top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

FACTA, Fair and Accurate Credit Transactions Act

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    FACTA, Fair and Accurate Credit Transactions Act

    Here is a link to the Fair Credit Reporting Act
    The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening ser


    Of particular interest to those on this forum is Section 611 which explains what is "supposed" to happen when you dispute a report item.
    Last edited by HHM; 05-20-2005, 12:00 PM.

    #2
    Helpful post, a gem to us who need to know these things, this forum is one of the best on the net. thanks.
    "You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers

    Join the Mobile Infantry and save the world. Service guarantees citizenship.

    Comment


      #3
      FACTA, Fair and Accurate Credit Transactions Act

      Here is a link to some information on FACTA, the latest tool in dealing with credit reporting.


      Additional information is available at the FTC website
      The official website of the Federal Trade Commission, protecting America’s consumers for over 100 years.
      Last edited by HHM; 05-20-2005, 11:55 AM.

      Comment


        #4
        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.

        Comment


          #5
          [Duplicate Post]
          Last edited by HHM; 08-25-2007, 09:44 AM. Reason: Duplicate

          Comment

          bottom Ad Widget

          Collapse
          Working...
          X