Detailed Summary

FACT Act Rulewriting Improvement Act of 2007 - Amends the Fair Credit Reporting Act to confer responsibility upon the Federal Trade Commission (FTC) alone to establish accuracy guidelines and prescribe regulations (according to the Fair and Accurate Credit Transactions Act of 2003, or the FACT Act of 2003): (1) for furnishers of information to consumer reporting agencies; and (2) about the circumstances under which such a furnisher 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 FTC.

Status of the Legislation

Latest Major Action: 9/24/2007: Presented to President.

Points in Favor

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Points Against

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