- 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.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
FDIC Part 334 – Fair Credit Reporting
FCRA – Section 623
Interagency Notice of Proposed Rulemaking - PDF 306k (PDF Help)
John Jackwood, Senior Policy Analyst (Compliance), at
(202) 898-3991 or firstname.lastname@example.org; or
Richard Schwartz, Counsel, at (202) 898-7424 or
FIL-115-2007 - PDF (PDF Help)
FDIC financial institution letters (FILs) may be accessed
from the FDIC's Web site at
To receive FILs electronically, please visit
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).