Lemme get this straight ... the old FCRA expired December 31, 2003 ... the new FCRA is in effect as of January 01, 2004, but some provisions of the new FCRA will be effective March or December 2004 ... That should mean that the part of the FCRA which wasn't changed, is effective now, right? Does anybody knows which are these provisions and how the level of adjustability is decided?
I think i read somewhere that one of the requirements that may be delayed is free credit reports once a year from each CRA.
Well, vg, actually, no one knows when any of the new sections will become effective, yet... http://www.ftc.gov/opa/2003/12/fyi0372.htm There is a tentative schedule, but that is up for public comments before being finalized before Feb 4, 2004.
The pre-emption provision of the old FCRA expired, not the whole thing. During the ammendments in 96 the industry convinced Congress that they needed 8 more years to be able to comply with all the different state laws. So they got it, the preemption provision. 96 + 8 years = 2004 It is this preemption provision which expired, not the whole thing. The "industry" doesn't like it because State Law usually affords the consumer a higher level of protection. So naturally the industry has always wanted the FCRA to be made perminant, because it's less restrictive. Federal Removal Jurisdiction removes jurisdiction from the states to the feds. So the "industry" has been telling Congress that the whole thing expires, in order to scare them into believing the world will collapse if it's not renewed. Not true. Now enter FACT act (NewFCRA); making the FCRA, and the preemption provision permanent, according to the wishes of the industry. The industry AGAIN gets what it wants, at the expense of the consumer. And they want 5 years more (or so) to comply. We just can't compete with those multi-million dollar campaign donations. Of course there's no gap in consumer protection. I think the authorities are eliciting comment right now on which provisions should be delayed. So it's a bit "up in the air". (jam, like minds and all that ) . . .
Butch, you call me a like mind with you again, and I'll never be able to get the ego in check... How can lil ole me compare with a genius like you... (well, did I say lil ole me)
