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News Now

Washington
CUNA Would account date improve credit reports
WASHINGTON (5/29/09)—Tucked into recently approved final rules to improve the accuracy of consumer credit reports, federal financial regulators included guidelines on developing procedures to ensure the integrity of information provided to credit bureaus. The regulators seek comment on those guidelines. The final rules were developed under the Fair and Accurate Credit Transactions (FACT) Act, which also required the National Credit Union Administration (NCUA), the other federal financial institution regulators, and the Federal Trade Commission to issue policy and procedure guidelines. The Credit Union National Association (CUNA) is asking credit unions to comment on the agencies’ advance notice of proposed rulemaking (ANPR) on the guidelines. The ANPR specifically requests comment on whether furnishers of consumer information should provide to credit bureaus the date that an account is opened in order to promote the integrity of the information since this may indicate a long-standing credit history, which may result in a higher credit score for the consumer. The ANPR also requests whether comment on what other information should be provided as a means to ensure the integrity of the credit information. Comments are due to CUNA by July 20. Use the resource link below to read CUNA’s complete Comment Call.


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