Source: https://www.law.cornell.edu/uscode/text/15/1681s-2
Timestamp: 2019-04-19 11:13:49+00:00

Document:
the information is, in fact, inaccurate.
the requirements of the loan rehabilitation program described in subclause (I) are successfully met.
If a financial institution is supervised by a Federal banking agency, the financial institution shall seek written approval concerning the terms and conditions of the loan rehabilitation program described in clause (i) from the appropriate Federal banking agency.
An appropriate Federal banking agency shall provide feedback to a financial institution within 120 days of a request for approval under subclause (I).
A consumer may obtain the benefits available under this subsection with respect to rehabilitating a loan only 1 time per loan.
Nothing in this subparagraph may be construed to require a financial institution to offer a loan rehabilitation program or to remove any reported default from a consumer report as a consideration of a loan rehabilitation program, except as described in clause (i).
the term “private education loan” has the meaning given the term in section 1650(a) of this title.
the creditor did not previously report the date of delinquency to a consumer reporting agency and the date of delinquency cannot be reasonably obtained as provided in clause (ii), the person establishes and follows reasonable procedures to ensure the date reported as the date of delinquency precedes the date on which the account is placed for collection, charged to profit or loss, or subjected to any similar action, and reports such date to the credit reporting agency.
If any financial institution that extends credit and regularly and in the ordinary course of business furnishes information to a consumer reporting agency described in section 1681a(p) of this title furnishes negative information to such an agency regarding credit extended to a customer, the financial institution shall provide a notice of such furnishing of negative information, in writing, to the customer.
After providing such notice, the financial institution may submit additional negative information to a consumer reporting agency described in section 1681a(p) of this title with respect to the same transaction, extension of credit, account, or customer without providing additional notice to the customer.
The notice required under subparagraph (A) shall be provided to the customer prior to, or no later than 30 days after, furnishing the negative information to a consumer reporting agency described in section 1681a(p) of this title.
If the notice is provided to the customer prior to furnishing the negative information to a consumer reporting agency, the notice may not be included in the initial disclosures provided under section 1637(a) of this title.
must be clear and conspicuous.
The Bureau shall prescribe a brief model disclosure that a financial institution may use to comply with subparagraph (A), which shall not exceed 30 words.
No provision of this paragraph may be construed to require a financial institution to use any such model form prescribed by the Bureau.
A financial institution shall be deemed to be in compliance with subparagraph (A) if the financial institution uses any model form prescribed by the Bureau under this subparagraph, or the financial institution uses any such model form and rearranges its format.
The term “negative information” means information concerning a customer’s delinquencies, late payments, insolvency, or any form of default.
The terms “customer” and “financial institution” have the same meanings as in section 6809 of this title.
the potential impact on the credit reporting process if credit repair organizations, as defined in section 1679a(3) of this title, including entities that would be a credit repair organization, but for section 1679a(3)(B)(i) of this title, are able to circumvent the prohibition in subparagraph (G).
includes all supporting documentation required by the furnisher to substantiate the basis of the dispute.
if the investigation finds that the information reported was inaccurate, promptly notify each consumer reporting agency to which the person furnished the inaccurate information of that determination and provide to the agency any correction to that information that is necessary to make the information provided by the person accurate.
the submission by a consumer of a dispute that is substantially the same as a dispute previously submitted by or for the consumer, either directly to the person or through a consumer reporting agency under subsection (b), with respect to which the person has already performed the person’s duties under this paragraph or subsection (b), as applicable.
Upon making any determination under clause (i) that a dispute is frivolous or irrelevant, the person shall notify the consumer of such determination not later than 5 business days after making such determination, by mail or, if authorized by the consumer for that purpose, by any other means available to the person.
This paragraph shall not apply if the notice of the dispute is submitted by, is prepared on behalf of the consumer by, or is submitted on a form supplied to the consumer by, a credit repair organization, as defined in section 1679a(3) of this title, or an entity that would be a credit repair organization, but for section 1679a(3)(B)(i) of this title.
permanently block the reporting of that item of information.
