The consumer, upon request, may direct the credit reporting agency to forward a corrected report to any party having recently requested a copy. If the creditor or source of the information does respond to the investigation within 30 days, the credit reporting agency must remove the incorrect or unverified information. A provision aimed at preventing recurring errors mandates that credit reporting agencies may not report an item after a dispute unless the information is verified by the source creditor. If the information is verified, the credit reporting agency must notify the consumer of the reinsertion of said information in her credit report. Also, if there is no resolution of a dispute within the 30 days and the disputed information is not removed, the consumer is entitled to include a brief explanatory statement in her report.
Consumers can dispute incorrect information directly with a source creditor.
Once a consumer notifies a creditor of an inaccuracy, it may not report said information to a credit reporting agency without including notice that the consumer disputes the information. Under the amended FCRA information older than 7 years may not be reported unless it involves a bankruptcy which may be reported for up to 10 years. Also, consumers can find out who recently requested their credit report. In response to the complaint that credit reporting agencies provide consumer information to third parties that use the information for solicitations, the amended FCRA allows consumers to remove themselves from mailing lists temporarily or permanently. A significant change to the FCRA requires that consumers be notified when their credit reports are being considered in a decision and again when information contained in their reports is used against them as well as the name, address and telephone number of the agency that provided the report.