Highlights:
- Section 623 of the FCRA describes the responsibilities of persons that furnish information about
consumers (furnishers) to CRAs, and, as amended by the FACT Act, contains provisions designed to
enhance the accuracy and integrity of information in consumer reports.
- The proposed accuracy and integrity regulations require furnishers to establish reasonable
policies and procedures for implementing the proposed accuracy and integrity guidelines. The
proposed guidelines discuss the (1) nature, scope and objectives of a furnisher's policies and
procedures, (2) duties that relate to the accuracy and integrity of the information about
consumers that furnishers provide to CRAs, (3) steps that furnishers should take when
establishing policies and procedures, and (4) specific components that should be addressed in
policies and procedures.
- FCRA does not define the terms "accuracy" and "integrity." The agencies are proposing two
alternative approaches to defining the terms in the regulatory text or in the guidelines.
- The proposed direct dispute regulations identify the circumstances under which a furnisher must
reinvestigate disputes concerning the accuracy of information about the consumer contained in a
consumer report, based on a direct request by the consumer.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
Compliance Officer
Related Topics:
FDIC Part 334 – Fair Credit Reporting
FCRA – Section 623
Attachment:
Interagency Notice of Proposed
Rulemaking - PDF 306k (PDF Help)
Contact:
John Jackwood, Senior Policy Analyst (Compliance), at
(202) 898-3991 or jjackwood@fdic.gov; or
Richard Schwartz, Counsel, at (202) 898-7424 or
rischwartz@fdic.gov
Note:
FDIC financial institution letters (FILs) may be accessed
from the FDIC's Web site at
www.fdic.gov/news/news/financial/2007/index.html.
To receive FILs electronically, please visit
http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be
obtained through the FDIC's Public Information Center,
3501 Fairfax Drive, E-1102, Arlington, VA 22226 (1-877-
275-3342 or 202-416-6940).
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