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FACT Act rules on consumer report info issued
WASHINGTON (11/30/07)—Consumers will be able to directly dispute inaccuracies about certain information reflected on their consumer reports with the furnishers of that information under an inter-agency proposal announced Thursday. The federal financial regulatory agencies and the Federal Trade Commission (FTC) approved proposed regulations and guidelines they say will help ensure the accuracy and integrity of information provided to consumer reporting agencies. The proposal would implement section 312 of the Fair and Accurate Credit Transactions (FACT) Act of 2003, which amended the Fair Credit Reporting Act. As required by the FACT Act, the agencies are:
* Proposing guidelines for use by entities that furnish information about consumers to a consumer reporting agency regarding the accuracy and integrity of the information that they furnish; and * Proposing regulations that would require each entity that furnishes information to a consumer reporting agency to establish “reasonable policies and procedures” for implementing the guidelines.
The proposal soon will be published in the Federal Register and the comment period will end 60 days thereafter. If adopted, the proposed rules will apply to federal credit unions through the National Credit Union Administration’s action and to state-chartered credit unions through the FTC’s authority. The Credit Union National Association will soon issue a comment call seeking credit union perspective on the proposed rule and will refer the issue to its Consumer Protection Subcommittee. Use the resource link below to access CUNA’s e-Guide entitled “FACTA Rulemaking - Agencies Issue Proposed Rules and Guidelines that Address Accuracy and Integrity of Consumer Report Information and Rules to Allow Direct Disputes.”
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