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PPT : Updates to the Fair Credit Reporting Act

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Amendment of the FCRA Rules Under the FACT Act of 2003
* President Bush signed into law the Fair and Accurate Credit Transactions (FACT) Act on 12/4/03
* The FACT Act reauthorized provisions of the Fair Credit Reporting Act (FCRA) that would have expired at the end of 2003
* The FTC, the Federal Reserve and the National Credit Union Administration are responsible for adopting a number of rules to implement its provisions amending the Fair Credit Reporting Act
o Effective dates & rule issuance are a work in progress

The Good News
* The expiration of Federal Preemption provisions in the FCRA providing for a national uniform credit reporting system have been removed permanently.
o Current State laws regarding credit reporting or prescreened lists, unless in effect on 9/30/96, are preempted
o Current State Credit Score disclosure requirements, unless in effect 12/4/03, are preempted

But What Did Congress Do??
* Under Section 211 (d) of FACTA the FTC must draft rules for purposes of prescribing how various types of CRAs (Consumer Reporting Agencies) must provide free annual disclosures of credit files once a year upon request of the consumer.
* Will the new rules issued by the FTC over the next 12 to 36 months be positive or will it choke the credit information delivery systems and the dispute process systems?

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PPT : Updates to the Fair Credit Reporting Act Category : Credit Report
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Language : English
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