Financial Update (Fourth Quarter 2007)

Agencies Issue Proposed Rules on Consumer Report Information

couple with credit reportFederal regulatory agencies have approved proposed regulations and guidelines concerning consumer reporting agencies and their dealings with consumers.

Inaccuracies would be directly disputed
The Federal Reserve, the Federal Trade Commission, and other financial regulators have approved measures to help ensure the accuracy 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. Such information is widely used to determine eligibility for credit, employment, insurance, and rental housing.

Notice of proposed rulemakingoff-site image

Multiple agencies approved new rules
The proposal would implement section 312 of the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act. In addition to the Federal Reserve System, the agencies that approved the rules are the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Trade Commission.

December 17, 2007