It's A FACT: Comment Sought

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The federal financial institution regulatory agencies and the Federal Trade Commission have jointly issued for comment an Advance Notice of Proposed Rulemaking on section 312 of the Fair and Accurate Credit Transactions Act (FACT Act,) which requires agencies to establish guidelines regarding the accuracy and integrity of information furnished to consumer reporting agencies and prescribe regulations that require those that furnish such data to establish policies and procedures for implementing those guidelines.

Section 312 also requires the agencies to prescribe regulations that identify the circumstances under which an entity that furnishes information to consumer reporting agencies will be required to reinvestigate a dispute.

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