
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
