The Board encourages voluntary
furnishing of information to consumer reporting agencies. Section
222.42 of this part requires each furnisher to establish and implement
reasonable written policies and procedures concerning the accuracy
and integrity of the information it furnishes to consumer reporting
agencies. Under section 222.42(b) of this part, a furnisher must consider
the guidelines set forth below in developing its policies and procedures.
In establishing these policies and procedures, a furnisher may include
any of its existing policies and procedures that are relevant and
appropriate. Section 222.42(c) requires each furnisher to review its
policies and procedures periodically and update them as necessary
to ensure their continued effectiveness.
