National FACT Act Study On Accuracy Of Credit Reports

OMB Control No: 3084-0133	ICR Reference No: 200910-3084-002
Status: Historical Active	Previous ICR Reference No: 200702-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: National FACT Act Study On Accuracy Of Credit Reports
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/01/2009
Retrieve Notice of Action (NOA)	Date Received in OIRA: 10/16/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2012	36 Months From Approved
Responses	2,920	0	0
Time Burden (Hours)	2,483	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The FTC plans to conduct a national study of the accuracy of consumer reports in connection with Section 319 of the Fair and Accurate Credit Transactions Act of 2003, Pub. L.108-159 (2003). This study is a follow-up to the Commission’s two previous pilot studies that were undertaken to evaluate a potential design for a national study.

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Authorizing Statute(s): PL: Pub.L. 108 - 159 319 Name of Law: Fair and Accurate Credit Transactions Act of 2003

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 35191	07/20/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 53243	10/16/2009
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 4

IC Title Form No. Form Name Follow-up Pilot Study for Potential FACT Act Accuracy Study Telephone Interview Screening National FACT Act Study - Review Process Not applicable Interview Format for Credit Report Reviews with Household National FACT Act Study - Registration Not applicable, Not applicable Invitation Letters to Participate sent to Consumers ,   Screnning Interview

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,920	0	0	2,920	0	0
Annual Time Burden (Hours)	2,483	0	0	2,483	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The proposed national study (the 3rd one so far) seeks to use a large enough representative sample of credit reports (1000 participants - taking 1.75 hours each) so that we may draw inferences, up to a certain level of statistical confidence, about the accuracy of credit reports in general. The Commission has found that, although prior approaches to the study of credit report accuracy provide some useful information, none provides a reliable and comprehensive assessment. This evaluation included a consideration of prior pilot studies (35 participants in 1st study taking about 5.7 hours each; 120 participants in 2nd study taking about 6.25 hours each), published reports of other governmental agencies, and an FTC roundtable convened specifically on credit report accuracy. None of the existing sources of information relied on the participation of all three of the key stakeholders in the credit reporting process: consumers, data furnishers, and the Credit Reporting Agencies. The proposed national study seeks to address certain shortcomings of prior approaches.

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Annual Cost to Federal Government: $117,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Peter Vander Nat 202 326-3518 [email protected]

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
		(a) It is necessary for the proper performance of agency functions;
		(b) It avoids unnecessary duplication;
		(c) It reduces burden on small entities;
		(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
		(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
		(f) It indicates the retention periods for recordkeeping requirements;
		(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
			(i) Why the information is being collected;
			(ii) Use of information;
			(iii) Burden estimate;
			(iv) Nature of response (voluntary, required for a benefit, or mandatory);
			(v) Nature and extent of confidentiality; and
			(vi) Need to display currently valid OMB control number;
		(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
		(i) It uses effective and efficient statistical survey methodology (if applicable); and
		(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date: 10/16/2009

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