Interpretations of FCRA

[Anonymous]

I was reading FCRA and section 623(a)(7) requires that notice be given when negative information may or has been reported to a CRA.

After reading it and reading what "financial institution" is defined as, basically only banks(which would include CC's I believe) are required to send this notice?

The reason I was reading this is because so many CAs do report without ever contacting you, but it seems that they aren't required to.

What is everyone else's opinion on the interpretation of 623(a)(7)?

Then on FCRA 609 - Disclosures to consumers 

Section (a)(3)(A) -

(3)(A) Identification of each person (including each end-user identified under

section 607(e)(1) [§ 1681e]) that procured a consumer report

(i) for employment purposes, during the 2-year period preceding the date

on which the request is made; or

(ii) for any other purpose, during the 1-year period preceding the date on

which the request is made.

For reference FCRA 607(e)(1) states -

(1) Disclosure. A person may not procure a consumer report for purposes of reselling

the report (or any information in the report) unless the person discloses to the

consumer reporting agency that originally furnishes the report

(A) the identity of the end-user of the report (or information); and

(B) each permissible purpose under section 604 [§ 1681b] for which the report

is furnished to the end-user of the report (or information).

There are many places that a potential creditor(landlord, utilities, etc) may buy your report from. They don't always get it straight from the CRA. However, I've only ever had the reseller appear on my report, not the end user.

Example I have an old inquiry reporting on my report that says "CREDITINFO" for creditor name. I have no clue what "CREDITINFO" is, I can only assume they are a third party reseller, because I did "apply" for credit about that time. I say "apply" because I asked the company, a local manufactured home dealer, to pull my credit and tell me where I stand and what I need to do. This was pre-FICO days when I didn't realize how inquiries affected. This company is not showing anywhere on my report. CREDITINFO isn't even showing under "creditor contacts". I basically have no clue who CREDITINFO is, just my assumption who they are.

So, based on your interpretation of the above, should "Value Homes" not "CREDITINFO" be what appears on my report? Or at least some notation of "Value Homes"?

[Anonymous]

A CA IS included under this section - 

http://www.ftc.gov/privacy/glbact/12cfr225_28.htm

see (b)(2)(iv)

[Booner72]

RE:  The inquiry --  When buying a car I had 8 different pulls to EQ from one dealer - they "brokered out" to different banks to get the best rate - So since you did authorize them to pull, then the inquiry should be there.  "Creditinfo" is likely the name of the company that the man. home place uses to look at one's credit.  I have had 10+ Scorewatch alerts in the last year for inquiries, and never once EVER NEVER EVER did I get a score ding for it.

[RobertEG]

Yes, that requirement is akin to dunning notice from a debt collector, and is intended to ensure that consumers receive timely notice of such reportings.

Yes, it only applies to financial institututions, as defined under FCRA 603(t), not other creditors or debt collectors.

Debt collector notification is controlled by the FDCPA, and requires, under section 809(a), of notice to the consumer within 5 days of an "initial communication" from the debt collector.  Reporting to a consumer's credit report is recognized as an action of communication that triggers the dunning notice requirement of section 809(a).