What is an Information Furnisher? A Comprehensive Legal Overview

Definition & Meaning

An information furnisher is a business or entity that supplies data to consumer reporting agencies, which compile credit reports. These furnishers play a crucial role in the credit reporting system, as they provide the information that influences an individual's credit score and financial reputation. The activities of information furnishers are regulated by the Fair Credit Reporting Act (FCRA), ensuring that the information reported is complete and accurate.

Table of content

Legal Use & context

The term "information furnisher" is primarily used in the context of consumer credit and financial law. It is relevant in civil legal matters involving credit reporting, debt collection, and consumer rights. Users may encounter this term when dealing with credit disputes or seeking to understand their credit reports. Legal templates available through US Legal Forms can assist individuals in managing disputes or understanding their rights under the FCRA.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

Example 1: A municipal court that reports a judgment against an individual is acting as an information furnisher by providing data to credit bureaus.

Example 2: An employer reporting an employee's salary history to a credit agency is another instance of an information furnisher at work.

Relevant laws & statutes

The Fair Credit Reporting Act (FCRA) is the primary law governing information furnishers. It sets standards for accuracy, completeness, and the reporting of consumer information. Other relevant laws may include state-specific consumer protection statutes.

State-by-state differences

State	Key Differences
California	Stricter reporting requirements and consumer notification laws.
New York	Additional protections for consumers regarding credit reporting inaccuracies.

This is not a complete list. State laws vary and users should consult local rules for specific guidance.

Common misunderstandings

What to do if this term applies to you

If you believe that an information furnisher has reported inaccurate information about you, it's important to take action. Here are some steps you can follow:

Request a copy of your credit report to identify any discrepancies.
Contact the information furnisher directly to dispute the inaccurate information.
Consider using US Legal Forms to access templates for dispute letters and other necessary documents.
If the issue persists, you may want to seek legal advice from a professional.