Fair Credit Reporting; Facially False Data

Document 2022-23264 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on October 26, 2022, with an effective date of October 26, 2022. The Consumer Financial Protection Bureau (Bureau) is issuing this advisory opinion to highlight that a consumer reporting agency that does not implement reasonable internal controls to prevent the inclusion of facially false data, including logically inconsistent information, in consumer reports it prepares is not using reasonable procedures to assure maximum possible accuracy under section 607(b) of the Fair Credit Reporting Act (FCRA). View the original at https://www.federalregister.gov/documents/2022/10/26/2022-23264/fair-credit-reporting-facially-false-data.

No. Document 2022-23264 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.