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Data Furnisher Agreement for the United States

Data Furnisher Agreement Template for United States

A Data Furnisher Agreement is a comprehensive legal document used in the United States that establishes the terms and conditions under which one party provides data to another. It ensures compliance with federal regulations including the Fair Credit Reporting Act (FCRA) and state-specific privacy laws. The agreement covers data quality standards, security requirements, compliance obligations, and dispute resolution procedures, while establishing clear responsibilities and liabilities for all parties involved.

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What is a Data Furnisher Agreement?

The Data Furnisher Agreement is essential when organizations need to establish a formal framework for sharing data in compliance with U.S. federal and state regulations. This agreement is particularly crucial for entities that regularly furnish consumer data to credit reporting agencies or other data aggregators. The document addresses key aspects such as data accuracy, security protocols, regulatory compliance (particularly with FCRA), dispute handling, and liability allocation. It's designed to protect both the data furnisher and recipient while ensuring adherence to applicable privacy and consumer protection laws.

What sections should be included in a Data Furnisher Agreement?

1. Parties: Identification of the Data Furnisher and the Data Recipient, including full legal names and addresses

2. Background: Context of the agreement and the parties' intentions regarding data sharing

3. Definitions: Key terms used throughout the agreement, including 'Data', 'Confidential Information', 'Authorized Users'

4. Scope of Services: Details of what data will be furnished and how it will be provided

5. Data Quality Standards: Requirements for accuracy, completeness, and timeliness of furnished data

6. Security Requirements: Mandatory security measures for data protection and transmission

7. Compliance Obligations: FCRA and other regulatory compliance requirements

8. Term and Termination: Duration of agreement and termination conditions

What sections are optional to include in a Data Furnisher Agreement?

1. Service Levels: Specific performance metrics and standards for regular data transmission with specific timing requirements

2. Disaster Recovery: Procedures for maintaining service during disasters - used for critical data furnishing arrangements

3. International Data Transfers: Provisions for cross-border data transfers when data will cross international borders

What schedules should be included in a Data Furnisher Agreement?

1. Data Specification Schedule: Detailed technical specifications of data to be furnished

2. Security Requirements Schedule: Detailed security protocols and requirements

3. Service Level Agreement: Detailed performance metrics and remedies

4. Fee Schedule: Pricing and payment terms if applicable

5. Authorized User List: List of personnel authorized to access or handle the data

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

United States

Document Type

Credit Agreement

Sector

Banking

Cost

Free to use

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