Reg V (Press Release - CRA Section 312 - Docket No. R-1300)

Printer Version - Board of Governors of the Federal Reserve System

Joint Press Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Federal Trade Commission
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision

For immediate
release

November 29,
2007

Agencies Issue Proposed Rules and Guidelines that Address Accuracy and Integrity of Consumer
Report Information and Rules to Allow Direct Disputes
WASHINGTON -- The federal financial regulatory agencies and the Federal Trade Commission have approved
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. This information is widely used to determine eligibility for
credit, employment, insurance and rental housing.
The proposal would implement section 312 of the Fair and Accurate Credit Transactions Act of 2003, which amends
the Fair Credit Reporting Act.
As required by section 312, the agencies are proposing guidelines for use by entities that furnish information about
consumers to a consumer reporting agency regarding the accuracy and integrity of the information that they furnish.
The agencies are also proposing regulations that would require each entity that furnishes information to a consumer
reporting agency to establish reasonable policies and procedures for implementing the guidelines.
Additionally, the proposed rules would allow consumers to dispute inaccuracies about certain information reflected on
their consumer reports directly with the furnishers of that information.
The proposed rules and guidelines are attached. The proposal will soon be published in the Federal Register and the
comment period will end 60 days thereafter.
Federal Register Notice 306 KB PDF | TEXT
Media Contacts:
Federal Reserve Board

Susan Stawick

202-452-2955

FDIC

David Barr

202-898-6992

FTC

Frank Dorman

202-326-2674

NCUA

Cherie Umbel

703-518-6337

OCC

Dean DeBuck

202-874-5770

OTS

William Ruberry

202-906-6677

http://www.federalreserve.gov/newsevents/press/bcreg/20071129a.htm [1/24/2008 11:22:17 AM]