Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act)
ICR 201203-1557-002 · OMB 1557-0238 · Historical Active
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Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act)
Sec. 312 of the FACT Act required the issuance of guidelines for furnishers regarding the accuracy and integrity of the information about consumers furnished to consumer reporting agencies; the issuance of regulations requiring furnishers to establish reasonable policies and procedures to implement the guidelines; and the issuance of regulations identifying the circumstances where a furnisher must reinvestigate a dispute about the accuracy of information in a consumer report based on a direct request from a consumer.
The reduction in burden is due to the tranfer of the burden for OCC institutions with over $10 billion in assets to the CFPB pursuant to Dodd-Frank and the removal of start-up burden.
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:
(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;
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.
1557-0238.doc
Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under 312 of the FACT Act