Source: https://law.justia.com/codes/us/2011/title-15/chapter-41/subchapter-iii/section-1681i/
Timestamp: 2019-04-21 10:14:33+00:00

Document:
Source Credit Pub. L. 90-321, title VI, §611, as added Pub. L. 91-508, title VI, §601, Oct. 26, 1970, 84 Stat. 1132; amended Pub. L. 104-208, div. A, title II, §2409, Sept. 30, 1996, 110 Stat. 3009-439; Pub. L. 105-347, §6(5), Nov. 2, 1998, 112 Stat. 3211; Pub. L. 108-159, title III, §§313(a), 314(a), 316, 317, Dec. 4, 2003, 117 Stat. 1994-1996, 1998; Pub. L. 111-203, title X, §1088(a)(2)(C), (6), July 21, 2010, 124 Stat. 2087.
Subject to subsection (f) of this section, if the completeness or accuracy of any item of information contained in a consumer's file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer or reseller.
If any information is deleted from a consumer's file pursuant to subparagraph (A), the information may not be reinserted in the file by the consumer reporting agency unless the person who furnishes the information certifies that the information is complete and accurate.
If any information that has been deleted from a consumer's file pursuant to subparagraph (A) is reinserted in the file, the consumer reporting agency shall notify the consumer of the reinsertion in writing not later than 5 business days after the reinsertion or, if authorized by the consumer for that purpose, by any other means available to the agency.
A consumer reporting agency shall maintain reasonable procedures designed to prevent the reappearance in a consumer's file, and in consumer reports on the consumer, of information that is deleted pursuant to this paragraph (other than information that is reinserted in accordance with subparagraph (B)(i)).
Any consumer reporting agency that compiles and maintains files on consumers on a nationwide basis shall implement an automated system through which furnishers of information to that consumer reporting agency may report the results of a reinvestigation that finds incomplete or inaccurate information in a consumer's file to other such consumer reporting agencies.
Whenever a statement of a dispute is filed, unless there is reasonable grounds to believe that it is frivolous or irrelevant, the consumer reporting agency shall, in any subsequent consumer report containing the information in question, clearly note that it is disputed by the consumer and provide either the consumer's statement or a clear and accurate codification or summary thereof.
Following any deletion of information which is found to be inaccurate or whose accuracy can no longer be verified or any notation as to disputed information, the consumer reporting agency shall, at the request of the consumer, furnish notification that the item has been deleted or the statement, codification or summary pursuant to subsection (b) or (c) of this section to any person specifically designated by the consumer who has within two years prior thereto received a consumer report for employment purposes, or within six months prior thereto received a consumer report for any other purpose, which contained the deleted or disputed information.
The Commission 1 may prescribe regulations, as appropriate to implement this subsection.
The Commission 1 shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report regarding information gathered by the Bureau under this subsection.
The Consumer Financial Protection Act of 2010, referred to in subsec. (e)(2), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, which enacted subchapter V (§5481 et seq.) of chapter 53 of Title 12, Banks and Banking, and enacted and amended numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of Title 12 and Tables.
Subsec. (e)(3), (5). Pub. L. 111–203, §1088(a)(2)(C), substituted “the Bureau” for “the Commission” wherever appearing.
2003—Subsec. (a)(1)(A). Pub. L. 108–159, §317, substituted “shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate” for “shall reinvestigate free of charge”.
Pub. L. 108–159, §316(a)(1), substituted “Subject to subsection (f) of this section, if the completeness” for “If the completeness” and inserted “, or indirectly through a reseller,” after “notifies the agency directly” and “or reseller” before period at end.
Subsec. (a)(2)(A). Pub. L. 108–159, §316(a)(2), inserted “or a reseller” after “dispute from any consumer” and “or reseller” before period at end.
Subsec. (a)(2)(B). Pub. L. 108–159, §316(c), struck out “from consumer” after “information” in heading.
Pub. L. 108–159, §316(a)(3), inserted “or the reseller” after “from the consumer”.
Subsec. (e). Pub. L. 108–159, §313(a), added subsec. (e).
Subsec. (f). Pub. L. 108–159, §316(b), added subsec. (f).
“(1) Study required.—The Board and the Commission shall jointly study the extent to which, and the manner in which, consumer reporting agencies and furnishers of consumer information to consumer reporting agencies are complying with the procedures, time lines, and requirements under the Fair Credit Reporting Act [this subchapter] for the prompt investigation of the disputed accuracy of any consumer information, the completeness of the information provided to consumer reporting agencies, and the prompt correction or deletion, in accordance with such Act, of any inaccurate or incomplete information or information that cannot be verified.
“(2) Report required.—Before the end of the 12-month period beginning on the date of enactment of this Act [Dec. 4, 2003], the Board and the Commission shall jointly submit a progress report to the Congress on the results of the study required under paragraph (1).
“(3) Considerations.—In preparing the report required under paragraph (2), the Board and the Commission shall consider information relating to complaints compiled by the Commission under section 611(e) of the Fair Credit Reporting Act [15 U.S.C. 1681i(e)], as added by this section.
1 So in original. Probably should be “Bureau”.

References: §611
 §601
 §2409
 §6
 §1088
 §1088
 §317
 §316
 §316
 §316
 §316
 §313
 §316