topic Re: FRCA-Duties of Financial Institutions When Reporting Negative Information in General Credit Topics

FRCA-Duties of Financial Institutions When Reporting Negative Information

Anonymous — Sun, 27 May 2007 15:48:08 GMT

Is there any way to dispute because of these section of FCRA

I have several items that I was never notified about.

Duties of Financial Institutions When Reporting Negative Information Financial institutions that furnish information to “nationwide” consumer reporting agencies, as defined in Section 603(p), must notify consumers in writing if they may furnish or have furnished negative information to a CRA. Section 623(a)(7). The Federal Reserve Board has prescribed model disclosures, 12 CFR Part 222, App. B.

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

Anonymous — Sun, 27 May 2007 16:09:21 GMT

You can certainly dispute the information if it is reported inaccurately, however, the notification advising you that an institution will report information [positive or negative] to a credit bureau is usually stipulated in your cardholder agreement and or/installment agreement. I don't believe any other notification is required..

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

MercyMe — Sun, 27 May 2007 17:22:31 GMT

Dispute on, people. But if at all possible, do it in writing, sending copies of documentation to support your dispute, along with a request that their MOV be provided to you, upon completion of their investigation, as it would just seem to me, after all this time and countless disputes, that if you dispute electronically, you'll get an electronic investigation, which will, more than likely, come back verified. Any comments, Barry?

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

MidnightVoice — Sun, 27 May 2007 17:26:13 GMT

A pretty high percentage of my electronic disputes have worked just fine.

With the exceptionj of EX. EX hates me. And the thing I am disputing will drop off before I can get a resolution, so I have given up with EX.

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

Anonymous — Sun, 27 May 2007 17:35:41 GMT

@Anonymous wrote:
You can certainly dispute the information if it is reported inaccurately, however, the notification advising you that an institution will report information [positive or negative] to a credit bureau is usually stipulated in your cardholder agreement and or/installment agreement. I don't believe any other notification is required..

The reason I am asking is that I have found no information is regards to this anywhere.
GMAC follows this to the letter of the law. "This letter is to inform you ..." and they spell out this exact reference.

As this was enacted in 04 or 05 the disclosures do not apply to this (my history is all longer than that).

Looking to see if I can challenge the reporting of "adverse Action" as I was not notified of such action.

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

Anonymous — Sun, 27 May 2007 21:57:37 GMT

I don't know for sure but if your account was charged off before the Act was enacted, then I would bet it would not apply to that particular account but I could be wrong.

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

Anonymous — Mon, 28 May 2007 17:41:59 GMT

@Anonymous wrote:
I don't know for sure but if your account was charged off before the Act was enacted, then I would bet it would not apply to that particular account but I could be wrong.

No charge off's.
My reports are really too accurate. I was looking for a legal way to make companies remove lates.

I was never notified that you intended or did report adverse action on my credit report as required by....

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

Barry — Mon, 28 May 2007 19:00:32 GMT

MercyMe wrote:

Dispute on, people. But if at all possible, do it in writing, sending copies of documentation to support your dispute, along with a request that their MOV be provided to you, upon completion of their investigation, as it would just seem to me, after all this time and countless disputes, that if you dispute electronically, you'll get an electronic investigation, which will, more than likely, come back verified. Any comments, Barry?

While I'm far from an expert on the FCRA, I'd have to agree with dazednconfused.

Barry

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

Anonymous — Mon, 28 May 2007 22:03:46 GMT

Timothy,

I'm given to understand the effective date of 623(a)(7) is July 2004. The notice can appear on your billing statement, but not in fine print.

http://www.federalreserve.gov/Boarddocs/Press/bcreg/2004/200406082/attachment.pdf

A financial institution generally may provide the notice about furnishing negative information on or with any notice of default, any billing statement, or any other materials provided to the customer, so long as the notice is clear and conspicuous. Section 217 specifically provides, however, that the notice may not be included in the initial disclosures provided under section 127(a) of the Truth in Lending Act (15 U.S.C. 1637(a)).
...
These groups suggested that the Board require the disclosure to be on the front page of the notice or billing statement, and require it to be in bold face type and in larger print than the information that accompanies it. The Board notes that section 217 requires financial institution to provide the notice of furnishing negative information in a clear and conspicuous manner.

Message Edited by Noah_Bodie on 05-28-2007 03:03 PM

Re: FRCA-Duties of Financial Institutions When Reporting Negative Information

Tuscani — Tue, 29 May 2007 10:46:47 GMT

I have never mailed a dispute.. All of my success has been with electronic disputes. You should always print the verification\confirmation page though!