The Credit CARD Act of 2009 mandates that the FTC adopt a rule by February 22, 2010, requiring any advertisement for a free credit report, in any medium, to disclose prominently that free credit reports are available under federal law at ÂAnnualCreditReport.com. The Commission intends to implement the ActÂs disclosure requirements by amending the current Free Annual File Disclosures Rule, which requires nationwide consumer reporting agencies and nationwide specialty CRAs to provide to consumers, upon request, one free annual file disclosure. The Rule also requires the nationwide CRAs to provide consumers with the ability to request this disclosure through a centralized source, including an Internet website, a toll-free telephone number, and a postal address.
Statute at Large:
123 Stat. 1734
Name of Statute: Credit Card Accountability Responsibility and Disclosure Act of 2009
US Code:
16 USC 1681
Name of Law: Fair Credit Reporting Act
Statute at Large: 123 Stat. 1734 Name of Statute: Credit Card Accountability Responsibility and Disclosure Act of 2009
To help facilitate Congress' mandate that the Commission require any ads for free credit reports to prominently disclose the central site where such reports are available for free, the Commission proposes to amend section 610.2 of the current Rule to prevent interference with consumer ability to obtain free annual file disclosures through the centralized source. The proposed amendments to the Rule's requirements are intended to make it easier for consumers to obtain their free annual file disclosures from the centralized source without distracting advertising, including advertising leading consumers to commercial websites. The incremental burden associated with the proposed amendments to section 610.2 should present no more than a de minimis, one-time occurrence, as the three nationwide CRAs reconfigure the centralized source and their own proprietary websites to comply with the proposed Rule amendments.
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:
(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;
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.
Free Ann'l File Discl. NPRM '09 SS FIN_mtd.pdf
Free Annual File Disclosures Rule