What does the FCRA require of agencies when a consumer disputes their information?

The Fair Credit Reporting Act (FCRA) mandates that consumer reporting agencies must provide a written response to consumers who dispute the accuracy of their information within a period of 30 days. This timeframe is critical as it ensures that consumers receive timely resolution to discrepancies in their credit reports, which can significantly impact their financial standing and access to credit.

When a consumer submits a dispute, the reporting agency is required to conduct a reasonable investigation of the claimed inaccuracies. Upon concluding their investigation, the agency must communicate the findings to the consumer in writing, making it essential for the consumer to stay informed about the status of their dispute and any actions taken as a result. This requirement emphasizes the FCRA's commitment to consumer rights and the importance of maintaining accurate credit information.

Other options do not align with the FCRA's stipulations. For instance, taking up to 90 days to investigate is not permissible as the law specifically establishes a 30-day window. Also, the agencies cannot arbitrarily decide whether to investigate due to the obligation to address disputes seriously. Finally, the FCRA does not allow consumer reporting agencies to charge fees for investigating disputes, as this could hinder consumers from exercising their rights to ensure their credit reports are accurate.