Furnishers of Information
A creditor, as defined by the FCRA, is a company that furnishes information to consumer reporting agencies. Typically, these are creditors, with which a consumer has some sort of credit agreement (such as credit card companies, auto finance, companies and mortgage banking institutions).
Other examples of information furnishers are collection agencies (third-party collections), state or municipal courts reporting a judgement of some kind, past and present employers and bonders. Lenders have an important role to play in ensuring credit reports are accurate. Under the FCRA, creditors who furnish information about consumers to consumer reporting agencies must:
Provide complete and accurate information to the credit reporting agencies;
Investigate consumer disputes received from credit reporting agencies;
Correct, delete, or verify information within 30 days of receipt of a dispute; and, inform consumers about negative information which is in the process of or has already been placed on a consumer's credit report within one month.
(This notice doesn't have to be sent as a separate notice, but may be placed on a consumer's monthly statement. If sent as part as the monthly statement, it needs to be conspicuous, but need not be in bold type. Required wording ( developed by the US Federal Treasury Department): Notice before negative information is reported: We may report information about your account to credit bureaus. Late payments, missed payment, or other defaults on your account may be reflected in your credit report.
Notice after negative information is reported: we have told a credit bureau about a late payment, missed payment or other default on your account. This information may be reflected in your credit report.