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What is Regulation V?
Regulation V is an administrative regulation promulgated by the US Federal Reserve Bank pursuant to the Fair Credit Reporting Act. It requires member banks who report consumer credit information to credit rating agencies to maintain specific standards for reporting accuracy and privacy.
Back to:BANKING, LENDING, & CREDIT INDUSTRY
How Does Regulation V Work?
When a covered entity provides credit information for customers to a credit reporting agency, it must meet the following standards:
- The information must accurately identify the account holder;
- Ensure all reporting information concerning the account is accurate;
- Ensure records of a consumers payment and compliance is accurate;
- Maintain records adequate to substantiate all reported information;
- Report information in a manner that reduces the likelihood it will be misconstrued;
- Comply with requests by credit reporting agencies to investigate disputes;