Section 623 of FCRA: [15 U.S.C. § 1681s-2] (a) Duty of Furnishers of Information to Provide Accurate Information (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. -----Does this mean each time an account goes delinquent and the creditor reports to the CB a 30 day late, that the credit is supposed to send something to the consumer in writing as well informing the consumer of what the creditor submitted to the CB?
It doesn't have to be provided at that time, however. A standard disclaimer in an agreement that they may provide information to a credit reporting agency, and if you are delinquent that information could be negative, could suffice.
