Fair Credit Reporting Act 623.a.7

Anonymous · ‎03-09-2008

I read in the FCRA 623 "Responsibilities of furnishers of information to consumer agencies" (a) "Duty of Furnishers of Information to Provide Accurate Information" (7) "Negative Information"

http://www.ftc.gov/os/statutes/fcradoc.pdf

that
(A i)
"If any financial institution that extends credit and regularly
and in the ordinary course of business furnishes information to a consumer
reporting agency described in section 603(p) furnishes negative
information to such an agency regarding credit extended to a customer, the
financial institution shall provide a notice of such furnishing of negative
information, in writing, to the customer."

and
(B i)
"In general. The notice required under subparagraph (A) shall be provided
to the customer prior to, or no later than 30 days after, furnishing the
negative information to a consumer reporting agency described in section
603(p)."

I have a collection on my credit report which has reported for the past 3 months. The collection agency has never contacted me about this (the OC has my correct mail address). The OC never notified me that the debt was sold to a collection agency. Clearly this breaks these statutes.

Has anyone had any success in getting recompense for a creditor failing to meet these aspects of the FCRA ? For example, having the CRAs delete negative information (or am I completely misunderstanding the creditors responsibilities )

Anonymous · ‎03-09-2008

henryshes2 wrote:
I read in the FCRA 623 "Responsibilities of furnishers of information to consumer agencies" (a) "Duty of Furnishers of Information to Provide Accurate Information" (7) "Negative Information"

http://www.ftc.gov/os/statutes/fcradoc.pdf

that
(A i)
"If any financial institution that extends credit and regularly
and in the ordinary course of business furnishes information to a consumer
reporting agency described in section 603(p) furnishes negative
information to such an agency regarding credit extended to a customer, the
financial institution shall provide a notice of such furnishing of negative
information, in writing, to the customer."

and
(B i)
"In general. The notice required under subparagraph (A) shall be provided
to the customer prior to, or no later than 30 days after, furnishing the
negative information to a consumer reporting agency described in section
603(p)."

I have a collection on my credit report which has reported for the past 3 months. The collection agency has never contacted me about this (the OC has my correct mail address). The OC never notified me that the debt was sold to a collection agency. Clearly this breaks these statutes.

Has anyone had any success in getting recompense for a creditor failing to meet these aspects of the FCRA ? For example, having the CRAs delete negative information (or am I completely misunderstanding the creditors responsibilities )

What kind of OC? If there was a contract or some sort of paperwork signed when opening the accout, you can read it and find where it says that if you become deliquent they will report it and that they may sell it if it goes bad.

Anonymous · ‎03-09-2008

I'm no lawyer, but I don't believe a creditor can legally get me to sign away my consumer rights as defined by the FCRA.

My read of these paragraphs is that a creditor must notify me within 30 days if they place negative information on my report.

What recompense do I have if they don't comply with these rules ?

Anonymous · ‎03-09-2008

henryshes2 wrote:
I'm no lawyer, but I don't believe a creditor can legally get me to sign away my consumer rights as defined by the FCRA.

My read of these paragraphs is that a creditor must notify me within 30 days if they place negative information on my report.

What recompense do I have if they don't comply with these rules ?

"In general. The notice required under subparagraph (A) shall be provided
to the customer prior to, or no later than 30 days after, furnishing the
negative information to a consumer reporting agency described in section
603(p)."

You are not signing away your consumers rights........but they are within the law as far as notifying you that they are going to report you if you are late.

Most fines I have seen are $1000 or actual damages. However, only way to know for sure is contacing a consumer lawyer.

Message Edited by sidewinder on 03-09-2008 07:20 PM

Anonymous · ‎03-09-2008

" In general. The notice required under subparagraph (A) shall be provided
to the customer prior to, or no later than 30 days after, furnishing the
negative information to a consumer reporting agency described in section
603(p)."

"Prior to" means "before".

So the creditor must notify the consumer before or no later than 30 days after furnishing negative information to the CRA.

In my case the CRA/OC furnished negative information to a CRA 3 months ago and has NEVER notified me. They are breaking these statutes.

What is my recompense ? Does anyone have any experiences in recovering damages ?

(p.s. Thanks for the reply Sidewinder. I read your post edit and now I get your point :-) Signing a contract was something that occured before the information was reported to the CRA so somehow this must cover this aspect of the FCRA for the creditor. I don't think this could be true - it's not in the spirit of these paragraphs of the statutes)

Message Edited by henryshes2 on 03-09-2008 07:33 PM

Anonymous · ‎03-09-2008

While I have never persued damages for this- I have used it as leverage to "modifying" reporting-