FCRA / FACT Act & Direct Disputes

If your bank furnishes information to a credit reporting agency, it is your responsibility to ensure that the information you provide is accurate. Even with the best intentions; however, errors do still happen. When a consumer identifies what they believe to be an error in the information you’ve reported, they can dispute it directly with you and you must look into it. In other words, you can’t tell the consumer that they need to take it up with the consumer reporting agency, it’s your problem. As is the case with most things in compliance; however, there are some exceptions.

Kevin explains more in the video.

Video Highlights:

• Furnishers of information must handle direct disputes from consumers.
• Exceptions include disputes related to identifying information, employer information, inquiries/requests, public records, fraud alerts, requests from credit repair organizations, etc.
• While you don’t have to respond to credit repair organizations, you may want to respond to your customer.

Published
2023/09/29