A servicer learns on 12 March that it reported a borrower 60 days late when she was current, having misapplied a payment.
Correct Answer
C) Correct it with the bureaus promptly: a furnisher must report accurately
A furnisher that learns information it reported is inaccurate must promptly correct it, and the duty does not wait on a consumer dispute. Other choices: the dispute process is the consumer's remedy, not the furnisher's trigger; the monthly cycle is a convenience rather than the standard; and what the system showed is the error being corrected. See 15 U.S.C. § 1681s-2(a)(2). Source: 15 USC 1681s-2(a)(2)
Why This Is the Correct Answer
A furnisher that learns information it reported is inaccurate must promptly correct it, and the duty does not wait on a consumer dispute. Other choices: the dispute process is the consumer's remedy, not the furnisher's trigger; the monthly cycle is a convenience rather than the standard; and what the system showed is the error being corrected. See 15 U.S.C. § 1681s-2(a)(2). Source: 15 USC 1681s-2(a)(2)
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