The Credit Reporting Agencies (CRAs) get most of their information from the consumer’s creditors and lenders. A creditor or lender is someone who loans money to a borrower. Creditors and lenders sign agreements with the credit bureaus that they will report payment and credit history.
The companies that report information to the CRAs are referred to as Furnishers. Examples of furnishers include banks, thrifts, credit unions, savings and loan institutions, mortgage lenders, credit card issuers, collection agencies, retail installment lenders, and auto finance lenders–basically anyone that reports information to the CRAs.
The FCRA does not require furnishers to report to CRAs in the first place. However, if they do report to the CRAs they must follow certain provisions in the FRCA which pertain directly to furnishers. In brief, it is the requirement of any data furnisher to ensure that 3 requirements are met when reporting an item:
- Item must be reporting 100% Accurate Information
- Item Must be 100% Verifiable
- Item Must be reporting within the allowable reporting period
Don’t forget that the FCRA is designed to protect consumers from inaccurate, unverifiable and out of date reporting. And also don’t forget that it does not require any furnisher to report anything.
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