For Your Information
Announced Action
for February 18, 2004
Publication
of Federal Register notice: The Commission has approved
the publication of a Federal Register notice concerning the
rule on prohibition against circumventing treatment as a nationwide
consumer reporting agency (nationwide CRA). As detailed in
the notice, which will be published shortly and is now available
as a link to this press release on the FTC’s Web site,
the Commission is responsible for implementing certain provisions
of the Fair and Accurate Credit Transaction Act
(FACTA), which was signed by the President in
December 2003. FACTA, which amends the Fair Credit Reporting
Act (FCRA), requires nationwide CRAs to provide consumers
with one free file disclosure – commonly known as a
credit report – each year. Congress has directed the
Commission to develop a rule to ensure nationwide CRAs will
not attempt to circumvent this and other FCRA requirements.
Accordingly, the Federal Register notice presents an interim
final rule prohibiting circumvention of nationwide CRA obligations
and providing several illustrations of the types of conduct
that would constitute circumvention. In addition, the interim
final rule would offer a safe harbor to nationwide consumer
reporting agencies that continue to comply with all FCRA obligations
of nationwide CRAs.
The interim final rule, which will become
effective on March 3, 2004, is subject to public comment until
April 23, 2004, after which the Commission will determine
whether it will modify the final rule. Information for consumers
wishing to comment is provided in the notice. The Commission
vote approving publication of the Federal Register notice
was 5-0. (FTC File No. R411003; the staff contacts are Helen
Goff Foster and Sandra J. Farrington, Bureau of Consumer Protection,
202-326-3224; see related press release issued February 4,
2004.)
Copies
of the documents mentioned in this release are available from
the FTC’s Web site at http://www.ftc.gov
and also from the FTC’s Consumer Response Center, Room
130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580.
Call toll-free: 1-877-FTC-HELP.
MEDIA CONTACT:
Office of Public Affairs
202-326-2180
(http://www.ftc.gov/opa/2004/01/fyi0414.htm)
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Related Documents:
16 C.F.R. Part 603
Prohibition Against Circumventing Treatment as a Nationwide
Consumer Reporting Agency: Interim Final Rule and Request
for Public Comment, Pursuant to the Fair and Accurate Credit
Transactions Act of 2003
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Text of Federal Register
Notice
[PDF 39K]
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