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The Vermont Statutes Online



Title

09

:
Commerce and Trade






Chapter

063

:
CONSUMER PROTECTION






Subchapter

003
:
FAIR CREDIT REPORTING










 

§

2480d. Procedure in case of disputed accuracy

(a) If the

completeness or accuracy of any item of information contained in the consumer's

file is disputed by the consumer and the consumer notifies the credit reporting

agency directly of such dispute, the agency shall reinvestigate free of charge

and record the current status of the disputed information on or before 30

business days after the date the agency receives notice from the consumer.

(b) On or before

five business days after the date a credit reporting agency receives notice of

a dispute from a consumer in accordance with subsection (a) of this section,

the agency shall provide notice of the dispute to all persons who provided any

item of information in dispute.

(c)

Notwithstanding subsection (a) of this section, a credit reporting agency may

terminate a reinvestigation of information disputed by a consumer under such

subsection if the agency reasonably determines that such dispute by the

consumer is frivolous or irrelevant. Upon making such a determination, a credit

reporting agency shall promptly notify the consumer of such determination and

the reasons therefor, by mail, or if authorized by the consumer for that

purpose, by telephone. The presence of contradictory information in the

consumer's file does not in and of itself constitute reasonable grounds for

determining the dispute is frivolous or irrelevant.

(d) In

conducting a reinvestigation under subsection (a) of this section, the credit

reporting agency shall review and consider all relevant information submitted

by the consumer with respect to such disputed information.

(e) If, after a

reinvestigation under subsection (a) of this section of any information

disputed by a consumer, the information is found to be inaccurate or cannot be

verified, the credit reporting agency shall promptly delete such information

from the consumer's file. For purposes of this section, "information"

shall not include other information in the same item that is not disputed by

the consumer.

(f) If any

information is deleted after a reinvestigation under subsection (a) of this

section, the information may not be reinserted in the consumer's file after

deletion unless the person who furnishes the information reinvestigates and

states in writing or by electronic record to the agency that the information is

complete and accurate. Such furnisher shall not provide such statement unless

the furnisher reasonably believes that the information is complete and

accurate. Upon such reinvestigation and statement by the furnisher, the credit

reporting agency shall promptly notify the consumer of any reinsertion.

(g) A credit

reporting agency shall provide written notice of the results of any

reinvestigation under this subsection within five business days of the

completion of the reinvestigation, by mail or, if authorized by the consumer

for that purpose, by telephone. This notice shall include:

(1) a statement

that the reinvestigation is complete;

(2) a statement

of the determination of the agency on the completeness or accuracy of the

disputed information;

(3) a credit

report that is based upon the consumer's file as that file is revised as a

result of the reinvestigation;

(4) a

description of the manner in which the information disputed by the consumer has

been altered, changed, deleted, or modified in the consumer's credit report;

(5) a

description of the procedure used to determine the accuracy and completeness of

the information, including the name, business address, and, if available, the

telephone number of any person contacted in connection with such information;

and

(6) a

notification that the consumer has the right, pursuant to 15 U.S.C. § 1681i, to

add a statement to the consumer's file disputing the accuracy or completeness

of the information. (Added 1991, No. 246 (Adj. Sess.), § 1.)