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New FCRA amendments


Jazkal
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Hey, when are these supposed to take effect. I especially like this new section:

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

(8) ABILITY OF CONSUMER TO DISPUTE INFORMATION DIRECTLY WITH FURNISHER

(F) FRIVOLOUS OR IRRELEVANT DISPUTE-

(i) IN GENERAL- This paragraph shall not apply if the person receiving a notice of a dispute from a consumer reasonably determines that the dispute is frivolous or irrelevant, including--

(I) by reason of the failure of a consumer to provide sufficient information to investigate the disputed information; or

(II) the submission by a consumer of a dispute that is substantially the same as a dispute previously submitted by or for the consumer, either directly to the person or through a consumer reporting agency under subsection (B), with respect to which the person has already performed the person's duties under this paragraph or subsection (B), as applicable.

(ii) NOTICE OF DETERMINATION- Upon making any determination under clause (i) that a dispute is frivolous or irrelevant, the person shall notify the consumer of such determination not later than 5 business days after making such determination, by mail or, if authorized by the consumer for that purpose, by any other means available to the person.

(iii) CONTENTS OF NOTICE- A notice under clause (ii) shall include--

(I) the reasons for the determination under clause (i); and

(II) identification of any information required to investigate the disputed information, which may consist of a standardized form describing the general nature of such information.

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I think that means that they have 5 days to notify you if it is frivolous. I know they do it now, but I don't remember how quickly they have to comply.

Anyways, it will take a bit to get through the document to find out new 'Credit Repair Jems".

Thanks

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One other interesting one at the bottom:

§ 628. Disposal of records

(a) REGULATIONS-

(1) IN GENERAL- Not later than 1 year after the date of enactment of this section, the Federal banking agencies, the National Credit Union Administration, and the Commission with respect to the entities that are subject to their respective enforcement authority under section 621, and the Securities and Exchange Commission, and in coordination as described in paragraph (2), shall issue final regulations requiring any person that maintains or otherwise possesses consumer information, or any compilation of consumer information, derived from consumer reports for a business purpose to properly dispose of any such information or compilation.

(2) COORDINATION- Each agency required to prescribe regulations under paragraph (1) shall--

(A) consult and coordinate with each other such agency so that, to the extent possible, the regulations prescribed by each such agency are consistent and comparable with the regulations by each such other agency; and

(B) ensure that such regulations are consistent with the requirements and regulations issued pursuant to Public Law 106-102 and other provisions of Federal law.

(3) EXEMPTION AUTHORITY- In issuing regulations under this section, the Federal banking agencies, the National Credit Union Administration, the Commission, and the Securities and Exchange Commission may exempt any person or class of persons from application of those regulations, as such agency deems appropriate to carry out the purpose of this section.

(B) RULE OF CONSTRUCTION- Nothing in this section shall be construed--

(1) to require a person to maintain or destroy any record pertaining to a consumer that is not imposed under other law; or

(2) to alter or affect any requirement imposed under any other provision of law to maintain or destroy such a record.

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Does this mean if Experian uses their old tapes that are older than 1 year to verify, they will be out of compliance with the above mentioned section?

Hmmm... The posibilities....

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Hey, when are these supposed to take effect.

don't quote me on this, but most of it would go into effect 10 months after enactment, with some sections taking 3 years before they go into effect.

I think that means that they have 5 days to notify you if it is frivolous

"5 business days after making such determination" so they can say whatever they want as to "when" they made the determination it was frivolous :(

Anyways, it will take a bit to get through the document to find out new 'Credit Repair Jems"

Yep, I printed out the whole thing, and am gonna spend the next week reading the whole thing over again. 8)

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Does this mean if Experian uses their old tapes that are older than 1 year to verify, they will be out of compliance with the above mentioned section?

I think this section concerns companys like OC's and CA's, meaning that they can't store the data for more than a year. How that could ever be proved, I don't know.

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