A. Furnisher agrees to furnish to CredHub, information from its records about its customers with whom it has established accounts. Such information will be furnished and updated no less frequently than at monthly intervals, unless otherwise agreed in writing. Furnisher hereby certifies that all information furnished to CredHub shall be complete and accurate.
B. Furnisher further agrees that, with respect to all information furnished to CredHub, Furnisher will comply with all requirements of the FCRA and all other applicable federal or state laws or regulations as now or as hereafter become effective.
C. Furnisher shall be liable for its own acts of negligence, and Furnisher shall hold CredHub harmless and indemnify CredHub for any loss, cost, expense or liability (including attorney’s fees) incurred by CredHub as a result of Furnisher’s negligence in the furnishing of data to CredHub, Furnisher’s failure to perform any of its obligations described in this Agreement, or Furnisher’s failure to comply with
the FCRA.
A. CredHub agrees that it will use commercially reasonable efforts to accurately process and incorporate into the Metro2 and Rental1 to format the credit information furnished to it by Furnisher. CredHub will have complete discretion as to when and what data provided by Furnisher is included and maintained in the Metro2 or Rental 1 format.
A. Waiver of Rights: Failure on the part of either Furnisher or CredHub to avail itself of or enforce any of its rights or remedies hereunder shall not be a waiver of its rights to do so thereafter. Either party may seek and obtain legal or equitable relief in any court of competent jurisdiction whether or not the notice of default or termination shall have been previously given or whether or not such moving party intends to terminate this Agreement.
B. Force Majeure: Notwithstanding any provision to the contrary herein contained, CredHub shall not be liable to Furnisher for any failure, delay or interruption in performance as to any obligation thereunder resulting from any cause beyond its control, including but not limited to governmental orders, legislation or regulations, labor strikes, acts of God, fires, electrical failure. Such failure, delay or interruption shall not constitute a breach hereunder.
C. Disclaimer of Warranties: Neither party makes any representation, warranties or guarantees other than those which are expressed herein. In no event shall CredHub be liable for any claims for any loss, economic or otherwise, incurred by Furnisher or its customers relating to or arising out of CredHub’ failure to include or delay in including Furnisher’s data on a consumer credit file.
D. Property Rights: All information incorporated in whole or in part into CredHub databases, as well as all computer programs and systems pertaining to CredHub databases, are and shall continue to be the exclusive property of CredHub.
E. Relationship of Parties: Nothing contained in this Agreement shall be construed as creating a joint venture, partnership, principal-agent, or mutual agency relationship between the parties hereto; and neither party shall, by virtue of this Agreement, have any right or power to create any obligation, expressed or implied, in behalf of the other party.
F. Captions: The captions and headings contained herein are included for convenience of reference only and shall not be construed as part of this Agreement.
G. Entire Agreement: This Agreement states the entire understanding and agreement between the parties in respect of the provision of data by Furnisher to CredHub, and supersedes all prior agreements, correspondence or discussions regarding the topic. No modification, alteration or amendment of this Agreement shall be valid or effective unless reduced to writing and executed by both parties.
H. Survival of Certain Provisions: This Agreement contains certain provisions intended to be effective after the termination hereof; to that extent, such provisions shall survive any termination of this Agreement.
All furnishers of consumer reports must comply with all applicable regulations. Information about applicable regulations currently in effect can be found at the Consumer Financial Protection Bureau’s website, www.consumerfinance.gov/learnmore.
The federal Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681-1681y, imposes responsibilities on all persons who furnish information to consumer reporting agencies (CRAs). These responsibilities are found in Section 623 of the FCRA, 15 U.S.C. 1681s-2. State law may impose additional requirements on furnishers. All furnishers of information to CRAs should become familiar with the applicable laws and may want to consult with their counsel to ensure that they are in compliance. The text of the FCRA is available at the website of the Consumer Financial Protection Bureau (CFPB): www.consumerfinance.gov/learnmore. A list of the sections of the FCRA cross-referenced to the U.S. Code is at the end of this document.
Section 623 imposes the following duties upon furnishers:
Accuracy Guidelines
The FCRA requires furnishers to comply with federal regulations dealing with the accuracy of information provided to CRAs by furnishers. Federal regulations and guidelines are available at www.consumerfinance.gov/learnmore. Section 623(e).
General Prohibition on Reporting Inaccurate Information
The FCRA prohibits information furnishers from providing information to a CRA that they know or have reasonable cause to believe is inaccurate. However, the furnisher is not subject to this general prohibition if it clearly and conspicuously specifies an address to which consumers may write to notify the furnisher that certain information is inaccurate. Section 623(a)(1)(A) and (a)(1)(C).
Duty to Correct and Update Information
If at any time a person who regularly and in the ordinary course of business furnishes information to one or more CRAs determines that the information provided is not complete or accurate, the furnisher must provide complete and accurate information to the CRA. In addition, the furnisher must notify all CRAs that received the information of any corrections, and must thereafter report only the complete and accurate information. Section 623(a)(2).
