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Duties Of Furnishers Of Information On Your Credit Report

Information on your credit report is provided to the credit reporting agencies (TransUnion, Equifax and Experian) (CRAs) by Furnishers. Furnishers can be public records sources, creditors, collections agencies, landlords and lenders such as banks. Reporting of information about you by Furnishers to the CRAs is regulated by the Fair Credit Reporting Act (FCRA). Under the FCRA, Furnishers are not required to report information to the CRAs but if they do, the law requires it to be accurate. So if you find something on your credit report that is not accurate, you need to send a written dispute to the CRAs and upon receipt, they are required to send notice to the Furnisher that an investigation of the disputed information must be conducted. After reviewing the relevant information, the Furnisher is then required to report the results to the CRAs. If, after the Furnisher conducts its investigation, an item of information disputed by you is found to be inaccurate, incomplete or cannot be verified, the FCRA requires that the information must be modified or deleted or permanently blocked. The FCRA mandates that the investigation conducted by Furnishers must be a “detailed inquiry or systematic examination” but in reality, your dispute is sent electronically from the CRAs to the Furnisher  and in most cases, the Furnisher’s computer system then automatically determines whether the information is inaccurate or not without a human ever reviewing the information. As a result, inaccurate information on credit reports often does not get corrected and ends up causing you to be denied credit or a job or a loan or housing or insurance coverage. If this happens to you, you may be entitled to money damages. Contact Pine Street Legal at (215) 345-9214, nkanter@pinestreetlegal.com for a free consultation and help in fighting for the justice you deserve.