Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act)

Forms and Documents

Document Name	Status
312.doc Supporting Statement A	2009-05-22

IC Document Collections

IC ID	Document Title	Status
182932	Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under 312 of the FACT Act	Modified

ICR Details

OMB Control No: 1557-0238	ICR Reference No: 200809-1557-004
Status: Historical Active	Previous ICR Reference No: 200712-1557-001
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/08/2009
	Date Received in OIRA: 07/01/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2012	36 Months From Approved
Responses	4,678,534	0	0
Time Burden (Hours)	1,147,447	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Sec. 312 of the FACT Act requires the OCC to: issue guidelines for furnishers regarding the accuracy and integrity of the information about consumers furnished to consumer reporting agencies; prescribe regulations requiring furnishers to establish reasonable policies and procedures to implement the guidelines; and issue regulations identifying the circumstances where a furnisher must reinvestigate a dispute about the accuracy of information in a consumer report based on a direct request from a consumer.

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Authorizing Statute(s): PL: Pub.L. 108 - 159 312 Name of Law: Fair and Accurate Credit Transactions Act of 2003
  

Citations for New Statutory Requirements: PL: Pub.L. 108 - 159 312 Name of Law: Fair and Accurate Credit Transactions Act of 2003

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AC89	Final or interim final rulemaking	74 FR 31484	07/01/2009

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under 312 of the FACT Act

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	4,678,534	0	4,678,534	0	0	0
Annual Time Burden (Hours)	1,147,447	0	1,147,447	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increase in burden occurred because this is a new statutory requirement imposed by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The FACT Act amended the Fair Credit Reporting Act to, among other things, improve the accuracy of consumer reports. Section 312 of the FACT Act required agencies to (i)issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies, (ii) prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines, and (iii) issue regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of the information contained in a consumer report based on a direct request from a consumer. In order to implement the FACT Act, the collections of information outlined below were issued. Section 41.42(a) of the rule requires a furnisher to implement reasonable written policies and procedures regarding the accuracy and integrity of information relating to consumers that it provides to a Consumer Reporting Agency. FACT Act Sec. 312(a). 15 U.S.C. 1681s-2. Section 41.43(a) of the rule allows consumers to initiate disputes directly with furnishers instead of using the existing Consumer Reporting Agency process. This will require furnishers to amend their procedures to ensure that direct disputes are processed in a similar manner to the complaints received from Consumer Reporting Agencies. FACT Act Sec. 312(c). 15 U.S.C. 1681s-2(a). Section 41.43(f)(2) provides that a furnisher must notify a consumer by mail or other means after making the determination that a dispute is frivolous or irrelevant. Section 41.43(f)(3) sets forth the content requirements for the notice. FACT Act Sec. 312(c). 15 U.S.C. 1681s-2(a).

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/01/2009

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