A consumer disputes an item on their credit report with a CRA. The CRA forwards the dispute to the furnisher, who confirms the information is accurate. However, the consumer provides the mortgage lender with documentation proving the debt was paid. The lender who furnished the original information must:
Correct Answer
B) Review the consumer's documentation and correct the information if warranted
Under FCRA Section 623(b), furnishers have an ongoing duty to investigate disputes and correct inaccurate information when presented with evidence. Even after a CRA investigation, if new evidence is presented that shows the information is inaccurate, the furnisher must review and correct it if appropriate.
Why This Is the Correct Answer
Under FCRA Section 623(b), furnishers have an ongoing duty to investigate disputes and correct inaccurate information when presented with evidence. Even after a CRA investigation, if new evidence is presented that shows the information is inaccurate, the furnisher must review and correct it if appropriate.
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A borrower refinances their primary residence on Tuesday and receives the required TILA disclosures. Assuming no federal holidays, what is the last day they can exercise their right of rescission?