§ 1681s-2. — Responsibilities of furnishers of information to consumer reporting agencies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1681s-2]
TITLE 15--COMMERCE AND TRADE
CHAPTER 41--CONSUMER CREDIT PROTECTION
SUBCHAPTER III--CREDIT REPORTING AGENCIES
Sec. 1681s-2. Responsibilities of furnishers of information to
consumer reporting agencies
(a) Duty of furnishers of information to provide accurate information
(1) Prohibition
(A) Reporting information with actual knowledge of errors
A person shall not furnish any information relating to a
consumer to any consumer reporting agency if the person knows or
consciously avoids knowing that the information is inaccurate.
(B) Reporting information after notice and confirmation of
errors
A person shall not furnish information relating to a
consumer to any consumer reporting agency if--
(i) the person has been notified by the consumer, at the
address specified by the person for such notices, that
specific information is inaccurate; and
(ii) the information is, in fact, inaccurate.
(C) No address requirement
A person who clearly and conspicuously specifies to the
consumer an address for notices referred to in subparagraph (B)
shall not be subject to subparagraph (A); however, nothing in
subparagraph (B) shall require a person to specify such an
address.
(2) Duty to correct and update information
A person who--
(A) 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; and
(B) has furnished to a consumer reporting agency information
that the person determines is not complete or accurate,
shall promptly notify the consumer reporting agency of that
determination and provide to the agency any corrections to that
information, or any additional information, that is necessary to
make the information provided by the person to the agency complete
and accurate, and shall not thereafter furnish to the agency any of
the information that remains not complete or accurate.
(3) Duty to provide notice of dispute
If the completeness or accuracy of any information furnished by
any person to any consumer reporting agency is disputed to such
person by a consumer, the person may not furnish the information to
any consumer reporting agency without notice that such information
is disputed by the consumer.
(4) Duty to provide notice of closed accounts
A person who regularly and in the ordinary course of business
furnishes information to a consumer reporting agency regarding a
consumer who has a credit account with that person shall notify the
agency of the voluntary closure of the account by the consumer, in
information regularly furnished for the period in which the account
is closed.
(5) Duty to provide notice of delinquency of accounts
A person who furnishes information to a consumer reporting
agency regarding a delinquent account being placed for collection,
charged to profit or loss, or subjected to any similar action shall,
not later than 90 days after furnishing the information, notify the
agency of the month and year of the commencement of the delinquency
that immediately preceded the action.
(b) Duties of furnishers of information upon notice of dispute
(1) In general
After receiving notice pursuant to section 1681i(a)(2) of this
title of a dispute with regard to the completeness or accuracy of
any information provided by a person to a consumer reporting agency,
the person shall--
(A) conduct an investigation with respect to the disputed
information;
(B) review all relevant information provided by the consumer
reporting agency pursuant to section 1681i(a)(2) of this title;
(C) report the results of the investigation to the consumer
reporting agency; and
(D) if the investigation finds that the information is
incomplete or inaccurate, report those results to all other
consumer reporting agencies to which the person furnished the
information and that compile and maintain files on consumers on
a nationwide basis.
(2) Deadline
A person shall complete all investigations, reviews, and reports
required under paragraph (1) regarding information provided by the
person to a consumer reporting agency, before the expiration of the
period under section 1681i(a)(1) of this title within which the
consumer reporting agency is required to complete actions required
by that section regarding that information.
(c) Limitation on liability
Sections 1681n and 1681o of this title do not apply to any failure
to comply with subsection (a) of this section, except as provided in
section 1681s(c)(1)(B) of this title.
(d) Limitation on enforcement
Subsection (a) of this section shall be enforced exclusively under
section 1681s of this title by the Federal agencies and officials and
the State officials identified in that section.
(Pub. L. 90-321, title VI, Sec. 623, as added Pub. L. 104-208, div. A,
title II, Sec. 2413(a)(2), Sept. 30, 1996, 110 Stat. 3009-447.)
Prior Provisions
A prior section 623 of Pub. L. 90-321 was renumbered section 624 and
is classified to section 1681t of this title.
Effective Date
Section effective 365 days after Sept. 30, 1996, with special rule
for early compliance, see section 2420 of Pub. L. 104-208, set out as an
Effective Date of 1996 Amendment note under section 1681a of this title.
Section Referred to in Other Sections
This section is referred to in sections 1681c, 1681s, 1681t of this
title.
