Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Credit reporting changes to take effect in 2010
WASHINGTON (7/2/09)--The Federal Trade Commission, the National Credit Union Administration (NCUA) and other associated federal regulators have published final rules that will change portions of the Fair and Accurate Credit Transactions Act to allow consumers to directly dispute potentially inaccurate credit history data with the lender that provided that information to the credit reporting agency. The new rules -- which an interagency release said were designed to “promote the accuracy and integrity of information” that can be used to determine an individual's suitability for a job, a consumer loan, insurance coverage and some housing -- also will require consumer information furnished to consumer reporting agencies to include information about the borrower’s credit limit. The rule change will become effective on July 1, 2010. The NCUA board unanimously approved this rule at its May 22 meeting. The agency said that the rule would be re-examined every three years, and reassessments and possible reforms of the rule will be ongoing. The same group of federal regulators also have published in the Federal Register an Advanced Notice of Proposed Rulemaking (ANPR) “to identify possible additions to the information that furnishers must provide to consumer reporting agencies,” the release added. For the final rule and the ANPR, use the resource links.
Other Resources

RSS





print
News Now LiveWire
RT @cumagazine: Make a good impression during your #CUNAGAC Hill visits: 8 tips http://t.co/C4gtRbQG2s
8 minutes ago
Taking a walkthrough before #CUNAGAC starts this weekend. http://t.co/k9hktHjm9b
54 minutes ago
There will be lots of social media action at 2015 #CUNAGAC that starts in D.C. this Sunday. http://t.co/vyP4XbtFbk
1 hour ago
.@AACUC1 is part of a group of credit union organizations to introduce a new mentor program for small credit unions http://t.co/2vFE45ZnEW
1 hour ago
Perk up after Daylight Saving switch Sunday with #WescomKindness from @TheCoffeeBean @Liz_Wescom
1 hour ago