Here is the entire FRB document

DATES: Comments must be received by September 17, 2004.

ADDRESSES: You may submit comments, identified by Docket No. OP-1209, by any of the following methods:

· Agency Web Site: http://www.federalreserve.gov. Follow the instructions for submitting comments on the http://www.federalreserve.gov/generalinfo/...roposedRegs.cfm.

· Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.

E-mail: regs.comments@federalreserve.gov. Include docket number in the subject line of the message.

· FAX: 202/452-3819 or 202/452-3102.

Personally, I prefer e-mail. I avoid the form submissions because I don't receive a COPY of my submission.

If you had a problem with disputes, submit your complaint!

It's perfectly fine to submit just a quick one paragraph e-mail.

III. Request for Specific Information

As described above, section 313(B) of the FACT Act requires the Board and the FTC to jointly study the extent to which, and the manner in which, consumer reporting agencies and furnishers of consumer information to consumer reporting agencies are complying with the procedures, timelines, and requirements under the FCRA for the prompt investigation of the disputed accuracy of any consumer information. The agencies also must study the completeness of the information provided to consumer reporting agencies and the prompt correction or deletion of any inaccurate or incomplete information or information that cannot be verified. In conducting the study, the Board is requesting public comment from furnishers, consumers, and other persons on the following issues:

General information

· How does the furnisher ensure that it complies with the applicable statutory requirements regarding the accuracy and completeness of information it reports to the consumer reporting agency?

· What are the furnisher’s procedures and timelines if it finds the information is not complete or accurate?

· What are the furnisher’s procedures and timelines for reporting information that has been directly disputed by a consumer?

· What are the furnisher’s procedures and timelines for reporting when a delinquency began on an account that has been placed for collection, charged off, or subjected to similar action?

· What are the furnisher’s procedures and timelines for notifying a consumer reporting agency that a consumer has voluntarily closed a credit account with the furnisher?

· What are consumers’ experience with communicating with furnishers, with the timing of the notice of dispute appearing on the credit report, or any other matter related to having the notice of dispute placed on the credit report when disputed information continues to be reported but with a notice of the dispute?

· What are consumers’ experiences with furnishers reporting that credit accounts with the furnishers have been voluntarily closed? What is the time span between the consumer closing the account and information about the closure appearing on the credit report? Disputes communicated by consumers to consumer reporting agencies

· When a consumer reporting agency receives notice of consumer disputes and forwards the information to the furnisher, how does the consumer reporting agency provide the furnisher with the notices and relevant information? What information does the consumer reporting agency transmit to the furnisher? Describe any guidelines or procedures, voluntary or otherwise, that apply to this process.

· How does a consumer reporting agency ensure that furnishers comply with the
requirements and timelines established under the FCRA for disputes communicated to a consumer reporting agency?

· What are the furnisher’s procedures and timelines for investigating the disputes and reviewing the information provided?

· Is sufficient relevant info rmation provided to the furnisher by the consumer through the consumer reporting agency? Is all relevant information from a consumer provided to the furnisher through the consumer reporting agency? If not, what relevant information is often missing, and why? If relevant information is lacking, how does the furnisher resolve the dispute?

· If the furnisher finds that the information it reported to the consumer reporting agency was incomplete or inaccurate, what steps does the furnisher take?

· If the furnisher does not find the information reported to the consumer reporting agency to be incomplete or inaccurate, what steps does the furnisher take?

· Describe any guidelines or procedures that may apply to the treatment of information that continues to be disputed by the consumer after the formal dispute process has been concluded. How often do the furnisher and consumer fail to reach an agreement after the conclusion of the formal dispute process, for example, where the consumer maintains that the disputed information is inaccurate and the furnisher maintains that it is accurate?

Recommendations

What, if any, legislative or regulatory changes do you recommend besides changes made by the FACT Act and its implementing rules? How would these recommendations improve the system? What benefits or burdens should be considered?