117 STAT. 1994
PUBLIC LAW 108–159—DEC. 4, 2003
SEC. 313. FTC AND CONSUMER REPORTING AGENCY ACTION CONCERNING COMPLAINTS.
Records.
Records.
15 USC 1681i note.
Deadline.
VerDate 11-MAY-2000
10:15 Aug 27, 2004
(a) IN GENERAL.—Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681i) is amended by adding at the end the following: ‘‘(e) TREATMENT OF COMPLAINTS AND REPORT TO CONGRESS.— ‘‘(1) IN GENERAL.—The Commission shall— ‘‘(A) compile all complaints that it receives that a file of a consumer that is maintained by a consumer reporting agency described in section 603(p) contains incomplete or inaccurate information, with respect to which, the consumer appears to have disputed the completeness or accuracy with the consumer reporting agency or otherwise utilized the procedures provided by subsection (a); and ‘‘(B) transmit each such complaint to each consumer reporting agency involved. ‘‘(2) EXCLUSION.—Complaints received or obtained by the Commission pursuant to its investigative authority under the Federal Trade Commission Act shall not be subject to paragraph (1). ‘‘(3) AGENCY RESPONSIBILITIES.—Each consumer reporting agency described in section 603(p) that receives a complaint transmitted by the Commission pursuant to paragraph (1) shall— ‘‘(A) review each such complaint to determine whether all legal obligations imposed on the consumer reporting agency under this title (including any obligation imposed by an applicable court or administrative order) have been met with respect to the subject matter of the complaint; ‘‘(B) provide reports on a regular basis to the Commission regarding the determinations of and actions taken by the consumer reporting agency, if any, in connection with its review of such complaints; and ‘‘(C) maintain, for a reasonable time period, records regarding the disposition of each such complaint that is sufficient to demonstrate compliance with this subsection. ‘‘(4) RULEMAKING AUTHORITY.—The Commission may prescribe regulations, as appropriate to implement this subsection. ‘‘(5) ANNUAL REPORT.—The Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report regarding information gathered by the Commission under this subsection.’’. (b) PROMPT INVESTIGATION OF DISPUTED CONSUMER INFORMATION.— (1) STUDY REQUIRED.—The Board and the Commission shall 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, time lines, and requirements under the Fair Credit Reporting Act for the prompt investigation of the disputed accuracy of any consumer information, the completeness of the information provided to consumer reporting agencies, and the prompt correction or deletion, in accordance with such Act, of any inaccurate or incomplete information or information that cannot be verified. (2) REPORT REQUIRED.—Before the end of the 12-month period beginning on the date of enactment of this Act, the
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