H.R. 3525 would require rapid implementation of guidelines and regulations regarding the accuracy of consumer information furnished to consumer reporting agencies that were required to be established by the Fair and Accurate Credit Transactions Act of 2003 and have not been implemented, to provide that the Federal Trade Commission shall take the lead in implementation of the guidelines and regulations.

== Detailed Summary ==

<summary>
(Log inFACT Act Rulewriting Improvement Act of 2007 - Amends the Fair Credit Reporting Act to editconfer responsibility upon the wikiFederal Trade Commission (FTC) alone to establish accuracy guidelines and beprescribe regulations (according to the firstFair and Accurate Credit Transactions Act of 2003, or the FACT Act of 2003): (1) for furnishers of information to provideconsumer reporting agencies; and (2) about the circumstances under which such a detailed summaryfurnisher shall be required to reinvestigate a dispute concerning the accuracy of information in a consumer report, based on a consumer's direct request. (Currently the FTC, the federal banking agencies, and the National Credit Union Administration are jointly required to establish such guidelines and prescribe such regulations.)



Directs the federal banking agencies and the National Credit Union Administration to establish guidelines and prescribe regulations within their respective jurisdictions that are the same or substantially similar to those prescribed by the bill!)FTC.


</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 9/24/2007: Presented to edit the wiki and be the first to update the status of the bill!)President.
</status>

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== Points in Favor ==

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== Points Against ==

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