WASHINGTON — The Federal Trade Commission and Federal ReserveBoard issued a joint report to Congress last week on compliancewith the consumer dispute provisions of the Fair Credit ReportingAct.
|The Fair and Accurate Credit Transactions Act of 2003 (FACTAct), which amends the FCRA, required the agencies to study theextent to which consumer reporting agencies and furnishers ofinformation to consumer reporting agencies complied with certainFCRA requirements. The study revealed that though most consumerdisputes appear to be processed within the required period, thereis disagreement about the adequacy of the investigationsperformed.
|The FTC/Fed study made no recommendations at this time otherthan to suggest more time is needed to take effect and said theagencies would continue to monitor the issue and look forenhancements.
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