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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
March 22, 2006

Agencies Seek Public Comment on Issues Related to the Accuracy of Consumer
Credit Reports and the Reinvestigation of Disputes

The federal financial institution regulatory agencies and the Federal Trade
Commission have jointly issued for comment an Advance Notice of Proposed
Rulemaking (ANPR) on section 312 of the Fair and Accurate Credit
Transactions Act (FACT Act). Comments are invited for the purpose of
developing guidelines and rules to implement section 312.
Section 312 requires the agencies to: (1) establish guidelines regarding the
accuracy and integrity of information furnished to consumer reporting
agencies; and (2) prescribe regulations that require the entities that
furnish such information to establish reasonable policies and procedures for
implementing the guidelines. Section 312 also requires the agencies to
prescribe regulations that identify the circumstances under which an entity
that furnishes information to consumer reporting agencies will be required
to reinvestigate a dispute concerning the accuracy of information contained
in a consumer credit report based on a consumer's direct request.
The FACT Act requires the agencies to consider specific issues as they
develop guidelines and rules to implement section 312. The ANPR invites
comment on issues relating to: (1) the factors that the agencies must
consider for developing the accuracy and integrity guidelines; and (2) the
considerations that the agencies must weigh before adopting rules that
identify the circumstances in which entities that furnish information to
consumer reporting agencies must reinvestigate direct consumer disputes.
Comments are due 60 days after publication in the Federal Register. The
notice is attached.
Attachment (204 KB PDF)


Media Contacts:
Federal ReserveSusan Stawick(202) 452-2955
FDICDavid Barr (202) 898-6992
OCCKevin Mukri(202) 874-5770
OTSKevin Petrasic(202) 906-6677
NCUACherie Umbel(703) 518-6330
FTCClaudia Farrell(202) 326-2181

2006 Banking and consumer regulatory policy