Fair Credit Reporting Act Terms Defined. What is a “Furnisher”?
By Kevin Gipson, New Orleans Consumer Attorney on Apr 28, 2008 in Consumer Protection, Credit Reporting
Under the Fair Credit Reporting Act (FCRA) a "Furnisher" is a creditor or a third party that provides information about a consumer to a credit reporting agency (CRA). The FCRA provides standards and guidelines to be followed by furnishers in an attempt to assure the accuracy of the information being provided to the CRA.
The FCRA also requires the furnisher to participate when a consumer disputes information contained in his credit report. The dispute process, known as a reinvestigation, requires the furnisher to take an active role in responding to a consumer’s complaint. A furnisher that fails to participate or that fails to conduct a proper investigation can be liable to the consumer.
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