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Compliance What goes into FACTA readiness
WASHINGTON (6/17/09)--This month’s Compliance Challenge gives credit unions guidance on how best to comply with the Fair and Accurate Credit Transaction Act (FACTA) accuracy regulations. FACTA’s accuracy and integrity and direct dispute provisions, contained in Section 312 of the Act, were approved for activation by the National Credit Union Association, the Federal Trade Commission, and other various banking agencies earlier this year, and require financial institutions to create policies and procedures to ensure the “accuracy” and “integrity” of information provided to credit bureaus. These regulations should become effective during the third quarter of 2010. For credit unions, these regulations define “accurate” information as information that reflects the overall state of the account, including balances and customer performance. Information that has been substantiated by the provider’s records, is provided in a way that limits the potential for the information to be incorrectly reflected in consumer reports, and provides the most central details of the consumer’s creditworthiness would be considered to have “integrity,” according to the regulations. For more information on FACTA, use the resource links below.
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