The Federal Trade Commission announced final rules and guidelines to promote accuracy and integrity of the information provided to the credit bureaus by creditors. The rules also allow consumers to dispute inaccurate information directly with creditors. The effective date for the new rules is July 1, 2010.
The FTC has issued guidelines specifying the actions for creditors to take to ensure the accuracy of the information they furnish to credit reporting agencies. For example, creditors would generally need to report a consumer’s credit limit in the information they provide to the credit bureaus.
The final rules require creditors to investigate disputes that consumers send directly to the creditor regarding the accuracy of credit reporting information. Previously, credit reporting laws encouraged consumers to submit their disputes through the credit bureaus rather than directly to the creditor. The new rules add an additional avenue for consumers to dispute possible credit reporting inaccuracies without removing consumers’ existing right to file a dispute through the credit reporting agencies.
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