Answer:
Here are the answers in points:
- The Consumer Credit Reporting Act places the burden of proof for accurate credit information on the credit reporting agencies and the entities that furnish credit information to them.
- The Act requires credit reporting agencies to follow reasonable procedures to ensure the accuracy of the credit information they collect, maintain, and disseminate.
- The Act also requires entities that furnish credit information to credit reporting agencies to have reasonable procedures in place to ensure the accuracy and completeness of the information they provide.
- If a consumer disputes the accuracy of their credit information, the credit reporting agency and the furnisher of the information have the burden of investigating the dispute and correcting any errors.
- The burden of proof is intended to protect consumers from inaccurate credit information that could negatively impact their ability to obtain credit or other financial products and services.