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CapOne and the TILA


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From the Truth in Lending Act 12 C.F.R. 226.5(B)(2)(i)

(2) Periodic statements. (i) The creditor shall mail or deliver a periodic statement as required by § 226.7 for each billing cycle at the end of which an account has a debit or credit balance of more than $1 or on which a finance charge has been imposed. A periodic statement need not be sent for an account if the creditor deems it uncollectible, or if delinquency collection proceedings have been instituted, or if furnishing the statement would violate Federal law.

>>> I have heard from other people that capital one continues to update balances on your credit report(s), (even after charge off/write off). Doesn't this hurt the whole "creditor deems it uncollectible"?

>>> CapOne wouldn't be able to hide behide "delinquency collection proceedings have been instituted" unless they sold it, right?

Any thoughts? comments? Thanks.

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