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FACTA Clarification


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May a debt collector report negative information on my credit report?

The Fair Credit Reporting Act (FCRA) says that a disputed account cannot be posted to a consumer's credit report, unless the fact it is being disputed is also noted. Recently, the Fair and Accurate Credit Transactions Act of 2003 (FACTA) updated the FCRA. Within the next year these new guidelines will require that a consumer receive notice before negative information is placed on their credit report.

Until that time, negative information can be placed on your credit report without notifying you beforehand. In addition, your state may have a law that requires notice in some cases. In California, for example, you must be notified before a health or fitness club refers a debt to a collection agency. For more on state collection laws, see Part 5 and Attachment A.

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