On November 29, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (collectively, the Agencies) issued proposed regulations and guidelines to help ensure the accuracy and integrity of information provided to consumer reporting agencies and to allow consumers to directly dispute inaccuracies with financial institutions and other entities that furnish information to consumer reporting agencies.
The proposal is designed to implement Section 312 of the Fair and Accurate Credit Transactions Act of 2003 (the FACT Act) which amended the Fair Credit Reporting Act. It includes “guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies” and proposes regulations requiring entities that furnish such information to craft reasonable policies and procedures with respect to their implementation of the guidelines. In addition, the Agencies also proposed regulations implementing the direct dispute provisions of the FACT Act which would require a furnisher of information to a consumer reporting agency to reinvestigate disputes about the contents of a consumer report based upon a direct request by the affected consumer.
Comment on the proposed rules is due within 60 days of publication in the Federal Register.