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Laws > FCRA (3) Other consumer reporting guidelines: Bankruptcy For the protection of the consumer, consumer reports are required to meet other guidelines. If the source that provides information regarding a bankruptcy indicates what chapter was filed, the reporting agency must include the chapter on the credit report. Additionally, if a bankruptcy is withdrawn before “final judgment” and the agency has received information confirming that it was withdrawn, the agency must indicate it on the consumer report. Accounts that are voluntarily closed by the consumer When including information that is relative to a consumer’s account on a report, if an agency receives verification that the consumer voluntarily closed the account, they are responsible for indicating on the report, that the consumer voluntarily closed the account. Disputing Inaccurate information An agency is responsible for noting that there is a dispute over information that is reported on a consumer report if the consumer directly notifies the agency. It is the agency’s responsibility to investigate and record the status of the disputed information or delete the information from the consumer report. There is a 30-day time frame that begins on the day the agency receives the formal notice of dispute from the consumer, during which the investigation must be completed. If, during the course of the investigation, the agency receives additional “relevant” information pertaining to the dispute, they are responsible for extending the investigation period for an additional 15 days. The agency does not have to provide a 15 day extension if, during the initial 30 day period, it determines that the information that a consumer has supplied to support their dispute is “inaccurate,” “incomplete,” or unverifiable. |
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