The Federal Trade Commission has issued a report to Congress containing studies on credit report accuracy and completeness required by the Fair and Accurate Credit Transactions Act of 2003. The Act, which was enacted in December 2003 and amends the Fair Credit Reporting Act, required the FTC to conduct an ongoing study of the accuracy and completeness of consumer credit reports and to report on four specific topics related to credit report accuracy. The FTC's report states that the accuracy and completeness of credit report data is essential to consumers. Credit reports are used to make critical decisions about a consumer's level of risk in providing various goods and services. Although credit reports enable creditors to quickly and accurately decide whether to provide these products a...
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