WASHINGTON — The Federal Trade Commission and Federal Reserve Board issued a joint report to Congress last week on compliance with the consumer dispute provisions of the Fair Credit Reporting Act.
The Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the FCRA, required the agencies to study the extent to which consumer reporting agencies and furnishers of information to consumer reporting agencies complied with certain FCRA requirements. The study revealed that though most consumer disputes appear to be processed within the required period, there is disagreement about the adequacy of the investigations performed.
The FTC/Fed study made no recommendations at this time other than to suggest more time is needed to take effect and said the agencies would continue to monitor the issue and look for enhancements.
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