 |
|
|
 |
|
|
|
|
The Strasburger FCRA Newsletter is designed to keep you current on FCRA-related legal issues and events. For more frequent updates, see our blog at the FCRA BLOG. |
|
|
New Regulations Defining Creditors’ Accuracy and Investigation Duties Take Effect July 1, 2010
Six federal agencies1 have issued jointly-drafted regulations regarding the accuracy and integrity of credit data furnished to consumer reporting agencies (CRAs) by creditors and creditors’ investigation duties when data is disputed by a consumer. Combined, the agencies cover virtually every “furnisher” of credit information to CRAs. The Fair and Accurate Credit Transaction Act of 2003 (FACTA) amended § 1681s-2 of the Fair Credit Reporting Act (FCRA) by requiring the federal agencies to issue guidelines for furnishers regarding the accuracy and integrity of the information they furnish to CRAs and to issue regulations identifying the circumstances under which a furnisher must investigate disputes concerning the accuracy of information contained in a consumer report. The regulations become effective on July 1, 2010.
Furnishing Data
- Accuracy. “Accuracy” requires that the information furnished to a CRA correctly reflect: (1) the terms of and liability for the account or other relationship; (2) the consumer’s performance and other conduct with respect to the account or other relationship; and (3) identify the appropriate consumer.
- Integrity. “Integrity” requires that the information furnished to a CRA: (1) is substantiated by the furnisher’s records at the time furnished; (2) is furnished in a form designed to minimize the likelihood that the information may be incorrectly reflected in a consumer report; and (3) includes the information in the furnisher’s possession about the account or other relationship that the agencies have determined that the absence of which would be materially misleading.
The entire FCRA Newsletter can be found here.
1Office of the Comptroller of the Currency, U.S. Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Office of Thrift Supervision, U.S. Treasury; National Credit Union Administration; and Federal Trade Commission.
|
|
|
PUBLICATIONS:
• To subscribe to other Strasburger publications, please visit Strasburger Publications
DISCLAIMER:
Articles contained within this newsletter provide information on general legal issues and are not intended to provide advice on any specific legal matter or factual situation. This information is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Readers should not act upon this information without seeking professional counsel.
ADVERTISEMENT NOTICE: This e-mail may constitute a commercial electronic mail message subject to the CAN-SPAM Act of 2003. If you do not wish to receive further commercial electronic mail messages from the sender, please send an e-mail to Strasburger@Strasburger.com and request that your e-mail address be removed from future mailings. To update your address, please send an email to Strasburger@Strasburger.com including the updated information. Strasburger & Price, LLP, 901 Main Street, Suite 4400, Dallas, TX 75202. | |
 |
Printer friendly page
View as Acrobat PDF
Subscribe: RSS Feed