§ 2480d. Procedure in case of disputed accuracy
(a) If the completeness or accuracy of any item of information contained in the consumer's file is disputed by the consumer and the consumer notifies the credit reporting agency directly of such dispute, the agency shall reinvestigate free of charge and record the current status of the disputed information on or before 30 business days after the date the agency receives notice from the consumer.
(b) On or before five business days after the date a credit reporting agency receives notice of a dispute from a consumer in accordance with subsection (a) of this section, the agency shall provide notice of the dispute to all persons who provided any item of information in dispute.
(c) Notwithstanding subsection (a) of this section, a credit reporting agency may terminate a reinvestigation of information disputed by a consumer under such subsection if the agency reasonably determines that such dispute by the consumer is frivolous or irrelevant. Upon making such a determination, a credit reporting agency shall promptly notify the consumer of such determination and the reasons therefor, by mail, or if authorized by the consumer for that purpose, by telephone. The presence of contradictory information in the consumer's file does not in and of itself constitute reasonable grounds for determining the dispute is frivolous or irrelevant.
(d) In conducting a reinvestigation under subsection (a) of this section, the credit reporting agency shall review and consider all relevant information submitted by the consumer with respect to such disputed information.
(e) If, after a reinvestigation under subsection (a) of this section of any information disputed by a consumer, the information is found to be inaccurate or cannot be verified, the credit reporting agency shall promptly delete such information from the consumer's file. For purposes of this section, "information" shall not include other information in the same item that is not disputed by the consumer.
(f) If any information is deleted after a reinvestigation under subsection (a) of this section, the information may not be reinserted in the consumer's file after deletion unless the person who furnishes the information reinvestigates and states in writing or by electronic record to the agency that the information is complete and accurate. Such furnisher shall not provide such statement unless the furnisher reasonably believes that the information is complete and accurate. Upon such reinvestigation and statement by the furnisher, the credit reporting agency shall promptly notify the consumer of any reinsertion.
(g) A credit reporting agency shall provide written notice of the results of any reinvestigation under this subsection within five business days of the completion of the reinvestigation, by mail or, if authorized by the consumer for that purpose, by telephone. This notice shall include:
(1) a statement that the reinvestigation is complete;
(2) a statement of the determination of the agency on the completeness or accuracy of the disputed information;
(3) a credit report that is based upon the consumer's file as that file is revised as a result of the reinvestigation;
(4) a description of the manner in which the information disputed by the consumer has been altered, changed, deleted, or modified in the consumer's credit report;
(5) a description of the procedure used to determine the accuracy and completeness of the information, including the name, business address, and, if available, the telephone number of any person contacted in connection with such information; and
(6) a notification that the consumer has the right, pursuant to 15 U.S.C. § 1681i, to add a statement to the consumer's file disputing the accuracy or completeness of the information. (Added 1991, No. 246 (Adj. Sess.), § 1.)