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Consumers Can Dispute Credit Reports with Creditors

Posted on Mar 29, 2010 by Tom Fragala

The FTC recently testified before Congress and stated that starting July 1st, consumers will have a right to dispute credit reports directly with the creditor, also called a "furnisher" because they furnish the data to the credit reporting companies. Two examples of a creditor are a credit card company or mortgage lender.

In the past, the FTC only required consumer credit reporting companies (Experian, Equifax and TransUnion) to handle credit report disputes (they would in turn communicate with the furnisher directly).

This is a substantial change, at least on paper, to one of the biggest areas of consumer credit problems and identity theft. How it will work in practice, and whether it will improve things for consumers, remains to be seen.

From FTC.gov:

Furnisher Rules: These rules call on companies that furnish information to consumer reporting agencies to improve the accuracy of information they provide. They also give consumers the right to dispute errors in their credit reports directly with the furnishers of the information, in addition to disputing errors with consumer reporting agencies. The rules take effect July 1, 2010.