Skip to main content

Agencies publish final rules and guidelines to promote accurate reports about consumers

Jul 02, 2009

The federal financial regulatory agencies and the Federal Trade Commission (FTC) have published final rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies, and widely used to determine consumers' eligibility for credit, employment, insurance, and rental housing. As required by the Fair and Accurate Credit Transactions Act, the 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, and Office of Thrift Supervision are publishing these final rules and guidelines, with an effective date of July 1, 2010. Under the rules, entities that furnish information about consumers to consumer reporting agencies generally must include a consumer's credit limit in the information provided. The federal agencies are also publishing an Advance Notice of Proposed Rulemaking (ANPR) to identify possible additions to the information that furnishers must provide to consumer reporting agencies, such as the account opening date. Also, under the rules, if a consumer believes his or her credit report includes inaccurate information, the consumer may submit a dispute directly to the entity that provided the information to the consumer reporting agency, and that entity must investigate the dispute. The rules do not change a consumer's ability to submit a dispute to a consumer reporting agency or a furnisher's duty to investigate a dispute referred by a reporting agency. For Federal Register Notice: Final Rules, Part I, click here. For Federal Register Notice: Final Rules, Part II, click here.
About the author
Published
Jul 02, 2009
CSBS Urges MLOs To Update License Registrations

NMLS updates that have taken effect prior to the Nov. 1 opening of the annual license renewal period include new a login process requiring users to update their username and password and establish account recovery details.

CFPB Finalizes New Rule Expanding Consumer Financial Data Privacy Rights

Financial institutions must deliver a consumer's financial data to another provider for free, upon the consumer's request

TD Bank Pleads Guilty To Enabling Money Laundering For Criminal Organizations

'TD Bank chose profits over compliance in order to keep its costs down,' said U.S. Attorney General Merrick Garland.

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

Oct 09, 2024
Wishing Regulations Away

What mortgage leaders want to see revised in the wake of Supreme Court undoing of government favoritism

False Moves, Real Consequences

Don’t let missteps mortgage your future