FACTA, Fair and Accurate Credit Transactions Act

Here is a link to the Fair Credit Reporting Act
http://www.ftc.gov/os/statutes/fcra.htm

Of particular interest to those on this forum is Section 611 which explains what is "supposed" to happen when you dispute a report item.

Helpful post, a gem to us who need to know these things, this forum is one of the best on the net. thanks.

Here is a link to some information on FACTA, the latest tool in dealing with credit reporting.
http://www.privacyrights.org/fs/fs6a-facta.htm

Additional information is available at the FTC website
www.ftc.gov

Reporting negative information:

The creditor HAS to send you notice of negative information reported on your account within 30 days, since they are barred by the automatic stay from harasssing, threatening or taking action against you-they can't send you the notice, so they also CAN NOT report the information.

FCRA States:
(7) Negative Information
(A) Notice to Consumer Required
(i) In general. 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.
(ii) Notice effective for subsequent submissions. After providing such notice, the financial institution may submit additional negative information to a consumer reporting agency described in section 603(p) with respect to the same transaction, extension of credit, account, or customer without providing additional notice to the customer.
(B) Time of Notice
(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).
(ii) Coordination with new account disclosures. If the notice is provided to the customer prior to furnishing the negative information to a consumer reporting agency, the notice may not be included in the initial disclosures provided under section 127(a) of the Truth in Lending Act.

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