Credit Reporting and Information F.A.Q.

The below FAQ contains some basic, yet very important, information regarding your credit reports and how your information is presented. Please feel free to contact us if you have any questions. Consulations are always free.

General Prohibition on Reporting Inaccurate Information
The FCRA prohibits information furnishers from providing information to a CRA that they know or have reasonable
cause to believe is inaccurate. However, the furnisher is not subject to this general prohibition if it clearly and
conspicuously specifies an address to which consumers may write to notify the furnisher that certain information is
inaccurate.
Duty to Correct and Update Information

If at any time a person who regularly and in the ordinary course of business furnishes information to one or more
CRAs determines that the information provided is not complete or accurate, the furnisher must promptly provide
complete and accurate information to the CRA. In addition, the furnisher must notify all CRAs that received the
information of any corrections, and must thereafter report only the complete and accurate information.

Duties After Notice of Dispute from Consumer
If a consumer notifies a furnisher, at an address specified by the furnisher for such notices, that specific information
is inaccurate, and the information is, in fact, inaccurate, the furnisher must thereafter report the correct information
to CRAs.

If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any information
reported by the furnisher, the furnisher may not subsequently report that information to a CRA without providing
notice of the dispute.

Furnishers must complete an investigation within 30 days (or 45 days, if the consumer later provides relevant
additional information) unless the dispute is frivolous or irrelevant or comes from a “credit repair organization.”

Duties After Notice of Dispute from Consumer Reporting Agency

If a CRA notifies a furnisher that a consumer disputes the completeness or accuracy of information provided by the
furnisher, the furnisher has a duty to follow certain procedures. The furnisher must:

  • Conduct an investigation and review all relevant information provided by the CRA, including information
    given to the CRA by the consumer.
  • Report the results to the CRA that referred the dispute, and, if the investigation establishes that the
    information was, in fact, incomplete or inaccurate, report the results to all CRAs to which the furnisher
    provided the information that compile and maintain files on a nationwide basis.
  • Complete the above steps within 30 days from the date the CRA receives the dispute.
  • Promptly modify or delete the information or block its reporting.
Duty to Report Voluntary Closing of Credit Accounts
If a consumer voluntarily closes a credit account, any person who regularly and in the ordinary course of business
furnishes information to one or more CRAs must report this fact when it provides information to CRAs for the time
period in which the account was closed.
Duty to Report Dates of Delinquencies

If a furnisher reports information concerning a delinquent account placed for collection, charged to profit or loss, or
subject to any similar action, the furnisher must, within 90 days after reporting the information, provide the CRA with
the month and the year of the commencement of the delinquency that immediately preceded the action, so that the
agency will know how long to keep the information in the consumer’s file.

Any person, such as a debt collector, that has acquired or is responsible for collecting delinquent accounts and that
reports information to CRAs may comply with this requirement (until there is a consumer dispute) by reporting the
same delinquency date previously reported by the creditor. If the creditor did not report this date, they may comply
with the FCRA by establishing reasonable procedures to obtain and report delinquency dates, or, if a delinquency
date cannot be reasonably obtained, by following reasonable procedures to ensure that the date reported precedes
the date when the account was placed for collection, charged to profit or loss, or subjected to any similar action.

Duties of Financial Institutions When Reporting Negative Information
Financial institutions that furnish information to “nationwide” consumer reporting agencies, must notify
consumers in writing if they may furnish or have furnished negative information to a CRA.
Duties When Furnishing Medical Information
A furnisher whose primary business is providing medical services, products, or devices (and such furnisher’s agents
or assignees) is a medical information furnisher for the purposes of the FCRA and must notify all CRAs to which it
reports of this fact. This notice will enable CRAs to comply with their duties when reporting medical information.
Duties when Identity Theft Occurs
All furnishers must have in place reasonable procedures to respond to notifications from CRAs that information
furnished is the result of identity theft, and to prevent refurnishing the information in the future. A furnisher
may not furnish information that a consumer has identified as resulting from identity theft unless the furnisher
subsequently knows or is informed by the consumer that the information is correct.

If a furnisher learns that it has furnished inaccurate information due to identity theft, it must notify each
consumer reporting agency of the correct information and must thereafter report only complete and
accurate information. When any furnisher of information is notified pursuant to the procedures set forth
in Section 605B that a debt has resulted from identity theft, the furnisher may not sell, transfer, or place
for collection the debt except in certain limited circumstance

 

Who is Florida Litigators and What do we do?

Florida Litigators is a local, independent, experienced Team of professionals serving our Florida communities since 2013. With our extended experience, across multiple disciplines and fields of expertise, we fight for our clients to recover benefits and build satisfaction and peace of mind out of legal and claim disputes.

We work with you starting with a free consulation and represent our clients on a Contingency Fee basis. This simply means that we only make money when we make money for you. No hidden fees or recurring costs come out of your pocket. Period.

Comprehensive and Dedicated Legal Representation

Free Consultation with No Strings Attached

Contingency Fee Structure. We don't get paid if you don't get paid. As Simple as that.

Results Driven, Client Satisfaction, before all else.

Experienced and Diverse Team of Professionals