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The Rule requires furnishers to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of the information relating to consumers that they furnish to a CRA. The Rule also requires that furnishers respond to direct disputes from consumers.

The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.

Section 623(a)(2). If a consumer notifies a furnisher, at an address specified by the furnisher for such notices, that specific information is inaccurate, and the information is, in fact, inaccurate, the furnisher must thereafter report the correct information to CRAs. Section 623(a)(1)(B).

The credit bureaus announced in April 2023 the removal of unpaid medical collections with an initial balance of less than $500 from credit reports. All paid medical collections have also been removed from credit reports, which is a relief for people waiting seven years for it to disappear.

The Fair and Accurate Credit Transactions Act (FACTA) provides you with better access to your credit information. Under FACTA, consumers are entitled to one free credit report every 12 months from each of the three credit bureaus (Equifax, TransUnion, and Experian).

The FCRA provides a two (2) year statute of limitation commencing from the date of the violation of the Act, regardless of whether the victim even knows of the violation. It is perhaps the least consumer-friendly provision of the anti-consumer FCRA.