National FACT Act Study On Accuracy Of Credit Reports

ICR 200910-3084-002

OMB: 3084-0133

Federal Form Document

Forms and Documents
ICR Details
3084-0133 200910-3084-002
Historical Active 200702-3084-001
FTC
National FACT Act Study On Accuracy Of Credit Reports
Reinstatement with change of a previously approved collection   No
Regular
Approved without change 12/01/2009
Retrieve Notice of Action (NOA) 10/16/2009
  Inventory as of this Action Requested Previously Approved
12/31/2012 36 Months From Approved
2,920 0 0
2,483 0 0
0 0 0

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 Commission’s 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
  
None

Not associated with rulemaking

  74 FR 35191 07/20/2009
74 FR 53243 10/16/2009
Yes

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 2,920 0 0 2,920 0 0
Annual Time Burden (Hours) 2,483 0 0 2,483 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
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.

$117,000
Yes Part B of Supporting Statement
No
Uncollected
Uncollected
No
Uncollected
Peter Vander Nat 202 326-3518 pvandernat@ftc.gov

  No

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.
10/16/2009


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