New Rules Promote Accuracy of Consumers' Credit Reports
The federal financial regulatory agencies and the Federal Trade Commission have published final rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies. This information is widely used to determine consumers' eligibility for credit, employment, insurance, and rental housing.
Information regarding credit limits mandated
Disputed information must be investigated
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 are publishing these final rules and guidelines, with an effective date of July 1, 2010. Their publication is required by the Fair and Accurate Credit Transactions Act (the FACT Act).
July 30, 2009