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Fed Seeks Comments for Study on Fair Credit Disputes

WASHINGTON - The Federal Reserve Board announced in the Aug. 10 Federal Register that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies, and is asking for public comment on issues that will assist in the preparation of the study...

By Staff Writer | Updated on August 24, 2004

WASHINGTON – The Federal Reserve Board announced in the Aug. 10 Federal Register that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies, and is asking for public comment on issues that will assist in the preparation of the study as well as possible legislative and regulatory action to improve the dispute process. Comments are due by Sept. 17, 2004. The Fair and Accurate Credit Transactions Act of 2003 (FACT Act), as part of its effort to increase the accuracy of consumer reports, requires the Fed Board and the Federal Trade Commission to conduct a joint study of the extent to which consumer reporting agencies and providers of information to consumer reporting agencies comply with certain FCRA requirements. The FTC and Fed Board must jointly submit a progress report to Congress on the results of this study no later than Dec. 4, 2004. The study will focus on: the prompt investigation of disputed information; the completeness of information reported to consumer reporting agencies; and the prompt correction or deletion of any information that cannot be verified.

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