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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Joint Press Release

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
July 2, 2009

Agencies Publish Final Rules and Guidelines to Promote Accurate Reports About Consumers

The federal financial regulatory agencies and the Federal Trade Commission yesterday 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.

The attached final rules and guidelines, and the ANPR, were published yesterday in the Federal Register.

Federal Register notice, proposed rules: 59 KB PDF | HTML

Federal Register notice, final rules: 284 KB PDF | HTML

Media Contacts:
Federal Reserve Barbara Hagenbaugh 202-452-2955
FDIC David Barr 202-898-6992
FTC Frank Dorman 202-326-2674
NCUA Cherie Umbel 703-518-6337
OCC Dean DeBuck 202-874-5770
OTS William Ruberry 202-906-6677
Last update: July 2, 2009