Duties After Notice of Dispute from Consumer
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).
If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any information reported by the furnisher, the furnisher may not subsequently report that information to a CRA without providing notice of the dispute. Section 623(a)(3).
Furnishers must comply with federal regulations that identify when an information furnisher must investigate a dispute made directly to the furnisher by a consumer. Under these regulations, furnishers must complete an investigation within 30 days (or 45 days, if the consumer later provides relevant additional information) unless the dispute is frivolous or irrelevant or comes from a “credit repair organization.” Section 623(a)(8). Federal regulations are available at www.consumerfinance.gov. Section 623(a)(8).
Duties After Notice of Dispute from Consumer Reporting Agency
If a CRA notifies a furnisher that a consumer disputes the completeness or accuracy of information provided by the furnisher, the furnisher has a duty to follow certain procedures. The furnisher must:
Duty to Report Voluntary Closing of Credit Accounts:
If a consumer voluntarily closes a credit account, any person who regularly and in the ordinary course of business furnished information to one or more CRAs must report this fact when it provides information to CRAs for the time period in which the account was closed. Section 623(a)(4).
Duty to Report Dates of Delinquencies:
If a furnisher reports information concerning a delinquent account placed for collection, charged to profit or loss, or subject to any similar action, the furnisher must, within 90 days after reporting the information, provide the CRA with the month and the year of the commencement of the delinquency that immediately preceded the action, so that the agency will know how long to keep the information in the consumer’s file. Section 623(a)(5)
Any person, such as a debt collector, that has acquired or is responsible for collecting delinquent accounts and that reports information to CRAs may comply with the requirements of Section 623(a)(5) (until there is a consumer dispute) by reporting the same delinquency date previously reported by the creditor. If the creditor did not report this date, they may comply with the FCRA by establishing reasonable procedures to obtain and report delinquency dates, or, if a delinquency date cannot be reasonably obtained, by following reasonable procedures to ensure that the date reported precedes the date when the account was placed for collection, charged to profit or loss, or subjected to any similar action. Section 623(a)(5).
Duties of Financial Institutions When Reporting Negative Information
Financial institutions that furnish information to “nationwide” consumer reporting agencies, as defined in Section 603(p), must notify consumers in writing if they may furnish or have furnished negative information to a CRA. Section 623(a)(7). The CFPB has prescribed model disclosures, 12 CFR Part 222, App.B.
Duties When Furnishing Medical Information
A furnisher whose primary business is providing medical services, products, or devices (and such furnisher’s agents or assignees) is a medical information furnisher for the purposes of the FCRA and must notify all CRAs to which it reports of this fact. Section 623(a)(9). This notice will enable CRAs comply with their duties under Section 604(g) when reporting medical information.
Duties When ID Theft Occurs
All furnishers must have in place reasonable procedures to respond to notifications from CRAs that information furnished is the result of identity theft, and to prevent refurnishing the information in the future. A furnisher may not furnish information that a consumer has identified as resulting from identity theft unless the furnisher subsequently knows or is informed by the consumer that the information is correct. Section 623(a)(6). If a furnisher learns that it has furnished inaccurate information due to identity theft, it must notify each CRA of the correct information and must thereafter report only complete and accurate information. Section 623(a)(2). When any furnisher of information is notified pursuant to the procedures set forth in Section 605B that a debt has resulted from identity theft, the furnisher may not sell, transfer, or place for collection the debt except in certain limited circumstances. Section 615(f).
The CFPB’s website, www.consumerfinance.gov/learnmore, has more information about the FCRA, including publications for businesses and the full text of the FCRA.
Citations for FCRA sections in the U.S. Code, 15 U.S. C § 1681 et seq.:
Section 602 15 U.S.C. 1681
Section 603 15 U.S.C. 1681a
Section 604 15 U.S.C. 1681b
Section 605 15 U.S.C. 1681c
Section 605A 15 U.S.C. 1681c-1
Section 605B 15 U.S.C. 1681c-2
Section 606 15 U.S.C. 1681d
Section 607 15 U.S.C. 1681e
Section 608 15 U.S.C. 1681f
Section 609 15 U.S.C. 1681g
Section 610 15 U.S.C. 1681h
Section 611 15 U.S.C. 1681i
Section 612 15 U.S.C. 1681j
Section 613 15 U.S.C. 1681k
Section 614 15 U.S.C. 1681l
Section 615 15 U.S.C. 1681m
Section 616 15 U.S.C. 1681n
Section 617 15 U.S.C. 1681o
Section 618 15 U.S.C. 1681p
Section 619 15 U.S.C. 1681q
Section 620 15 U.S.C. 1681r
Section 621 15 U.S.C. 1681s
Section 622 15 U.S.C. 1681s-1
Section 623 15 U.S.C. 1681s-2
Section 624 15 U.S.C. 1681t
Section 625 15 U.S.C. 1681u
Section 626 15 U.S.C. 1681v
Section 627 15 U.S.C. 1681w
Section 628 15 U.S.C. 1681x
Section 629 15 U.S.C. 1681y
