Sec. 103. Maintenance of records by furnishers

204 words·~1 min read·/bill/116/hr/3621/rds/section-103

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Section 623 of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–2 ) is amended by adding at the end the following new subsection: A person who furnishes information to a consumer reporting agency relating to a consumer who has an account with that person shall maintain all information necessary to substantiate the accuracy and completeness of the information furnished, including any records establishing the liability and terms and conditions under which credit was extended to a consumer and any payment history with respect to such credit. Records described under paragraph

(1)shall be maintained until the information with respect to which the records relate may no longer be included in a consumer report pursuant to section 605. If a person providing information to a consumer reporting agency is acquired by another person, or if another person acquires the right to repayment connected to such information, the acquiring person shall be subject to the requirements of this subsection with respect to such information to the same extent as the person who initially provided such information to the consumer reporting agency. The person selling or transferring the right to repayment shall provide the information described in paragraph

(1)to the transferee or the acquirer. .

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15 USC 1681s–2

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Sec. 103

Maintenance of records by furnishers

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