Admin or Mod, could you please clarify?

[smurfette in nyc]

I am a little confused about something, and have gotten a variety of different answers to my questions in the past week, so I'm hoping to get some accurate information that is not so debatable. Please take a look at Sample letter 17 on this site:

http://www.creditinfocenter.com/forms/sampleletter17.shtml

The last sentence of the first paragraph is:

"Not only was I never late on this account, but according to the FCRA, as amended by the FACTA act, you are required to notify me of the insertion of negative listings."

Here are my two questions:

1. Currently, does the FCRA/FACTA require that consumers be notified of the insertion of negative listing on their CR's?

2. If the answer is yes, does this only apply to OC's, or to CA's as well?

Thank you in advance for clarifying this!

[Amerikaner83]

I believe Willingtocope (and admin) weighed in on this in a different thread, but for the life of me I can't find it! GRR!

But I believe the consensus is YES they (the creditor) ARE required to notify you if they are going to put negatives such as lates on your credit report. HOWEVER - the consensus (from what I remember) also is that they DO notify you by when you sign the CC application (or get one of those "fine print disclosures") that says lates or other negative information may be reported to the CRAs.

[Robert Nashville/Savannah]

The letter referenced with the line about notification "works" on that point only if the OC didn't notify the consumer.

I think the confusion here lies in what constitutes “notification” as I suspect a lot of consumers expect that means it must be something very apparent such as a separate letter, etc.

However, the notification can be one sentence in a disclosure notice that is several pages long or buried somewhere in your monthly statements, etc. and of course, in the original documents signed/given when the account was initially set-up.

Bottom line is, most major creditor grantors DO report their experiences with their customers to at least one major bureau and are usually pretty open in telling their customers that they do so.

It may also be that the right to report is passed to the CA when retained by the creditor to collect an account (if the CA has a reporting relationship with the bureaus).

[smurfette in nyc]

I believe Willingtocope (and admin) weighed in on this in a different thread, but for the life of me I can't find it! GRR!

Thanks Amerikaner, I found it:

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=284776&highlight=notify&page=2

[Amerikaner83]

yup, that's the one.