12 CFR §1022.41 — Definitions (Regulation V)

12 CFR §1022.41 — Definitions

§ 1022.41 Definitions. For purposes of this subpart and appendix E of this part, the following definitions apply: (a) Accuracy means that information that a furnisher provides to a consumer reporting agency about an account or other relationship with the consumer correctly: (1) Reflects the terms of and liability for the account or other relationship; (2) Reflects the consumer 's performance and other conduct with respect to the account or other relationship; and (3) Identifies the appropriate consumer . (b) Direct dispute means a dispute submitted directly to a furnisher (including a furnisher that is a debt collector) by a consumer concerning the accuracy of any information contained in a consumer report and pertaining to an account or other relationship that the furnisher has or had with the consumer . (c) Furnisher means an entity that furnishes information relating to consumers to one or more consumer reporting agencies for inclusion in a consumer report. An entity is not a furnisher when it: (1) Provides information to a consumer reporting agency solely to obtain a consumer report in accordance with sections 604(a) and (f) of the FCRA; (2) Is acting as a “consumer reporting agency” as defined in section 603(f) of the FCRA; (3) Is a consumer to whom the furnished information pertains; or (4) Is a neighbor, friend, or associate of the consumer , or another individual with whom the consumer is acquainted or who may have knowledge about the consumer , and who provides information about the consumer 's character, general reputation, personal characteristics, or mode of living in response to a specific request from a consumer reporting agency. (d) Integrity means that information that a furnisher provides to a consumer reporting agency about an account or other relationship with the consumer: (1) Is substantiated by the furnisher 's records at the time it is furnished; (2) Is furnished in a form and manner that is designed to minimize the likelihood that the information may be incorrectly reflected in a consumer report; and (3) Includes the information in the furnisher 's possession about the account or other relationship that the Bureau has: (i) Determined that the absence of which would likely be materially misleading in evaluating a consumer 's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living; and (ii) Listed in section I(b)(2)(iii) of appendix E of this part.

Source: 12 CFR §1022.41 — Definitions (Regulation V) · source URL · snapshot f54f5d4c45ef9178