WASHINGTON (6/8/09)--Credit unions are being asked to comment on proposed changes to the Fair and Accurate Credit Transactions (FACT) Act that would require regulators to define the circumstances under which a report issuer would investigate disputes regarding the accuracy of a credit report. Once adopted by the National Credit Union Administration, the revisions would apply to federally chartered credit unions. Similar provisions adopted by the Federal Trade Commission would apply to state-chartered credit unions. The Credit Union National Association (CUNA) is asking credit unions to comment specifically on the following issues:
* When and how often do furnishers provide account opening dates to credit bureaus? Would the lack of an account opening date, or other specific information, cause issues for a bureau that is evaluating a consumer’s creditworthiness or compromise the integrity of the information? * Should some credit products or services be exempted from these guidelines? * Would small institutions be affected if furnishers provided more information, such as account opening dates? Should small institutions be approached differently?
Comments on the proposed changes to the FACT Act are requested by CUNA by July 20. To read CUNA's Comment Call, use the link below.