| Agencies that enforce the rules and regulations of the | | | | CRAs must develop practical policies and procedures |
| Fair Credit Reporting Act (FCRA) and Fair Debt | | | | to ensure that the information they are providing is |
| Collection Practices Act (FDCPA) and the Federal | | | | accurate. The new rules outline instances when |
| Trade Commission (FTC) have proposed new rules to | | | | additional details may be necessary to keep the |
| promote the accuracy and integrity of information | | | | information that consumer credit reporting agencies |
| provided to consumer credit reporting agencies (CRAs | | | | provide from creating misleading impressions about a |
| or credit bureaus) and to allow customers to dispute | | | | consumer's creditworthiness. |
| inaccurate information directly with them. | | | | Under the new rules, instead of filing a dispute only with |
| Sometimes credit report errors can be major. Major | | | | CRAs, consumers can now take their complaint |
| errors can cause a consumer's credit score to drop | | | | directly to furnishers, and furnishers are required to |
| anywhere from 50-150 points. Seventy-five percent of | | | | investigate the complaint. |
| credit reports contain at least one major mistake. This | | | | If you currently have errors on your credit report that |
| will greatly help consumers who have been victimized | | | | you have not been able to resolve file a written |
| by employers, creditors, mortgage companies and | | | | complaint with the FTC against the consumer credit |
| banking industry professionals due to errors on their | | | | reporting agencies and data furnisher. Make sure you |
| credit report they were unable to get corrected. | | | | provide supporting documentation to support your |
| Under the newly proposed rules, data furnishers or | | | | complaint. |
| those who provide consumer personal information to | | | | |