Fair Credit Reporting Act - Furnishers of Information

The video tutorial explains the Fair Credit Reporting Act, focusing on the responsibilities of individuals and entities reporting credit transactions. It covers the procedures for accurate reporting, handling disputes, and notifying consumers of negative credit information. The Act applies broadly to anyone involved in credit transactions, requiring compliance with its provisions.

Who is responsible for reporting credit transactions under the Fair Credit Reporting Act?

• Only individuals with a credit score above 700

• Anyone involved in a credit or commercial transaction with a consumer

• Only credit reporting agencies

• Only banks and financial institutions

What must be in place to handle disputes about credit information?

• A process for notifying the credit reporting agency

• A process for increasing the credit score

• A process for investigating and correcting or verifying information

• A process for immediate deletion of disputed information

Within how many days must disputed credit information be corrected or verified?

• 45 days

• 15 days

• 30 days

• 60 days

What must be provided to consumers when negative credit information is reported?

• A written notice

• An email

• A verbal notice

• A phone call

Who must comply with the provisions of the Fair Credit Reporting Act?

• Only large corporations

• Only individuals with a credit card

• Only government agencies

• Anyone entering into transactions with consumers