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.

Resource Links

FACTA final rule

ANPR