What happens if a consumer finds inaccurate information in their report according to the FCRA?

According to the Fair Credit Reporting Act (FCRA), if a consumer finds inaccurate information in their credit report, they have the right to take action by reporting the discrepancy to the credit reporting agency (CRA). This process initiates an investigation into the claim of inaccuracy. The FCRA provides consumers with the ability to dispute any information they believe is incorrect, which prompts the CRA to verify the information with the entity that provided it, known as the furnisher.

By notifying the CRA, the consumer ensures that their concerns are documented and that the CRA takes appropriate steps to investigate the validity of the reported information. If the dispute is upheld, the inaccurate information must be corrected or removed from the consumer’s credit report. This consumer protection is a key component of the FCRA, enabling individuals to maintain the accuracy of their credit records and ensure their financial reputation remains intact.