Question & Answer

Question: When does the new Fair Credit Reporting Act take effect? Should we be complying with it now?

Answer: The amendments to the Fair Credit Reporting Act made changes that are significant to creditors. The act was signed into law on September 30, 1996. Compliance will be mandatory on September 30, 1997 but is voluntary until that date. It's a good idea to begin working now on compliance with the new law.

Copyright © 1997 Compliance Action. Originally appeared in Compliance Action, Vol. 2, No. 2, 2/97