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.
Most Recent - Whole Site
Taxation: Last day to file on-line UK / Offshore Account disclosure and pay any tax dueBusiness Strategies: what do you do with an incalculable surplus of cash?
Travel Warnings: more countries warn of risks in Bangkok
Business crime: UK Insolvency service closes businesses for misleading sales practices
Legal Professional : "estate planning advisers" were running a ponzi scheme
Most Recent - BizNewsSelect
The Society of Anti Money Laundering Professionals: launch of Accredited Training Course Provider schemeThe Society of Anti Money Laundering Professionals launches new membership class
Quick To Learn More expands and updates content units
Hong Kong's latest foreign currency reserve assets figures released
International reserves of BNM as at 31 December 2009
Most Recent - BankingInsuranceSecurities.Com
Private Banking: HSBC embarrassed by data security breach in Swiss unitATM: State Bank of India to replace domestic ATM network software
wmlro.com: illegal immigrant to be charged with laundering scheme.
Banking: BofA sued after repossession error
wmlro.com: cocaine found in false bottom of suitcase
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
|
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 |
Download PDF version of this page
