FOR IMMEDIATE RELEASE
ICBA Commends Bank Regulators for Proposed Credit Reporting Guidelines
Calls for Flexibility to Take into Account Unique Circumstances
Washington, D.C. (Feb. 8, 2008)—The Independent Community Bankers of America (ICBA) commended six federal agencies for developing proposed guidelines that will help ensure the accuracy and integrity of information in credit reports and called for continued flexibility in reporting requirements.
"The accuracy and integrity of the information in credit reports is critically important to community banks and their customers," said Robert Rowe, ICBA senior regulatory counsel in a comment letter. "However, credit reporting is voluntary, and to encourage reporting it is important to ensure that individual creditors that furnish information to credit bureaus can adapt the guidelines in the final rule to reflect their own unique and individual circumstances, including size, market and products and services offered."
"ICBA strongly encourages the agencies to ensure that the final rule retains this flexibility," said Rowe. "Without flexibility in credit reporting, the burdens imposed could become a barrier to continued reporting, thereby diminishing the value of the information and sapping the vitality of the credit reporting process."
As part of their implementation of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), regulators requested comments on proposed guidelines on accuracy and integrity of information furnished to consumer reporting agencies and dispute resolution between consumers and information providers.
Read ICBA's comment letter at www.icba.org.