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Advanced Search About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Home > News & Events > Press Releases Joint Press 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 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 Share 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 FDIC FTC NCUA OCC OTS 202-4522955 202-898David Barr 6992 202-326Frank Dorman 2674 703-518Cherie Umbel 6337 202-874Dean DeBuck 5770 William 202-906Ruberry 6677 Susan Stawick Last Update: November 29, 2007 BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM About the Fed News & Events Monetary Policy Supervision & Regulation Payment Systems Economic Research Data Consumers & Communities TOOLS AND INFORMATION Contact Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program STAY CONNECTED Financial Stability Accessibility BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM 20th Street and Constitution Avenue N.W., Washington, DC 20551
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