of the Federal Trade Commission’s (FTC) public records system (PDF), and user names also are part of the FTC’s computer user records system (PDF). We may routinely use these records as described in the FTC’s Privacy Act system notices. For more information on how the FTC handles information that we collect, please read our privacy policy.