A person shall complete all investigations, reviews, and reports required under paragraph (1) regarding information provided by the person to a consumer reporting agency, before the expiration of the period under section 1681i(a)(1) of this title within which the consumer reporting agency is required to complete actions required by that section regarding that information.
subsection (e) of section 1681m of this title.
The provisions of law described in paragraphs (1) through (3) of subsection (c) (other than with respect to the exception described in paragraph (2) of subsection (c)) shall be enforced exclusively as provided under section 1681s of this title by the Federal agencies and officials and the State officials identified in section 1681s of this title.
prescribe regulations requiring each person that furnishes information to a consumer reporting agency to establish reasonable policies and procedures for implementing the guidelines established pursuant to subparagraph (A).
examine the policies and processes that persons that furnish information to consumer reporting agencies employ to conduct reinvestigations and correct inaccurate information relating to consumers that has been furnished to consumer reporting agencies.
A prior section 623 of Pub. L. 90–321 was renumbered section 625 and is classified to section 1681t of this title.
2018—Subsec. (a)(1)(E). Pub. L. 115–174 added subpar. (E).
2010—Subsec. (a)(7)(D). Pub. L. 111–203, § 1088(a)(11)(A), added subpar. (D) and struck out former subpar. (D) which related to duty of Board to prescribe a model disclosure.
Subsec. (a)(8)(A). Pub. L. 111–203, § 1088(a)(11)(B), which directed amendment of subpar. (A) by inserting “, in consultation with the Federal Trade Commission, the Federal banking agencies, and the National Credit Union Administration,” before “shall jointly”, was executed by making the insertion before “shall prescribe”, to reflect the probable intent of Congress and the amendment by Pub. L. 111–203, § 1088(a)(2)(D). See below.
Pub. L. 111–203, § 1088(a)(2)(D), substituted “The Bureau shall” for “The Federal banking agencies, the National Credit Union Administration, and the Commission shall jointly”.
Subsec. (e). Pub. L. 111–203, § 1088(a)(11)(C), added subsec. (e) and struck out former subsec. (e) which related to establishment and maintenance of accuracy guidelines and prescription of implementing regulations by the Federal banking agencies, the National Credit Union Administration, and the Commission.
2003—Subsec. (a)(1)(A). Pub. L. 108–159, § 312(b)(1), substituted “knows or has reasonable cause to believe that the information is inaccurate” for “knows or consciously avoids knowing that the information is inaccurate”.
Subsec. (a)(1)(D). Pub. L. 108–159, § 312(b)(2), added subpar. (D).
Subsec. (a)(5). Pub. L. 108–159, § 312(d), designated existing provisions as subpar. (A), inserted heading, inserted “date of delinquency on the account, which shall be the” before “month” and “on the account” before “that immediately preceded”, and added subpar. (B).
Subsec. (a)(6). Pub. L. 108–159, § 154(a), added par. (6).
Subsec. (a)(7). Pub. L. 108–159, § 217(a), added par. (7).
Subsec. (a)(8). Pub. L. 108–159, § 312(c), added par. (8).
Subsec. (a)(9). Pub. L. 108–159, § 412(a), added par. (9).
Subsec. (b)(1)(E). Pub. L. 108–159, § 314(b), added subpar. (E).
Subsec. (e). Pub. L. 108–159, § 312(a), added subsec. (e).
Amendment by section 412(a) of Pub. L. 108–159 effective at end of 15-month period beginning on Dec. 4, 2003, see section 412(g) of Pub. L. 108–159, set out as a note under section 1681b of this title.
Section effective 365 days after Sept. 30, 1996, with special rule for early compliance, see section 2420 of Pub. L. 104–208, set out as an Effective Date of 1996 Amendment note under section 1681a of this title.

References: § 1088
 § 1088
 § 1088
 § 1088
 § 1088
 § 312
 § 312
 § 312
 § 154
 § 217
 § 312
 § 412
 § 314
 § 312