What do regulators expect from each entity that furnishes information to consumer reporting agencies?

Regulators expect each entity that furnishes information to consumer reporting agencies to comply with the Fair Credit Reporting Act (FCRA) because this federal law sets standards for the accurate reporting of consumer information. The FCRA outlines the responsibilities of data furnishers to ensure that the information they provide is accurate and complete, thereby helping to maintain the integrity of consumer credit reporting systems. Compliance with the FCRA helps protect consumer rights and ensure fairness in credit reporting.

In contrast, adherence to state regulations may vary and does not encompass the federal standards laid out in the FCRA. Providing information only upon request does not align with the proactive obligations of furnishers under the FCRA, as they are expected to regularly report information. Similarly, limiting information to just credit accounts restricts the broad range of data that may be necessary for comprehensive consumer reporting, which the FCRA intends to govern in a fair and equitable manner.