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NEW CA on File


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would this be it

FCRA 623 a (5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action

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No. I was thinking of this one:

FACTA Sec 217. REQUIREMENT TO DISCLOSE COMMUNICATIONS TO A CONSUMER REPORTING AGENCY

(a) In General. -- Section 623(a) of the Fair Credit Reporting Act as amended by this Act, is amended by inserting after paragraph (6), the following new paragraph:

(7) NEGATIVE INFORMATION

(a) NOTICE TO CONSUMER REQUIRED

(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 notice of such furnishing of negative information, in writing, to the customer.

(B) TIME OF NOTICE

(i) 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....

Although this specifically is pointing to the OC, anyone authorized to act on the behalf of the OC should also be covered since the OC has granted such authority.

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Although the law is specifically pointing to the original creditor, it is not a far stratch to go to say that a CA authorized to act on behalf of the original creditor be required to follow the same standards. There is some case law about the OC being responsible for the actions of its assigns. Also keep in mind that this is new law and untested by the courts so far. The courts may take it as literal or may interpret it more to the consumer's advantage.

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