Page:United States Statutes at Large Volume 117.djvu/2011

 117 STAT. 1992

Deadline.

VerDate 11-MAY-2000

10:15 Aug 27, 2004

PUBLIC LAW 108–159—DEC. 4, 2003

consumer reasonably determines that the dispute is frivolous or irrelevant, including— ‘‘(I) by reason of the failure of a consumer to provide sufficient information to investigate the disputed information; or ‘‘(II) the submission by a consumer of a dispute that is substantially the same as a dispute previously submitted by or for the consumer, either directly to the person or through a consumer reporting agency under subsection (b), with respect to which the person has already performed the person’s duties under this paragraph or subsection (b), as applicable. ‘‘(ii) NOTICE OF DETERMINATION.—Upon making any determination under clause (i) that a dispute is frivolous or irrelevant, the person shall notify the consumer of such determination not later than 5 business days after making such determination, by mail or, if authorized by the consumer for that purpose, by any other means available to the person. ‘‘(iii) CONTENTS OF NOTICE.—A notice under clause (ii) shall include— ‘‘(I) the reasons for the determination under clause (i); and ‘‘(II) identification of any information required to investigate the disputed information, which may consist of a standardized form describing the general nature of such information. ‘‘(G) EXCLUSION OF CREDIT REPAIR ORGANIZATIONS.— This paragraph shall not apply if the notice of the dispute is submitted by, is prepared on behalf of the consumer by, or is submitted on a form supplied to the consumer by, a credit repair organization, as defined in section 403(3), or an entity that would be a credit repair organization, but for section 403(3)(B)(i).’’. (d) FURNISHER LIABILITY EXCEPTION.—Section 623(a)(5) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)(5)) is amended— (1) by striking ‘‘A person’’ and inserting the following: ‘‘(A) IN GENERAL.—A person’’; (2) by inserting ‘‘date of delinquency on the account, which shall be the’’ before ‘‘month’’; (3) by inserting ‘‘on the account’’ before ‘‘that immediately preceded’’; and (4) by adding at the end the following: ‘‘(B) RULE OF CONSTRUCTION.—For purposes of this paragraph only, and provided that the consumer does not dispute the information, a person that furnishes information on a delinquent account that is placed for collection, charged for profit or loss, or subjected to any similar action, complies with this paragraph, if— ‘‘(i) the person reports the same date of delinquency as that provided by the creditor to which the account was owed at the time at which the commencement of the delinquency occurred, if the creditor previously reported that date of delinquency to a consumer reporting agency;

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