For purposes of this subpart
and Appendix E of this part, the following definitions apply:
(a) Accuracy means that information that a furnisher
provides to a consumer reporting agency about an account or other
relationship with the consumer correctly:
(1) Reflects the terms of and liability
for the account or other relationship;
(2) Reflects the consumer’s performance
and other conduct with respect to the account or other relationship;
and
(3) Identifies
the appropriate consumer.
(b) Direct
dispute means a dispute submitted directly to a furnisher (including
a furnisher that is a debt collector) by a consumer concerning the
accuracy of any information contained in a consumer report and pertaining
to an account or other relationship that the furnisher has or had
with the consumer.
(c) Furnisher means
an entity that furnishes information relating to consumers to one
or more consumer reporting agencies for inclusion in a consumer report.
An entity is not a furnisher when it:
(1) Provides information to a consumer
reporting agency solely to obtain a consumer report in accordance
with sections 604(a) and (f) of the Fair Credit Reporting Act;
(2) Is acting as a “consumer
reporting agency” as defined in section 603(f) of the Fair Credit
Reporting Act;
(3)
Is a consumer to whom the furnished information pertains; or
(4) Is a neighbor, friend,
or associate of the consumer, or another individual with whom the
consumer is acquainted or who may have knowledge about the consumer,
and who provides information about the consumer’s character, general
reputation, personal characteristics, or mode of living in response
to a specific request from a consumer reporting agency.
(d) Identity theft has the same meaning as
in 16 CFR 603.2(a).
(e) Integrity means
that information that a furnisher provides to a consumer reporting
agency about an account or other relationship with the consumer:
(1) Is substantiated by the
furnisher’s records at the time it is furnished;
(2) Is furnished in a form and manner that
is designed to minimize the likelihood that the information may be
incorrectly reflected in a consumer report; and
(3) Includes the information in the furnisher’s
possession about the account or other relationship that the Board
has:
(i) Determined that the absence of which
would likely be materially misleading in evaluating a consumer’s creditworthiness,
credit standing, credit capacity, character, general reputation, personal
characteristics, or mode of living; and
(ii) Listed in section I.(b)(2)(iii)
of Appendix E of this part.
