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Agencies publish final rules and guidelines to promote accurate reports about consumers

Washington, D.C., United States, 2 July 2009 (www.biznewsselect.com) The federal financial regulatory agencies and the Federal Trade Commission yesterday published final rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies, and widely used to determine consumers' eligibility for credit, employment, insurance, and rental housing.




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As required by the Fair and Accurate Credit Transactions Act, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision are publishing these final rules and guidelines, with an effective date of 1 July 2010.

Under the rules, entities that furnish information about consumers to consumer reporting agencies generally must include a consumer's credit limit in the information provided. The federal agencies are also publishing an Advance Notice of Proposed Rulemaking (ANPR) to identify possible additions to the information that furnishers must provide to consumer reporting agencies, such as the account opening date.

Also, under the rules, if a consumer believes his or her credit report includes inaccurate information, the consumer may submit a dispute directly to the entity that provided the information to the consumer reporting agency, and that entity must investigate the dispute. The rules do not change a consumer's ability to submit a dispute to a consumer reporting agency or a furnisher's duty to investigate a dispute referred by a reporting agency.

The attached final rules and guidelines, and the ANPR, were published yesterday in the Federal Register

Attachment (55 KB PDF)

Attachment2 (282 KB PDF)

Media Contacts:

Federal Reserve

Barbara Hagenbaugh

202-452-2955

FDIC

David Barr

202-898-6992

FTC

Frank Dorman

202-326-2674

NCUA

Cherie Umbel

703-518-6337

OCC

Dean DeBuck

202-874-5770

OTS

William Ruberry

202-906-6677

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