Consumer Reporting Agencies
Comsumers reporting agencies (CRAs) are entitiles that collect and disseminate information about consumers to be used for credit evaluation and certain other purposes, including employment. Credit bureaus, a type of consumer reporting agency, hold a consumer's credit report in their databases. CRAs have a number of responsibilities under FCRA, including the following:
CRAs must maintain reasonable procedures to ensure the maximum possible accuracy of the information contained within a consumer's reports; Provide a consumer with information about him or her in agency's files and take steps to verify the accuracy of information disputed by a consumer;
If negative information is removed as a result of a consumer's dispute, it may not be reinserted without notifying the consumer in writing within five; days and, remove negative information seven years after the date of first delinquency (except for bankruptcies (10 years) and tax liens (seven years from the time they are paid).