Regulators Seek Input On Accuracy of Consumer Credit Reports
The federal financial institution regulatory agencies and the Federal Trade Commission have jointly issued for comment an Advance Notice of Proposed Rulemaking on section 312 of the Fair and Accurate Credit Transactions Act (FACT Act).
Comments are invited for the purpose of developing guidelines and rules to implement section 312. Section 312 requires the agencies to: (1) establish guidelines regarding the accuracy and integrity of information furnished to consumer reporting agencies; and (2) prescribe regulations that require the entities that furnish such information to establish reasonable policies and procedures for implementing the guidelines.Section 312 also requires the agencies to prescribe regulations that identify the circumstances under which an entity that furnishes information to consumer reporting agencies will be required to reinvestigate a dispute concerning the accuracy of information contained in a consumer credit report based on a consumer’s direct request.
The FACT Act requires the agencies to consider specific issues as they develop guidelines and rules to implement section 312. The ANPR invites comment on issues relating to: (1) the factors that the agencies must consider for developing the accuracy and integrity guidelines; and (2) the considerations that the agencies must weigh before adopting rules that identify the circumstances in which entities that furnish information to consumer reporting agencies must reinvestigate direct consumer disputes.
Comments are due 60 days after publication in the Federal Register. The notice is attached (PDF).
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