On July 2, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration and the Federal Trade Commission (the Agencies) released final rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies. The rules and guidelines implement the accuracy and integrity and direct dispute provisions in Section 312 of the Fair and Accurate Credit Transactions Act of 2003.
Pursuant to the rules, furnishers of consumer information to consumer reporting agencies must establish and implement reasonable written policies and procedures regarding the accuracy and integrity of consumer information provided to a consumer reporting agency. The guidelines set forth objectives that should be considered by furnishers as they develop such policies and procedures.
In addition, on the same date, the Agencies released an advance notice of proposed rulemaking with respect to the development of a possible proposed addition to the furnisher accuracy and integrity guidelines described above. The specific item for which the Agencies seek information involves whether it would be appropriate for the Agencies to propose an addition to one of the guidelines that would delineate the circumstances under which a furnisher would be expected to provide an account opening date to a consumer reporting agency to promote the integrity of the information. The Agencies also request comment as to whether furnishers should be expected to provide any other types of information to a consumer reporting agency in order to promote integrity. Comments with respect to these issues must be submitted by August 31.
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