The FTC plans to conduct a national
study of the accuracy of consumer reports in connection with
Section 319 of the Fair and Accurate Credit Transactions Act of
2003, Pub. L.108-159 (2003). This study is a follow-up to the
Commissions two previous pilot studies that were undertaken to
evaluate a potential design for a national study.
PL:
Pub.L. 108 - 159 319 Name of Law: Fair and Accurate Credit
Transactions Act of 2003
The proposed national study
(the 3rd one so far) seeks to use a large enough representative
sample of credit reports (1000 participants - taking 1.75 hours
each) so that we may draw inferences, up to a certain level of
statistical confidence, about the accuracy of credit reports in
general. The Commission has found that, although prior approaches
to the study of credit report accuracy provide some useful
information, none provides a reliable and comprehensive assessment.
This evaluation included a consideration of prior pilot studies (35
participants in 1st study taking about 5.7 hours each; 120
participants in 2nd study taking about 6.25 hours each), published
reports of other governmental agencies, and an FTC roundtable
convened specifically on credit report accuracy. None of the
existing sources of information relied on the participation of all
three of the key stakeholders in the credit reporting process:
consumers, data furnishers, and the Credit Reporting Agencies. The
proposed national study seeks to address certain shortcomings of
prior approaches.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.