Publication of Federal Register notice: Commission has approved publication of an interagency advance notice of proposed rulemaking concerning the accuracy and integrity of information furnished to consumer reporting agencies. Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act), signed into law by the President on December 4, 2003, amended the Fair Credit Reporting Act (FCRA) to require the Federal Trade Commission, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and National Credit Union Administration (the “Agencies”) to write two rules relating to furnishers of information to consumer reporting agencies.
First, the FACT Act requires the Agencies to prescribe guidelines and regulations that persons must follow to ensure the accuracy and integrity of information they furnish to consumer reporting agencies. Second, the FACT Act directs the Agencies to identify the circumstances under which those furnishers must reinvestigate a dispute concerning the accuracy of information in a consumer report in response to a consumer’s direct request. Congress directed the Agencies to examine specific issues in developing the rules and to weigh the costs and benefits of imposing new obligations on furnishers. The notice seeks information from the public about these issues.
The Interagency Advance Notice of Proposed Rulemaking is available on the FTC’s web site as a link to this press release and will be published in the Federal Register shortly. The notice provides a background summary of consumer reporting in the United States and of current furnisher responsibilities under the FCRA. It explains how the rulemaking will implement Section 312 of the FACT Act, which is designed to enhance the accuracy of information furnished to consumer reporting agencies and improve the resolution of consumer disputes. The notice sets forth a series of specific questions for which the Agencies seek answers from interested parties.
The Commission vote to approve publication of the Federal Register Notice was 5-0 (FTC File No. R611017; staff contact is Ronald G. Isaac or Clarke Brinckerhoff, Bureau of Consumer Protection, 202-326-3224.)
Copies of the documents mentioned in this release are available from the FTC’s web site at http://www.ftc.gov and also from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.