|Received:||4/15/2004 8:00:00 AM|
|Agency:||Federal Trade Commission|
|Rule:||FACTA Free Reports Proposed Rule|
Comments:The spacing of the schedule when consumers may be able to request their free credit report appears far too lenient. Given the nature of the of the economy and the ever fluctuating interest rates, consumers on the southern and eastern states will have to wait 6-9 months until they become eligible. The CRAs have had 12 months to plan for this requirement from the signing of the Act and a more reasonable time frame would appear to be 2 months at most between the predetermined sections. The term "extraordinary volume of requests" is a very subjective and could be determined in numerous ways depending on the way the CRAs may chose to compare the requests against figures of their choosing. The Commission should consider putting forth specific rules or formulas that all CRAs would need to follow to prevent them from dodging requests or manipulating the requirement process. Additionally the portion which allows CRAs to decline providing the free report "By permitting nationwide consumer reporting agencies to decline to accept some requests for annual file disclosures during times of extraordinary request volume, the proposed rule allows the nationwide consumer reporting agencies to postpone receiving those requests--and thereby postpone the running of the 15-day delivery requirement--for a reasonable period of time." needs more clarity with specific dates by which they must provide the disclosure. There is several terms and phrases in the proposed rules that are very subjective to interpretation and need to be clearly defined with specific requirements, formulas, and dates.