Financial Privacy

OECD reaffirms its support for the 1980 OECD principles on privacy, or “Fair Information Practices”

OECD | Fair Information Practices — At a key meeting of the OECD on the future of the Internet economy, the OECD Secretary General Angel Gurria reaffirmed support of the 1980 OECD Privacy Principles. Also, Secretary General Angel Gurria expressed support for formalizing the participation of civil society in OECD going forward and for paying more attention to information security and identity theft problems. Secretary General Gurria noted that “A more decentralised, networked approach to policy formulation for the Internet Economy that includes the active participation of stakeholders needs to be the norm.” Many parts of the recent OECD meeting may be viewed online.

World Privacy Forum, NCLC, and Consumer’s Union file extensive comments regarding accuracy of credit reports

Financial privacy / credit reports — The NCLC, Consumer’s Union, and the World Privacy Forum filed extensive joint comments today regarding the proposed rulemaking, Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under Section 312 of the Fair and Accurate Credit Transactions Act. The results of the proposed rulemaking will have a significant impact on how the accuracy of credit reports is defined for consumers, and will have a substantive influence over how consumers may handle credit report disputes directly with those who furnish information for the reports.

Opportunity for public comment on the accuracy of credit reports

Financial privacy | credit reports — Consumers and organizations have an opportunity to submit public comments about the accuracy and integrity of credit reports. Until February 11, the Federal Reserve Board, the Federal Trade Commission and other banking agencies will be accepting comments on their draft rulemaking regarding how creditors and other furnishers provide information to consumer reporting agencies, and which types of direct disputes they must handle. This proposed rulemaking is a key one; it defines what accuracy and integrity of information provided to consumer reporting agencies means, how disputes may be handled directly with the furnishers, and which types of direct disputes furnishers may ignore. The NCLC, Consumer’s Union, and the World Privacy Forum have written a sample letter that may be downloaded and used or modified for the comments. To file your letter, submit your comments to the Board of Governors of the Federal Reserve System by mailing the comments to with the subject line “Docket No. R–1300.”