(15 USC § 1681s–2)

 

The FCRA expressly creates a private right of action against a furnisher of credit information who fails to satisfy one of the following five duties identified in the Act.  Those duties are:

 

• The duty to conduct an investigation with respect to the disputed information.

• The duty to review all relevant information provided by a credit reporting agency.

• The duty to report the results of its investigation the credit reporting agency.

• The duty to report incomplete or inaccurate information to all other credit reporting agencies to which information was previously furnished.

• The duty to either modify, delete, or permanently block reporting of information that it finds upon investigation to be inaccurate or incomplete, or that cannot be verified after any reinvestigation.

Thus, a consumer who demonstrates that a furnisher of credit information was negligent in breaching one of the five duties with respect to that consumer's disputed information is entitled to actual damages;

 

Moreover, if a consumer can establish that a furnisher of credit information willfully violated one of its duties, then the consumer may recover:

 

• Actual or statutory damages, as well as punitive damages; and, 

• Costs and reasonable attorney's fees.